c

c
c

 

 
c

d
cccc
c cc
c
c

c
c
c
c
c
c




 


    
c


     

   


c




c

 
 
 





cc
c

     

   



c


 


    




 

        ! " #! $%
&!%   '$ ! !   $" (   ! 
&%%&!"(!!&
(!$!!%%%"

#  $$  !$( $! !
%   
"! !$!)! !&!% 
!!%$$! %!!"
 !  (!%   %!"  &  !
!! !    $!  &  $% ! %* 
+ $!!   !$( &"   %!  !
%! %%"

  (! $,  (    %  
$!)(!$!)$!"$!)$!(!
   !  %  ,  !$!  $ " 
!)(!&!!%"


-./#0 12
.

#($$!$$!!!"#'$
! !2)3(!!%% ,4"-"!!%!
 !$!(!$$!!!$%"

#(&%!!!1" %
!
$!( $%&!% !!!!!%
   (!+ (!  %    $ !
"4"
"
%"

#  %! &% ! !" 1  5(  %
,
4
6! 7%!$$$!)$!"
#!! ,!&!%((!$%"


 %  ! %,  !% %& !  &% ! %% !
!%!%!!$!),(%!
!$$ $!"
c

1 0

/.


#, , %   !) % 8M
c

c 

c

c M  9  ! % !  ! ! &!%  :  !
$%%"!$$!!$%%%%!

;,
4
;"




1



<25==6





&%5=>>6

? 3@  3




  $ !   %    ! !  
$!)"$!(!$$!!$%!$$
%!! !!$"
!$! $!)%
 8!!%!    %  $!9   $
( !   !  %   $ !  &  
(!%(" %%(%$!!,
% $% ! (! !+ ( % !  !$"
  (
 !$!!( ! !
!&$ &"

 $!  ( ! ! $"  $ !( (!+
$!!%! $   ( %, !! ! % , 
%  , ( !$! (%%  (% !
$$!(!%"


%   %! &!  (! !!%  
!(%% & (!%(   ("  $!) $!  % 
(!&!&!%"













A
A/1/0/2

*c
 c
Xc !)!B%(!+(!
Xc 1!%%!!B5%!6C!
Xc $%*B%(!
Xc $$!B(!

*c  
Mc
Xc !&!(!+$%(%!%"
Xc !&!(!+!$!!($!(
!$"
Xc !&!!(!!"

*c

Mc
c c

%% &  C  ( (! ! !!   
 $ ! !!   ! !  !!  
$% % !  $%" !  !$%  %% 
! "$!%!!)(
!!!"
!%%! !$!!%%!$$!!
$!)$!"
Xc B
 $         (  !(
!!!!$!!&!% "
   ! *    ! ( !  " 
$!!!&($"

""(,"

Xc !B
 !    !  !    !
%(%!!!$$!"
(!$%!!$!! "


"" *,"


*c cc
Xc $% B!!(D
& $!$%!%%$%"
#(!(!!%&!%
("


Xc $% *;!$!$%!%(D
0  $% ( ! %% %  %% $%" !,   
(!$%!  $"

Xc $% $!B!!%$!!D
! ! $( $%  $!% $% !  $!$%!
!%,$!%$% %%!!!!%
!$% !"







Index
1.c Introduction of mutual funds
1.1.cWhat is a mutual fund?
1.2.cCharacteristics of mutual funds
1.3.cStructure
1.4.cAdvantages of MF
1.5.cDisadvantages of MF
1.6.cList of Assets Management Company
2.c History of mutual funds industry
2.1.cPhases in MF
3.c Regulatory body of MF in India
4.c Types of mutual funds
5.c Calculation of net asset value (NAV)
6.c Tax benefits
7.c Investors psychology
8.c When you buy a mutual fund unit what exactly do you buy?
9.c How to invest in mutual funds?
10.cHow to read fee table?
11.cDocuments required in investment
12.cKnowledge required in investment

13.cInvestment process of MF
14.cInvestors right
15.cAnalysis of survey
16.cFuture trends in mutual funds
17.cSuggestions
18.cConclusion
19.cBibliography
20.cAnnexure
20.1.cQuestionnaire
20.2.cGlossary



















 c  
     
c


% $!!%( !!(!!
  !! % !%"  !  !%%  (   
 $!$ $!!)(!"
 !%   !  !  ! ! & " 
!! ($%$$!%*
      !%  $!$!! !   !  ! 
5$!6"
% !%(!!!
   !  !$$! ! (   (, $!!%%  
$!!%!%(%%!!"
!(%$%!%%
 ! $  ( 
% " 
%    
(!)( "


% %((%!!+!$%'!
% !"
& ! C , !  ! ' !
, % , ((  !  ( !  
!! ("        (  %!% (
! $%"
$%(%%&%!( &!% ,
&%%,%!!&$&!(,$%!
 $%"
 (% %!   % ! &$ & ! !$ ! 
,(,!& &!"


