MUTUAL FUNDS

By Yash Rajnish Seth

Roll No. 191

What is a Mutual fund?

As the name suggests, a ‘mutual fund’ is an investment vehicle that allows several investors
to pool their resources in order to purchase stocks, bonds and other securities.

These collective funds (referred to as Assets Under Management or AUM) are then
invested by an expert fund manager appointed by a mutual fund company (called Asset
Management Company or AMC).

The combined underlying holding of the fund is known as the ‘portfolio’, and each investor
owns a portion of this portfolio in the form of units.

A mutual fund is an investment vehicle that pools funds from investors and invests in
equities, bonds, government securities, gold, and other assets. Companies that qualify to
set up mutual funds, create Asset Management Companies (AMCs) or Fund Houses, which
pool in the money from investors, market mutual funds, manage investments and enable
investor transactions.

Mutual funds are managed by sound financial professionals known as fund managers,
who have the expertise in analysing and managing investments. The funds collected from
investors in mutual funds are invested by the fund managers in different financial assets such
as stocks, bonds, and other assets, as defined by the fund’s investment objective. Where
and when to invest are some of the things taken care of by the fund managers, amongst many
other responsibilities.

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For the fund’s management, the AMC charges a fee to the investor known as the expense
ratio. It is not a fixed fee and varies from one mutual fund to another. SEBI has defined the
maximum limit of the expense ratio that can be charged on the basis of the total assets of the
fund.

In India, the capital markets regulator SEBI (Securities and Exchange Board of India) has
encouraged the mutual fund industry by creating a system that works for the benefit of all
stakeholders, including investors and mutual fund sponsors. Regulations are passed from
time to time which improve functioning and help attract investments and generate growth.

Concept of mutual funds

To understand how mutual funds work, let us first understand the concept of NAV (Net
Asset Value). Net Asset Value (NAV) per unit, is the price at which investors can buy or
redeem their mutual fund investments. Investors in mutual funds are allotted units
proportional to their investments and this is calculated on the basis of the NAV. For example,
if you invest Rs 500 in a mutual fund with a NAV of Rs 10, you will get (500/10), 50
units of the mutual fund.

Now, the NAV of the mutual fund changes every day on the basis of the performance of
the assets in the mutual fund is invested in. If a mutual fund invests in a particular stock
whose price goes up tomorrow, the same will reflect in the NAV of the mutual fund and vice
versa. So, in the above example, if the NAV of the mutual fund goes up to Rs 20, then
your 50 units that amounted to Rs 500 earlier will now amount to Rs 1000 (500 units x
Rs 20). Hence, the mutual fund’s performance is driven by its underlying assets, which
generate its returns to investors.

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So, if you redeem your mutual fund units, you shall receive Rs 1000 against the Rs 500 you
originally paid. This gain of Rs 500 is known as the capital gain. The market value of the
mutual fund portfolio is not fixed but varies every day; consequently, NAV also tends to
change daily, based on the valuation of the fund portfolio. Hence, this gain of Rs 500 can be
a loss also, depending on how the NAV moves and the underlying assets perform. Since
mutual fund investments are market-linked, the returns are not guaranteed and also, dynamic
in nature.

Mutual fund returns (capital gains) are subject to tax, known as capital gains tax.
Capital gains tax will impact when you choose to redeem your investment; like in the
example above you will be liable to pay a tax on the Rs 500 you have earned. Bear in mind
two things though:

 The capital gains tax is applicable only if you redeem the investment and not if you
stay invested.

 The extent of capital gains tax will depend on the types of mutual funds and your
investment holding.

Mutual funds are subject to short-term capital gains tax (STCG) and long-term capital
gains tax (LTCG). The periods of short-term and long-term capital gains tax are defined
differently for mutual funds.

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How does one earn returns in a mutual funds ?

After investing your money in a mutual fund, you can earn returns in two forms:

In the form of dividends declared by the scheme

Through capital appreciation - meaning an increase in the value of your investments

Why should one invest in a mutual fund?

