FSM CMF vs Phillip Master Money Market Fund (PMMMF)

the thing i like about PMMMF is T+0 same day redemption while FSM CMF is T+3.
anything i overlook?

Benefits for Investment into PMMMF
Benefits as an ideal alternative cash management instrument due to the following reasons:
  1.
Tax-exempt
  2.
Aims to preserve capital
  3.
Same day redemption (T+0)
  4. Liquid underlying investment
  5.
No penalty for early redemption
  6.
Monthly distribution
  7.
Seeks for high return
Tax-exempt
Income / dividend derived from PMMMF are tax-exempted.
Aims to preserve capital
The price for PMMMF per unit of investment is fixed. Unlike Net Asset Value (NAV) based Money Market Funds. This means that although PMMMF has some investment in bonds, its investors are protected from the daily fluctuation of bond prices.
NAV-based Money Market Funds do not have fixed prices and their investments in bonds are 'marked to market'. This means that during volatile interest rate scenario or uncertainty over the direction of the interest rate (trend), investors of NAV-based Funds are vulnerable to the swings in the prices of their investment. An investor investing in such Funds will then have to monitor more closely the direction of interest rates as putting in money in such Funds at the wrong time may bring about capital losses rather than capital gain.
In general, investors investing in fixed price Money Market Funds may not need to worry about losing their capital or the fluctuations in the market value of their investment.
Same Day Redemption (T+0)
PMMMF's redemption settlement policy provides that funds must be transferred back to investors on T+0 itself (Provided the redemption submitted before 9.45AM). Although there are other Funds (NAV-based) which claim investors can redeem the investment and get back their money on the same day, this may not be possible because of the Forward Pricing methodology. Under the Forward Pricing methodology, the NAV per unit of the Fund will be determined at the next valuation point (normally after 5pm) upon which the request for redemption is received. At that valuation point, it will be too late to effect any telegraphic transfer of funds.
Liquid Underlying Investment
>90% of PMMMF's assets are in cash deposits, making it one of the most liquid funds available. Most other Funds in the market have less than 90% in cash deposits, making them more vulnerable to sudden redemptions of material/ significant amount.
In a sudden adverse change of interest rate trend, a Fund having significant investment in less liquid assets such as bonds and Commercial papers (CPs) may find it difficult to sell off these fixed income instruments at good prices. This will in return affect the Fund's ability to refund money to investors on T+0 when there are redemptions. For a NAV-based Fund, this may result in capital loss to investors who happen to be unfortunate enough to have to redeemed their investment under such interest rate change (spike).