% !%%!"$$!$!!%%
C%  '$      !  ! !  %% 
"% $!!%! !!%%%%!!
(%!!!(!",
% (%'$%!!!
! %  %%   ; , (  ! $! " #%
 !$ ! (% !  !  ! ( ! !%%(%  ! ,

%    $ !     $!!"  ,
%
  $!$% !%   ! #!% #" 2%!%%,  
! !  !   ! ! !
%   
( !)(" !,
%  !%%(%   %!   
!!!!$!&"

  ! !  !  $$    ! %   "
$%%,  $ $  ( !)( !  ,  & !,
!(!%($!!%!!'!
!!!$!",!!,$!!
$$!(% !   %!, 4 5  '  4! ! 6  ! "
4 %!!&  & ! !  $!!   %     
$$!(%!!! !$!"


 $!!       !$ ! (  
! !(!)("%!!!!
!!$$!!% !&!
!%56!"
   !',  $!! $!! 

  !$
%!,    !%  )! &"     $!!  !%  E
&  

  !$ 5

6" " " 4% 2%!%   
$!! !  4%  0

  !$ 0",   %!

%    %!       !  
!%%"


 !

 "
c
ccccccccccccc

% $!!%( !!(!!
  !! % !%"  !  !%%  (   
 $!$ $!!)(!"
 !%   !  !  ! ! & " 
!! ($%$$!%*
!%$!$!!!!!
"
% !%(!!!
!!$$!!((,$!!%% $!!%!
%(%%!!"%%( !%%(!$! !
 $!$!!%   !( !! !"

!(%$%!%%!$(

% " 

%      ( !)( 
 "c
c

  #$
















%
$ $ & 

c
 !%,     !  %   % 
!%%! 
"c (!$%!%5!! !&
!6!!!(!!!&

"c $(!$! %F$
(%5.
@6$%!%$!
!$5%%!6"

G"c
%    H%,H   (!  %%  
&!5!!!& !6"

I"c
%  %%   %%   ! !! 
(!"!!,%%!!!,%! 
!!$%% ,!'$%,!!!% "

J"c  ( $!!%! ! %  $%%    $
&!H((H  4


c
c
c
c
c
c
c
c
c
c

 
 $ 
 4 5
% 6  %! ==G   %  5
6  
 %   ! !     $!! !  !  
!   % !  !  $%  ! ! !  ! (  
! %!"
 %!($% 45
% 6 %!,
==>" %!"




c
c
c
c
c
cM M  $!!!!,%%
     4  %% $%% !%   ! (!  
5$$6,!%!!!
C"
%%!C%! !(!7$%%!!!;(! 
H$%H(!  %%!!% !
,$!% )!!"$!! %!
!%$!$!%!(!!!"
$!!  %! C ! !  % IE !  $% !  
 !$,!!  !"
c  c
c
M M%!!!!
   !   !%    ! !      
$!(! !    !
, =K"  $(! !%  %%% 
4!!!(!$"!! 

$!!'(!!")!!


!%! 

$$!
! 4 %"
c MM c  c
c   !$     %
%%

" !%%$%$$!,! *!!H!
$!!%! H"


((%%%!
( ( !)(" 

   $!!% !  , !
%%%F!)("

%%

 !$5

6 %  4L!
45

$!!&6"!,(%
! ! !  $   !%F    % " 
&  & !!!
$%        ! ! % !  !" !
    !%%  !  F ! ,  !$  $%  
% % (%" ! % % (%!
 %"$(!!,!%
(!!%!

! !$%,
    ! $(! !  ( ! 

 !     
$!" !!$!$!$!,
 %!      !$   $$!(% !  
  (   ;    !$ ! %!  !
 (  $% ( ! ! $!!%! !$!!" %%,  
!!!!!!!!"
c

M  ! !%  F   ( " !!%,
$ !  F   %  ! ! ! !& ! '  !
% !   !%   %!   '  !  $  ! .
@"
#!&!!,%% !!%"
c M  
!        , &$ 
!!&!!,%%.
@"1$ !!$%'
!,!F!%%%!!%%
!    "J ! ">J E !  .
@ $ " !  !F
  %     "   !,  !
!$!!&,$%%.
@!,!(
 "



c Mc
c

c

Mc
c

%  & (   (  $%, %,  !%" 
( !%%$!!% ,(!,(,
%C, !%, !(,   ! !&$ M %%  
!( %!%%%!"
c

 M

  c
  %     $!!%! ! (% ( %%
 % !   !! !!" ! '$%, !!
!! %&           
($!!%!!(%"/$!!%!%%
$! !   !! !!     (%" # 
$!!%!  %   ,  (% !  !(%% $!!%! !%
%%!(,(!%!(%"

MM c 

! %  $ !$%  $!!% !    ("
 %%%%"

M
 c  M c

%)! !( %!$!(!