1. MFs are managed by professional fund managers, responsible for making wise
investments according to market movements and trend analysis.

2. MFs allow you to invest your savings across a variety of securities and diversify
your assets according to your objectives, and risk tolerance.

3. MFs provide investors the freedom to earn on their personal savings. Investments
can be as less as Rs. 500.

4. MFs offer relatively high liquidity.

5. Certain mutual fund investments are tax efficient. For example, domestic equity
mutual funds investors do not need to pay capital gains tax if they remain invested for
a period of above 1 year.

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History of Mutual Funds and its evolution in India

The mutual fund industry in India began in 1963 with the formation of the Unit Trust of
India (UTI) as an initiative of the Government of India and the Reserve Bank of India.
Much later, in 1987, SBI Mutual Fund became the first non-UTI mutual fund in
India.

Subsequently, the year 1993 heralded a new era in the mutual fund industry. This was
marked by the entry of private companies in the sector. After the Securities and Exchange
Board of India (SEBI) Act was passed in 1992, the SEBI Mutual Fund Regulations
came into being in 1996. Since then, the Mutual fund companies have continued to grow
exponentially with foreign institutions setting shop in India, through joint ventures and
acquisitions.

As the industry expanded, a non-profit organization, the Association of Mutual Funds in

India (AMFI), was established on 1995. Its objective is to promote healthy and ethical
marketing practices in the Indian mutual fund Industry. SEBI has made AMFI
certification mandatory for all those engaged in selling or marketing mutual fund
products.

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Types of Mutual Funds

Mutual funds come in many varieties, designed to meet different investor goals. Mutual
funds can be broadly classified based on –

 Organisation Structure – Open ended, Close ended, Interval

 Management of Portfolio – Actively or Passively
 Investment Objective – Growth, Income, Liquidity
 Underlying Portfolio – Equity, Debt, Hybrid, Money market instruments, Multi Asset
 Thematic / solution oriented – Tax saving, Retirement benefit, Child welfare,
Arbitrage
 Exchange Traded Funds
 Overseas funds
 Fund of funds

I) Classification on the basis of the structure:

 Open-ended funds are mutual funds that allow you to invest and redeem
investments at any time, i.e. they are perpetual in nature. They are liquid in nature
and don’t come with a specific investment period.

 Close-ended schemes have a fixed maturity date. You can only invest at the time of
the new fund offer and redemption can only be done on maturity. You cannot
purchase the units of a close-ended mutual fund whenever you please

 Interval schemes allow purchase and redemption during specified transaction

periods (intervals). The transaction period has to be for a minimum of 2 days and
there should be at least a 15-day gap between two transaction periods. The units of
interval schemes are also mandatorily listed on the stock exchanges

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II) Classification by portfolio management

 Active Funds
In an Active Fund, the Fund Manager is ‘Active’ in deciding whether to
Buy, Hold, or Sell the underlying securities and in stock selection. Active
funds adopt different strategies and styles to create and manage the
portfolio.

 The investment strategy and style are described upfront in the Scheme
Information document (offer document)
 Active funds expect to generate better returns (alpha) than the benchmark
index.
 The risk and return in the fund will depend upon the strategy adopted.
 Active funds implement strategies to ‘select’ the stocks for the portfolio.

 Passive Funds
Passive Funds hold a portfolio that replicates a stated Index or Benchmark e.g. –
 Index Funds
 Exchange Traded Funds (ETFs)

In a Passive Fund, the fund manager has a passive role, as the stock
selection / Buy, Hold, Sell decision is driven by the Benchmark Index
and the fund manager / dealer merely needs to replicate the same with
minimal tracking error.

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ACTIVE V/S PASSIVE FUNDS

Active Fund –

 Rely on professional fund managers who manage investments.

