Question 1 (25 marks) a Discuss on why an investor would want to immunize a bond portfolio and what is the limitation of using immunization approach. (10 marks) b) As a portfolio manager, you are assigned to complete the following tasks: Task 1: Identify the actively managed equity mutual fund. Task 2: Identify the most tax efficient equity mutual fund. Task 3: Identify the most suitable fund for an investor who has a risk tolerance of 15. (For all tasks, you are required to support your answer by showing the calculation based on the below trading and performance data for the three different equity mutual funds). (15 marks) Expected Standard Fund rate of return deviation Name Average asset Security sales Pre-tax Tax-adjusted return return (RM 'mill) (RM 'mill) TAD 12.6 7 420 950 12 10.7 KAK 10 3.8 355 666 13.2 9.5 ZAR 11.5 3.9 290 650 14.5 12