!"

^
 
F! ! !!! %"#&, &%%,
!F( !"

 
c
!%%%%,$!,!!("

^ c
M 

%'$!! !"J$!!("
'$ ! '   %  ,  '   !
(% ",!%%!&!$
%!$'

 M 
c
   cc
 c 
 Mcc

c
c

 c  
Mc
c

c

Mc
c

c
  Mc.!(&"!&&%

(%,(%!%%% !!%%,!!
%  $!!%!" (! !  &   ( 
%       %% !& !  !" A!(,
!!(! %&!%! !"

Mc c
MM Mc
%%    (  ! !( 
;!;'$" !%! %!!!H%!H!
!$ !&, % !%, ! % $%" (  !
!F!&!!%(,!%%$%!!
!0! "


c

 Mc 1   $% , ! (%   %  %%
 !  ! N $ !     $!!%!"  !
&$!!%,!%%$'!!!(,
(!(!!"

 c M # ! (   % , ! $ ! 
F !& !  F$!!%!"
  ! ! $!  %%  !  !$, !   ! & 
 !!!( !'$"/!,!(
' ,!! ! &,!!$%!
 "


 c c

c

c
Mc

c
4.

/
% 
c
2 2%!% ( 2!$

% 
c 4&
% 
c 4%
% 
c 4/4
% 
c !!
% 
c 14 !%
% 
c 1
% 
c 1 
%% 0
%

c !
% 
c %
% 
c &%$%!(
c A1 
% 
c A 4
% 
c %
% 
c .2
% 












c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c

<
 %
% 
<
! 
% 
-!&

% 
0
% 
0!
% 

!  %
% 
.
0
% 
U
% 
%
% 

% 
4
% 
 
%


% 

% 

% 
3
% 

] c 
       


%=>G!!!3
!,(!2!(!(4&
!$!  =>I    !     3 ;>I"  ! !
%!%(!!$;
;=>I;KN
3!536%!=>G
!%"
  $   ( 4& !   !    %! 
(!!%!(4&!"=NK3;%&!
 4   % 1(%!$ 4& !  5146 !!& !( 
 %!  ( !!%  $% ! 4    % 
3  3  =>I"
   ! =KK 3  ">,N ! ! 
 "
!;=KN;==G5 !% ! 6
=KN &   ! !; 3, $% ! %   $ 
$% ! &  0  !$!! !  506  2%
 !$!! !  526" 4
%     !; 3

% % <=KN!%%!&

% 51KN6,
) .!% 4&
%  5
  K=6,  4&
%  5.!( K=6,
4& !  5< =6, 4& ! 4!
%  5/ =6" 0 % 
%<=K=%2$%1=="

!==G,% !"IN,I
!"
;==G;G5 !( ! 6
#!$(!==G,
%  , (    (!   ! !  %"

%!,==G
%  %!! ,
  %% % , '$ 0  !     !(" 
%-!!5!  &%$%!6$(
!% <%==G


 !; G
 G,!%%! $%!3!
=>G3
!!$"/ $3& !3
 !       ! "=,KGJ !     !
<G,$ !%",!3 >I,
!" $3& !3!,! 
!%2!(!!
!!$(!
%  %!"
%% !4&%& 4,4&,4&!,!
%& 14, 2, 0 !  ! %&
%%,
!  %, $%!
 ( % !$ %& A1 , % , 1 
%% 0,
,-!&
"(%!!%"















c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c
c


 c
         

 44 %!!%"
c 45
% 6 230
/. ,==>

$!(!! %!$ !


c
%%   !  %  

  !  $$!(  
  !$ ! ! ! !    !  % 
4"
c !!%%!C%!!%(!!
&!!"
c
(  $ !  !%   !!   4
$(!,%!!$!!
(%! ! ( %  $  ! !  (
!)("
c % !%!!(%!
!%  % !  ! * !& '   ' ! ! 
%!!$!"A!(,% !!
$!( ! !% ! !  !  $% % ! $! %&
! *, !, %,  $%% $$"   
%!%!$!!!$!
$'!!%!!$!"
c 3 !  %!     !$ ! % ! $!  
$ ' (%     ' ! ! %,
$!,$!%!!!"
c 3 !  %!    %!  !( !  !$ 
!!)!!!%%!
!!!!$!$!!!(!"
c 3!%! !%%!( $ !%!
)!!!%"
c .!  !   %&    !$ ! !  IJ
"
c 

$!!!$!
  ' ! !( $!,    !  "  
!!($!,%%$$%$$% $!J (
%%%%!)!!($!"
c 

  $$%! ! $!!
(%!'!($!'&!%!
!$!"

c 2    $!(        %%


!$!!",!%
 !$!, !
!!"
c
%!%%!$!$!,%!%%
!(,!NJE!!%!$!%!! $
!!$$ !(,C!
!$! 4,!!(!"c


c    

c

c
c

%%!!
(!)("
c

ccM  Mc

c
 c
M

!$;!(%%!$!%%! "
! ! (  ' " (!  !(%   %%   .