 Aim to outperform Benchmark Index
 Suited for investors who wish to take advantage of fund managers' alpha
generation potential

Passive fund

 Investment holdings mirror and closely track a benchmark index, e.g., Index Funds or
Exchange Traded Funds (ETFs)
 Suited for investors who want to allocate exactly as per market index.
 Lower Expense ratio hence lower costs to investors and better liquidity

III) CLASSIFICATION BY INVESTMENT OBJECTIVE

Mutual funds offer products that cater to the different investment objectives of the
investors such as –

 Capital Appreciation (Growth)

 Capital Preservation
 Regular Income
 Liquidity
 Tax-Saving
 Mutual funds also offer investment plans, such as Growth and Dividend
options, to help tailor the investment to the investors’ needs.

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 GROWTH FUNDS
 Growth Funds are schemes that are designed to provide capital appreciation.
 Primarily invest in growth oriented assets, such as equity
 Investment in growth-oriented funds require a medium to long-term
investment horizon.
 Historically, Equity as an asset class has outperformed most other kind of
investments held over the long term. However, returns from Growth funds
tend to be volatile over the short-term since the prices of the underlying equity
shares may change.
 Hence investors must be able to take volatility in the returns in the short-term.

 INCOME FUNDS
 The objective of Income Funds is to provide regular and steady income to
investors.
 Income funds invest in fixed income securities such as Corporate Bonds,
Debentures and Government securities.
 The fund’s return is from the interest income earned on these investments as
well as capital gains from any change in the value of the securities.
 The fund will distribute the income provided the portfolio generates the
required returns. There is no guarantee of income.
 The returns will depend upon the tenor and credit quality of the securities
held.

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 LIQUID / OVERNIGHT /MONEY MARKET MUTUAL FUNDS

 Liquid Schemes, Overnight Funds and Money market mutual fund are
investment options for investors seeking liquidity and principal protection,
with commensurate returns.
 – The funds invest in money market instruments with maturities not exceeding
91 days.
 – The return from the funds will depend upon the short-term interest rate
prevalent in the market.
 These are ideal for investors who wish to park their surplus funds for short
periods.
 – Investors who use these funds for longer holding periods may be sacrificing
better returns possible from products suitable for a longer holding period.
 Money Market Instruments includes commercial papers, commercial bills,
treasury bills, Government securities having an unexpired maturity up to one
year, call or notice money, certificate of deposit, usance bills, and any other
like instruments as specified by the Reserve Bank of India from time to time.

IV) CLASSIFICATION BY INVESTMENT PORTFOLIO

Mutual fund products can be classified based on their underlying portfolio composition-

 The first level of categorization will be on the basis of the asset class the fund
invests in, such as equity / debt / money market instruments or gold.
 – The second level of categorization is on the basis of strategies and styles used to
create the portfolio, such as, Income fund, Dynamic Bond Fund, Infrastructure fund,
Large-cap/Mid-cap/Small-cap Equity fund, Value fund, etc.
 – The portfolio composition flows out of the investment objectives of the scheme.

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V) Classification on the basis of asset classes

1) Equity Mutual Funds invest at least 65% of their assets in stocks of companies
listed on the stock exchange. They are more suitable as long-term investments
(> 5 years) as stocks can be volatile in the short term. They have the potential to
offer higher returns but also come with high risk. Here are a few types of equity
mutual funds–
Large-cap Funds invest at least 80% of their portfolio in stocks of large-
cap companies i.e. the companies that are ranked in the first 100 in the list
of stocks prepared by AMFI depending on market capitalization
[Association of Mutual Funds of India (AMFI) is the industry body
representing mutual funds and is tasked with protecting and promoting the
interests of mutual funds as well as unitholders.]
Mid-cap Funds invest at least 65% of their portfolio in stocks of mid-cap
companies i.e. the companies that are ranked between the 101st and 250th
based on their market capitalization
Small-cap Funds invest at least 65% of their portfolio in stocks of small-
cap companies i.e. the companies that are ranked 251st and above based on
their market capitalization
ELSS (Equity Linked Savings Scheme) is a tax-saving equity mutual
fund. It invests at least 80% of its portfolio in stocks. The investment made
under ELSS is eligible for tax deduction under section 80C, of the Income
Tax Act, 1961 up to Rs 1.5 Lakh per annum. ELSS also comes with a lock-
in of 3 years from the date of investment.
Multi-cap Funds these funds invest in stocks of any companies across all
market capitalization, namely, large-cap, mid-cap, and small-cap stocks.
There is no investment limit defined by SEBI at the market capitalization
level.
International Funds are schemes that invest equity of companies listed
outside India. The objective of these funds is to provide an element of
geographical diversification to investors and counter the volatility of Indian