 @% 5H.
@H6 % $"  &  ! !$;  
%C"
c

] c Mc
M

%!;$%$! %%  !G!J"
!$!$!!% $$!"(!(
!%$%!%%!!!&
' %"!!$!('!!(!,!%!;
 (!$!!%% &!
% ! $!$.
@
%$" 4 %!$%%!!!'!$!(!
(!"

c
c  c
M
(%!!!$;%!;"
!$!%!$! $;(%.
@%$"
c
c

c c
 c
c
 c  c
Mc
! !!$!($%$$!!( !%! 
" !%%()!!!$C"
$!(   ! !&, ( !$! ! ! & ! (
% !(  %!  " 2!   % ! (!(   %! ;
!%!!&&  !!($!!"
c
] c
c
M
!!! $!( %!!(!" 
 %% (  ' !    !, !$!
  2!( " !   % ! $% %
 %!"

c

c
Mc
  ! %   ! $!( ! !   % !" 
$!%%$! (!C
'!$!$!!!!" 
!&&,.
@!!!%%&$$,!%%C%%

  & %%"   % ! (! %!!&  !  !! !
!! !"

c c  c
Mc
  ! ! &   ! $!(  %C, $(! ! $%
!!" %%(!;
   %%,  ! $!, !% $$  ;& %%
!"  !    % $  $!   
$(%  &"%! !$!(%(! 
!$&$%!!$!"


Mc
c
 c cc
Mc
  ! '  !  (!  $ $!(! ! 
 ! ' %   2!( ! ' ( ! ( 
$("( C0& (  5 0 6
! %%!!LKK!!'
,=>"

%!$!(!$$!!(!!($% LJI
JI 4
( 
% "

] c
c
Mc
c  c
M
' $!$%$!!$%'
4  '!. J
c 
c
M
!%   !  ( '%(%   $ !" 
!%    !  !$ !  ! (!     F
F
2!$!%$%! "

!!$%!!%%!,


c
c

c
c

 
c

c
cM  Mc

!!,%C  %%, 

!! ! $! , !%
$$ : ;& %%
!&
!!
2!( $$; 
 c
Mc

 c 
Mc  c 
c  %!! 1  

!( 

Mc
$( !$, &
%!
 M
c c
Mc  %!/ 1 ,  

!
%%
!
 %!! 1 ,  


Mc c
Mc

!
%%
!
cc c
Mc  %!/    
!
8%!
( 9"
2!  ! C!!$

 c
Mc
!
c
(  % 
 MMc
  c 2!!
! $%(  

c
!$
$%(
(   !
  !)( !
 
$%
$$!
!$
!
  c
Mc
   '$ !
c
   !( ( 

$%
$$!
(  !$ 

 c
Mc
 !% $;

 c  c
Mc

(  !% !

 ! ! ! 
&
$%
$$!
(  C  !


M c

Mc
!!! !
(   !
c

 c $%
$$!
!$  %(%

Mc
%!
&
$%*!
( !%  C,
 M
c

 c $%
$$!
'$ !  ( %%

Mc
$!!  %C !
&
2!
(   

 c c
Mc
!'
2!
%% 

c
Mc
%! $;  !,
%!&!!!& (%
!


(%  !
&
2!!
(%!

 c
c
c
!$   
c
(%
!,
!$% 1
,


c
Mc

$$!

 !(%,
c
(!/$%
$  C

2!!
!&!!$
  
c
!! ( $ 

Mc
!  ! 
$!% ! $%
$$!



c
Mc

$%
$$!

 c     


 %(%!!$!%%%(!!%
 $  ! & !  % !  $!  !  ( & %"
  (! % C !   !" / !  C
%*$!!%!'!&,%$%
!!!$!!%!"!!$!!%!,,
!!;(%&!$!!%!,%!!&'"

%%%!$%!(%
5.
@6%%;

!%&(%!%%
!% ;
%%
%%
.
@!
O;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
.!"!
!
 

/


&(%! F(P(%P

!P/
;
 '$;%;/0%
.
@O;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
.!"!3!  

@%!%%%$&
(%!%%!"!%%,$%'$%%%
%$"

?Q
*"J,,,5" !6
(%!"
.!"/35 *6J,,,
(%!
(

&(%!"NJ,,,5 ( (!6

.
@5
&(%!
(L.!"!6O"NJ,,,
;;;;;;;;;;;;;;;;;;;;;;;
J,,,
O"J
,!"!"J"

 c  
 
c
'!( %!%%!
$!!($%5%%C
%&( ! 0 %!!%!H'( H6
% !  ' $%   (!   $%  ) ! 
' !  $ (!"    (%%  ! KK ! 
""
"(!$!!!%!$%!
 $! !   ! ( ! !%  $! !  $! ! N ,
'$!%!$ $% '"(%%
!JI
JI 4!""
,$!($%!%$!
!
$% ,    !  ( ! $ G, " %
  !$%% '$ ! $  ' ! (LL$% 
"#%!,!!%
%%"(%%!%!5G16!""