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markets as foreign markets do not necessarily move in sync with Indian

markets.
Index Funds An Index Fund is a type of mutual fund that simply
impersonates an index. So when you invest in index funds, fund managers
deploy your money in the same companies and in the same proportion as
the index they are tracking. For instance, an Index Fund tracking SENSEX
will buy all the 30 stocks that are part of SENSEX, and it will do so in the
same proportion. Whenever a stock is removed from SENSEX, the index
fund will also remove it from its portfolio, And if some new stocks are
added to the SENSEX, then the fund will also replicate the changes in its
portfolio.

2) Debt Mutual Funds primarily invest in fixed-income instruments like

Government securities, corporate bonds, and other debt instruments. They are not
affected by stock market volatility and hence, can offer more stable returns
compared to equity mutual funds. The types of debt mutual funds are
differentiated on the basis of the maturity period of the securities they hold. Let’s
look at a few types of debt mutual funds-
 Liquid Funds invest in debt securities and higher-rated securities which
have a maturity period of fewer than 91 days. This makes them relatively
less risky than most other categories because a lower maturity mitigates
any interest rate volatility (which is the risk of loss resulting from a
change in interest rates). Liquid funds are a good avenue for parking
emergency funds alternative to bank savings accounts.
 Overnight Funds invest in securities with a maturity of one day. These
funds come with low risks safety again because of shorter maturity
periods, the interest rate risk is on the lower side. These are commonly
used by corporates to park their funds.
 Money Market Funds invest mainly in government securities (known as
treasury bills) and similar instruments, which are short-term with maturity

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periods less than one year. These funds are suitable for investors looking
for stable and non-volatile funds as interest risk is less.
 Banking & PSU Funds invest at least 80% of their investment in debt
securities of banks, public sector undertakings, municipal bonds, public
financial institutions etc. They can be better suited for investors looking
for short to medium-term investment tenure.
 Glit Funds invest a minimum of 80% in Government securities across
maturity periods. The nature of investment makes it more suitable for a
long-term investment as Government securities can be volatile in the
short-term.
 Short Duration Funds invest in debt and other money market securities
such that the average maturity of the portfolio is between 1-3 years. They
are more suited for investors looking at an investment time frame of 1-3
years and moderate risk appetite.

3) Hybrid Mutual Funds invest in both equity and debt in varying proportions
depending on the investment objective of the fund. Thus, hybrid funds give you
diversified exposure to various asset classes. Hybrid funds are categorized on the
basis of their allocation to equity and debt. Let us look at a few categories-
∞ Balanced Hybrid Funds can invest from 40%-60% in equity and 40%-
60% in debt instruments. They aim to combine the advantage of growth
derived from equity and that of protection from the debt allocation
∞ Aggressive Hybrid Funds are a type of hybrid funds that can invest 65-
80% of their portfolio in equity and 20-35% in debt instruments. As a
result of a greater allocation to equity, they prove to be riskier than the
balanced hybrid category.
∞ Conservative Hybrid Funds invest at least 75-90% of their portfolio in
debt securities and the remaining 10-25% in equity securities. Because of

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this allocation, they may prove to be relatively less risky than, say, an
aggressive hybrid fund.
∞ Balanced Advantage Funds, also known as, dynamic asset allocation
funds keep their investments in equity and debt dynamic in nature. As per
the market movement, their allocation to both asset classes keeps changing
so as to maximize the gains and minimize the risks