"

 %   ! $  !%  ' ! E !  (
($!(!!""
$ !$
!$!" A!(,   %   ( !  JE !   !
C,'$!$ '!(,
!$!!,!( $!(!"(%%
!J!""
"(!%'$!$ 
'!((!%,$(!$!
%"(%%!5GG6!""
"
! % $%(!!
$ $%  ' !  % $! ! %   !%  " !
(%!%!'C%!GE!$% " !
(%!!!,'C%!E!$% "
(!%!'!%!$ $% '"
$% !!!!!E.
@
!(!%%,%%$E'!%% $%!
$'!!$!"!'!%"
!!  (%%  ! IK !  ""
"  !%%!  %%!
!!%

.
@O
%.
@O"
'!!$!OKE
$% O"B5"K6
O"B"K
O"I
$% 'O"IR"O"I"
(!%! !
%%
&!
$%!!%%! ,%!'!!!
%%!!
 $!"!%
'!%!'($%%!!"!(
'$%,%%!!%!%%!

$% O"B5"K65"K6
O"B"N
O;"J

!%!$% '"




 c  

c
1 !  !$! 
%       !  !
! !"
%%       $ !   (!
!, '%% '$!"
& !!
  !%   ! % ! !   " ! 
&   ! ( !   !%    &$  
!   (!  "   !   !  
$!%!  !% %   ! ( ( &  '"   !
! !!S
& 1!$!
% !%%!!&
(!+$!%! "c


!%%! $!*$!(!

Rc A&(!$(("
Rc C!%
Rc A!C%  $!!%!
Rc A!!!C(!$!!
$!$!'"
Rc
 !$!$&!!"
Rc A$!!"
Rc A  $$     ! !%    !%  ! 
("
Rc  '$! !  $% (!  !    %,    
$! $'"







M c 
  c 
c






c
c
 c




 cc





^
  c
















 cc 
c
c c

' c    
              



# !   %   !     $ !  C ! 
$!!%!!%"!!! $!$
! (! !$   !    %  !     $
  ! % !  "  ! ! ! $ !  ! ! ! !
%%" (%!!$!%%%%
(%!(%!$!!$!!%!!!&!!&"
,! %!(!%%!
c
(  B ( ('!!%%!
!
1(! ! ( & B    %  & !   
!(%%&!(

 ! B    !  $% ! ! ,  
!$! ! %& $ ! (  ,
!, %
!!%! !! B   %%     !$
!! %& .
@,  !,  !  $!

0CB
%!$%(!($!
 %  '$%! !! ! %  , '! 
!$! !$!((%!!"$!!% !
!&$!%!!!(5%%(!%&%!
'6"!,!%! %&$%'!!"
# ! ! !      ! &  !"   !   
%%(!!( !&$%
  % & !"  !, !  $%% &   & ! 
(C%!!%!(% ( "



0 c        


/(!(,(%
!

c
"( ' 
c
"( !

/$;!%(%%!(!!& !
!" ' %!!%(%%!("

(!(%!!!! 
"
%%!&!%!&"/
( ! %!&"(!!!!(
%,!$$!!%"
.   !    !  %%  !$ ! $!,
%!%$%!!"4!!".,
%$!,!$!%!"
#!% %!(%D

!%%! $!L% %!(%
c (%,% !!(
c A3( %
c $
c !$,4!!$!,% !3& ,
c
!!!!!!!(%!
  ! !
,K>7
c % !%
c .!5.6L!!/ 5/6
c ! !%(!
c !( ,! , $! 







 c
     

  !  $ ! ! !  % " ! 
  !%   ! $ !   !  , "", %
!!"  !, %%  ( !$  '$,  $ 
!! "
 %+'$C%!
 %% %! ! (!    %   ! !  + $!$"

%  !$ ( !!% ! &$ ! %!,   $!  
$!    ,  !% (% ! ! %  !,  $!(
 %%   '$ (  " ! '$%,   
$%  $$, (,  !%  ! % 
89 !       !" ,   ! !  + $
$!,!!%$(!$"
%% $! ! !  ! !   + '$ !" 
(%%! %%$!$%%!!!%!$!
 ! ! % !  ! ( !M $! $ ! &  
!(!"


 c  
 

       


 (! !  ! (   %  !% $! 

!.5
.6%%!!'1$"(!!
("JL;!!,!%!%!$%-!!%
5-6 C" -   (! ! $!(    $!!
%! 
.!%!&$ ! - !!"
!!!(C,%(!!%
(! !%  & !" A  ( !   C !   
!$%"



] c   
  

    
   

(!  ! !   ! ! ! (    % "
/ ! $!(  (!  !!   !)( !  
 & !" / ! !% %! $!( !! ! $!!,

,
!"

%%((%&"( %%!!'$!
!%"&!% !%!
$!!%"

(!& C!,

c #(!)(D
c A!&%% !&D
c #(!% %!D

/(!C!,%! 
 "
 % ' !  % !%  %  ! ! ( 
&"
,!$%%, (!$!"

%!  %  $!(  $! !& !  (!,  !% 
%%!!'%!, '$!
!"

 c
 
c

 $!%!  !  (! % $  
%    
!!!%%! 

 
cc
 
c





 cc
 
c

 

c
 c

 

c

 c

 c

c
c

  cc 

c


c

c 
  c
c    M   (!  (% (! (%%
!$!" A !% & ! (! % ,    ! (
!,(%!!$!"
c

Mc   (%!!(!%(!
 $% $!  '$  ! ! $ "  '  
$!(!&!%%! J;!
c
c
M 5!,3L


% L%6
c  c 
M  ! !  $ %L  %L   ! !
!D
c U
  c
M !!
% !%$D
c c
M !%$" !%!.
@
!%!$ $!&!!D
c  c  c
M !!$!D
c  
Mc
c  M   (! $  $! !%  
!%!  ! %%!  ! !%% "    $$!
! ! !  (! $ !   %!" A    
$!!(
c  
 c M
  c

M   !   %! ! )!, !
!'$ ! "!$%
 $ ! !  (!      % !  !
!"



c 

   
     

!$! !%!
c 3!%($!$!! %!$!
!!(%"

c   % ! ( (   I  !   !
%!!("


c   % ! ( $! C   !&   !
!$!
"
c NJE!!%$!$$!(%! 4

!
"

c NJE!!%$!%!!;$


 cc 


 c  c
cM c 
 cc

c
c
c




.!

NE
KGE



#

$
!"


c
c
c
c
c
c
c
c
c
c

] cc cMc c


c
cM  c


/!
/C
/
#(! !

E
GE
KE
N=E


c

"
!


cc&

cc'  

%


cc 
(   c  c
c
 c& 

c
c
c
c
c
c
c
c
c

c  c
 c
c
c
cM c

!;JE!!
JE;E!!

!E!!

GNE
JE
E





"
c* ) cc
&
) c* cc
&
)

+ cc cc

&

c
c
c
c
c
c
c
c
c
c
c


c c
c cM  c

M c
c
#! L%(
#!
!L'
!%
4 $!$!$!
!
#(!
L$!!%!
 

G>E
KE
GE
IE

c
c
c

(c c   
cc
 
./ 

",

(c c   
cc
0  c


.12c





"
!

3c c



cc
 c&c

& 

(c c
cc
 
.c+ 

c
c
c
c
c
c
c
c
c
c
c
c
c

 c
c
  c
c 
 c c M c
cM cM
c

c
c

c




!(


1(!
>

0C
>=
(%%


$
G
#%% %
>G




%
!

,
)
-
"





,%

,

,"


"








 c
cc
c

c

McM
Mc
c 
 c c M cc

/$ 
%! 
(%

>KE
JE
NE

























2!
!
4% 

!
&

E
GGE
=E
KE
























' ( 
$%

NNE
GE

























 c c
cM M
c c c

c
c
c

c
Mc cc
M
c
c cMc c




.!

>IE
G>E

",

#

,-

$












' c
c c 
 c   cc cM
c  c c
cc


cc

c

Mc



NE

.!

=E



























0 c c
c c
c 
Mc
 Mcc MMc  c c

c
c



JKE

.!

IE




-
)!

#

$












A! ( 
A ( 

c
-c
c
c
c
%c
c
%c
%c
-c
c
c
-c
c cc

 c
-4--c
,4-c
4"c
,4,,c
%4",c
4%!c
)4)-c
4!-c
-4,c
4",c
-4),c
"4!c

* c
d* c d* c. c
*4--c 4%",c
4-c
4,c 4),c
4%c
*4"c 4-c
4!c
4"-c 4),c
4c
*4",c 4%,c
4c
4c 4-c
4c
"4-,c 4%,c
4c
*4!-c !4,),c
4"c
*4,c 4"!--c
4!c
*"4",c 4!%,c
4%c
4--c )4%)",c
4-c
4%c 4!-,-c
4c
cc
cc
c"4-c




 '

  

&c

5I;6R5G;6O>
0!!& %!;C! !> %(%"J, 
(%">KJ";C%%G"I(%%%$ !,
%%$!%%$"