Various Advantages and benefits of investing in Mutual Funds-

 Diversification: The saying ‘do not put all your eggs in one basket’ perfectly fits
mutual funds as spreading investment across multiple securities and asset categories
lowers risk. For example, compared to direct equity investing, where your funds are
deployed in individual company stocks, equity mutual funds invest in a basket of
stocks across sectors, thereby reducing risk.
 Professional management: Mutual funds are managed by full-time, professional
fund managers who have the expertise, experience, and resources to actively buy, sell,
and manage investments. A fund manager continuously monitors investments and
rebalances the portfolio accordingly to meet the scheme’s objectives.
 Transparency: Every mutual fund has a Scheme Information Document readily
available on the fund house’s website that can give you all the details about its
holdings, fund manager etc. In addition, the portfolio investment value (NAV) is
published daily on the AMC site, AMFI site for investors to track the portfolio of the
mutual fund.
 Liquidity: You can redeem your investments on any business/working day at the
NAV of the day of your redemption. So, depending on the type of mutual fund you
have invested in, you would receive your invested funds in your bank account in 1-3
days.

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However, close-ended funds allow redemption only at the time of the maturity of the
mutual fund. Similarly, ELSS mutual funds have a lock-in period of three years.
 Tax Savings: Investment of up to Rs. 1,50,000 in ELSS mutual funds qualifies for
tax benefit under section 80C of the Income Tax Act, 1961. Mutual fund investments,
when held for a longer term, are tax-efficient.
 Choice: There are many options to invest in mutual funds to meet your different
needs. To name a few- Liquid funds, is for investors looking to benefit from safety of
debt and low interest rate risk, flexi-cap funds, if you are looking for stock
diversification and solution-oriented mutual funds if you are looking to invest for a
particular goal like retirement or children’s education, etc.
 Cost-effective: A mutual fund is a low-cost investment vehicle. The pooled
investments from several investors in a mutual fund enable the fund to invest in a
basket of stocks and debt securities which otherwise may be out of reach for the
ordinary investor or require a higher investment amount. Thus, these pooled
investments provide advantages of economies of scale. In return, lower costs to
investors, such as brokerage, etc., are addressed in the minor form of fund expenses.
This is why investing in direct mutual funds through ET Money makes sense because
that helps you decrease the cost further.
 Returns: Mutual fund returns are not assured by mutual funds and are subject to
market risks. But over the long term, equity mutual funds have the potential to deliver
double-digit returns annually. Debt funds can also offer higher returns as compared to
bank deposits.
 Well Regulated: In India, the mutual fund industry is regulated by the capital market
regulator Securities and Exchange Board of India (SEBI). Therefore, mutual funds
must follow stringent rules and regulations, ensuring investor protection, risk
mitigation, liquidity, and fair valuation.

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Few Disadvantages or Drawbacks of Investing in Mutual Funds

Now, let us have a look at the cons of investing in mutual funds

 Exit Load: Mutual funds generally levy an exit load (fee) for redeeming investments
within a specified time period, for example, one year from the date of investment.
This is done to refrain the investor from exiting the scheme too early, as it impacts
both the fund’s performance and the investor’s goal achievement. When investing
directly in stocks, say, you do not face any exit load and in comparison, this may
seem like an added expense. However, this has been introduced in the investors’
interest.
 High cost (in some mutual funds): SEBI has defined the maximum limit of expense
ratios that mutual funds can charge and they depend on the mutual fund’s size. As the
size grows, the expense tends to come down. The maximum expense ratio that is
chargeable for an equity-oriented mutual fund is 2.25%. And you have to bear this
charge irrespective of the performance of the fund. For When compared to another
mode of investment, say, direct stocks, you may find the expense ratio to be higher
than the brokerage you pay. But then it is being paid for the convenience and
expertise, so, it is a balance that you need to achieve.
 Overdiversification: In the quest to diversify your investments, you may invest in
mutual funds, which invest in a vast number of stocks, leading to over-diversification.
Not all the stocks of a portfolio would deliver high returns all the time. You may end
up investing in two mutual funds holding similar portfolios which may then lead to
overdiversification. It is advisable to study the mutual fund portfolio before you
invest.
 Risk: Investments in mutual funds are subject to market risk. The risk of losses faced
by all types of securities in the financial markets cannot be reduced by diversification.
Market risks may occur due to many macro and microeconomic factors. For example,
equity mutual funds are subject to volatility risk owing to fluctuations in the stock

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market whereas debt mutual funds are subject to interest rate risk which is caused by
fluctuations in the interest rates and so on.

Performance of the Best Performing Mutual Funds in India Last 5 years

(top 5) with past and future performance analysis (as per 17th January
2023)

1) Axis Bluechip Fund Direct-Growth

Axis Bluechip Fund Direct Plan-Growth is an Equity Mutual Fund Scheme launched by Axis
Mutual Fund and is the Highest Return Mutual Fund in Last 5 Years. The scheme aims to
generate long-term capital growth by investing in a diversified portfolio predominantly
consisting of equity & equity-related instruments of large-cap companies.

2) Canara Robeco BlueChip Equity Fund Direct-Growth

Canara Robeco Bluechip Equity Fund Direct-Growth is an Equity Mutual Fund Scheme
launched by Canara Robeco Mutual Fund and is well-known as the Best Return Mutual Fund
in Last 5 Years. The fund seeks to provide capital appreciation by predominantly
investing in companies having a large market capitalization.

Canara Robeco Large cap fund is named to reflect the investment strategy, which is
mainly focused on a portfolio that would be concentrated on investing in any of the top
150 stocks ranked on the basis of market capitalization.

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3) PGIM India Mid-Cap Opportunities Fund Direct-Growth

PGIM India Midcap Opportunities Fund Direct-Growth is an Equity Mutual Fund Scheme
launched by PGIM India Mutual Fund. The scheme seeks to achieve long-term capital
appreciation by predominantly investing in equity & equity-related instruments of mid-
cap companies.

4) Axis Mid-Cap Direct-Plan-Growth

Axis Midcap Direct Plan-Growth is an Equity Mutual Fund Scheme launched by Axis
Mutual Fund. The scheme seeks to achieve long-term capital appreciation by investing
predominantly in equity & equity-related instruments of Mid Cap companies.

5) Nippon India Small Cap Fund Growth

India Small-Cap Fund-Growth is an Equity Mutual Fund Scheme launched by Nippon India
Mutual Fund. The scheme seeks to generate long-term capital appreciation by investing
predominantly in equity and equity-related instruments of small-cap companies.

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7 best mutual funds to invest in 2023

Absolute
CAGR (%)
(%)
Category Best Equity Mutual Funds
3- 5-
1-Year
Years Years

Canara Robeco Bluechip

Large Cap Fund -0.5 18.6 15.7
Equity Fund

Flexi Cap Fund Parag Parikh Flexi Cap Fund -4.1 24.1 17.6

Large & Mid Cap Kotak Equity Opportunities

6.8 19.9 13.7
Fund Fund

Mid Cap Fund Quant Mid Cap Fund 14.2 36.9 21.6

Small Cap Fund SBI Small Cap Fund 6.9 30.1 17.1

ICICI Pru Value Discovery

Value Fund 9.8 25.9 15.0
Fund

ELSS Parag Parikh Tax Saver Fund 9.9 25.4 --

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Bibliography

1. https://www.etmoney.com/learn/mutual-funds/what-is-mutual-
fund/#6_Benefits_of_Investing_Mutual_Funds

2. https://www.amfiindia.com/investor-corner/knowledge-center/types-of-mutual-fund-
schemes.html

3. https://groww.in/p/types-of-mutual-funds

4. https://www.hdfcfund.com/learn/beginner/mutual-funds/different-types-mutual-funds

5. https://www.personalfn.com/dwl/Mutual-Funds/7-best-mutual-funds-to-invest-in-2023-top-
performing-mutual-funds-in-india

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