A! &!(!$
 
A &!(!$ 

c
-c
c
c
c
%c
c
%c
%c
-c
c
c
-c
c cc

 c
!4,c
"4-c
4,c
4-c
-4!,c
4%c
!4),c
4"-c
4c
%4-c
4),c
4-c

* c
d*  c
*-4,c
4"c
"4,c
-4-c
4-c
4,c
*)4-c
4-,c
-4-c
4-c
4c
4c
*%4),c
%4"%c
4,,c
)!4,!c
4%c
"4,c
*4-c --4%,c
%4--c
!%4c
4,c
,4,c
cc
cc

d* c
. c
4c
-4",c
4c
4-c
"4)"c
4"-c
"4c
)4c
4c
4,c
4%c
-4!"c
-!4%c




5I;6R5G;6O>
0!!& %!;C! !> %(%"J, 
(%">KJ";C%%IK"=(%%%)! !,
%%$!%%)"


c  

         


!
 !%     $ !
%    !" . $ !
 !%  !   % (% $  $!  & !!
 (! "   !   !%     " 
'$ '!!!!"!&
%! '$ !  $"  !% (! !%  !  
 !"
%
 ! %  '$ ! !"  !%  )! $ !
%%"!$!%%!!& 4 !!"
! !, !!$( !,   $$! !    !
% !      % "   ! %  
!%%!!!!%!"!%
! (%   %%  !% "
%%    !% ! !  
!%!!$&L!!$!$!%("
!!!
!$(%*$!!$!!!"
!
! !$     $!!!  "  !  


!%$ %(!$"%( %!
 $!"
% !%!!$%%!
( " ( !
   !   $!  !    $! ! 
"
*!&

% '$! !"
% '$! 
(!$!"!%$&$!"! 

%    '$ ! !   ! $%  
 '$ ! !          !$!  
"&'$! !!&'$!
!"


!!!
(! !% (   ( ! !! !" A !% )!   
   $!"
%%  !$ !%   ! !!"
%%
 ! !  !$ !% (!%( !  (!"  !% 
  $   !  !
% " .  %
%!% 4! %&"&'$!
!$$!%!!! $%!"


"  

"c
%  !$ !% $!! %    
$!  %!"
  ( , ! !  ( !  
$  $!   !  L%(,  $!$ $!!! 
,!%!!"

"c
 (! $ !    (      
%C" !,$!%$%$!!%

G"c !4%!! !(!
*c 4 &  ! %  !$ !
% ,  !)(,
$,
( "!!!(%%
*c (!!% %
% !!!
 1%4!"
*c   !
%   % ! %    ! !
%%!" !!%$!!!("

I"c  $!%  !
  ! !!  (! !"
! !
 (!  (  !  $ $%  "
 %(

 %'$%%%!$!(!%
!%    "  % !  
  
&%(!%

c
c
c
c
c
c
c


c   
c
#  & !  $  ! C%   %! ! (!
!!%%!(!(C!+!!!%" !
!$%!%!!!C!"

#%!& !!&! % (!" !(!
%$!( !!%(" (!!(
(, %   !  ( !! $%  %  $!( 
!$$! ! %%   ! !$ $!$% ! & $  $%
&"4,!%%!

 
!$ 5

6    $!!% ! & ! ! (  
!%%"8%(!+(!9!
!%%  !! ! (! !  !   !!% %&
C!%(!!$!"

/!%%($!(!!
!(! '!"!%
&%%$!%!$!((!(!"
c
c
c
c
c
c
c
c
c
c
c

0 c


cc
c

Mc
c %!
;c 4$&

c G"9
%  $! 4!!&9

%!"

c
!!!
% !&!!&"


 M Mc
c ""!
c "!%"!
c ""! "
c "(%!%"!
c ""!
c " !! %"!
c "&("!
c "%!%"!


ccM c
c 4#!%
c 4 
c  !!







]
c 


{

ccU
M   c
c
c

 Mc

cc

c
c

M c
cc cM
 Mc
c
cMM  ccM
cc
cc
 c
c ccc
c
 c
ccM
c
c
c

c 
c c c c 
c
c
M
 Mc
 c 

c 
M c c Mc
c Mc 
M    c 
c   c 
c  c c
cc
  cc c
Mc
c

c
 Mc  c
 c c
cM c 
 cc

c
c

"c 
4"c .!

] cc cMc c


c
cM  c

"c /!
4"c /C
"c /
1"c #(! !

c  c
 c
c
c
cM c

"c !;JE!!
4"c JE;E!!
"c
!E!!


c c
c cM  c
M c

"c #! L%(
4"c #!
!L'!%
"c 4 $!$!$!!
1"c #(!
L$!!%!
 

 c
c
  c
c 
 c c M c
cM cM
c

c
c
c

cc  c
c

"c !(
4"c 1(!
"c 0C
1"c (%%
"c $
"c #%% %

 c
cc
c

c

McM
Mc
c 
 c c M cc

"c /$; 

4"c %!; 

"c (% 



"c 2! 
4"c
!
& 
"c ! 
1"c 4% 


"c ' (  
4"c $% 

 c c
cM M
c c c

c
c
c

c
Mc ccM
c

c cMc c

"c 
4"c .!

' c
c c 
 c   cc cM
c  c c
cc


cc

c

Mc

"c 
4"c .!

0 c c
c c
c 
Mc
 Mcc MMc  c c

c
c

"
4".!
c
ccc
c
ccc c

c

  cc c
M  cc c
 MMcc

c

c

c

  
c ccc










c MM Mc

M c
! *!$%!%! ($!!%(!F
(!$( !"
c
Mc c

 c 
c
 $    % F    $"  & ! ! 
$(%5.
@6$$%% ," !
!;%!,&$.
@"
c


c
c

%%$!!%!, %%>E!!$
!&IE!!!&"
c

c cc 
c
 $    % F    5!  &6   "
  ! $! $      (% $ , % 
$!!&%!"
c

c
c

%!$!!%!!$%!!$!!2!(!"
 %%$*! !"
c

cM c
 ! (%   $!% !   !  %% %" @!
 %*  % % ! ! !$!  !( ! "
    !


 !
 5'% %&% ! %6 ! 1 5% 
%6" 4!  444 ! %!  ! ! !  ! ( "

%  %%   ! $ !  !  C%
 ,$$!$"

 c 
  c
c

%&'$%$$!! !(
C(!%(  !&,!! !!!
$!(%( ,!%%  $!!%!!("
c

 c  c

&(%!%F,%(%$
"$%! ;!)(!%"
c
 McM  c c

(!$!%!"
 &, %% !  !&"     $$% 
"3%&!$;(!$5%6,%!;!
!"
c
 
c c
!;,  $!! !   ! %!   N "
!$!!,!!;"
c

M c
 & !  !$    % F , %  
$!!%!!!!!!"!(&$ !
!!%$!!%! "

cc
c
  $$% !   %  ! ( !  %  
(!!%"
c
 M

  c
 $!% ! $  ( !     !   ! 
&( "
c
M
 M c c
C!( ' %(% %!!&&
!("   (   ! !  (!, ! C !
$!!%!$$!! $"
,( &$!("

 c c
!F.
@% 5.
@6%%%%!C%!
(L!$% ! 5%! & !(%

F%! .
@!6"
!$%!%%! .
@$%
H?H+!';("
c
 McM  c
 ! ! !% '$ !   !  " '$ %  
,!!!%% !('$"!
%F$!$" '$!!!F*
!!!%% '$"

M
c c

! $!! !!(!"

  c
c

%!$(!)(%! ; !!$%"
($$%%!!!&  !$!%"
c

c
c

 %   $% &  !   ! ! $%" 
%%!(!&!!%%$ ("
c
 c
c

%&!! %!&;&$! 
$!!%!!!;',!! :.?.'"
c
M  c 
c
 % !% 5%! ; !,  !, "6   (! ! 
%$"

^ c

 %   ! !!    %  5H%! ,H6 !
!(%% !"!! %%$!!!F
! $,%%!% %!!!K"JE"
c
^ c
c

 %%(% $!>E,%! 
$ !  ,   !%   !& ! %"
 !; %!   

  !7&;%!   !

!"

 cc
 !  %  $ !  ( ( ! ( ,
%  !F$!!%!" %, !"JE!
E!F(%"

 c  c
c

%!$!&"!$%
(   ,  % %C , %  &  ! $!,
!%$$, !($ "
!
&
 &      (%% !  (  (! & 
! ("
c


c
c

!$;(!$&!
(%"
!%!!%!!(!"

 cMM c 
c c c
&!!%"%%%& 
!%  ,         %%, 
( !! "
c
^ c
c

!!;%%%(%,%
!$%!! %!,!!!% "

c
M

Mc

 !% !   ( !$  $%,   
%   !    ! %"  ! !! C  
 ' !!"

M c
c


 %   !  (   $ ! $ ,
%%F%!% !"!)(!&( ! !% !
$!%!!%(!!"
c
MM  c c

(!%!!%F!(
$% !!%%(!%"
c

c
c

!$(%$%*!$!!%!!%%"
(!$!!%!%%'%$!%%
!!!"
c
 cc
 % !     ! !   %%"  H! %%H !!
!&!%(!,(%%$!!
%"

    c
! *!!!%F!!&L%
$%"
c
  c
 c

 $ !  !    $ !  !%, !
,%%"F(%(!% 
$!!%! ,   % %  "
%% ! %  
%';"


  cc

 %'% $% ! $% %!, (!%(  ! $   ! !%
!("
c
! !  ( !  (, %% '$   $  !
&$,!( $!" !%,%!(
! !%!$$"

 c
 c
c

4! !%   ! !   (%"  $$ %%,  ! $!
 $  "   % % ,   ! 
%%%(%".!%,'%"