Combined Sid PDF

Scheme Information Document
Continuous offer of units at applicable NAV
DEBT SCHEMES This product is suitable for investors who are seeking* Riskometer
L&T Cash Fund - An open-ended liquid scheme Reasonable returns with lower volatility and higher
liquidity over short term Investment in debt and money market instruments.
L&T Liquid Fund - An open-ended high liquidity income fund: Generation of reasonable returns
while maintaining safety and superior liquidity over short term Investment predominantly in highly
liquid money market instruments, government securities and corporate debt.
L&T Ultra Short Term Fund - An open-ended pure income scheme: Generation of reasonable and
stable income and liquidity over short term Investments predominantly in highly liquid money market
instruments, government securities and corporate debt
L&T Low Duration Fund - An open-ended debt scheme: Generation of reasonable returns and
liquidity over short term Investments primarily in money market and short term debt instruments
L&T Short Term Opportunities Fund - An open-ended debt scheme: Generation of regular returns
over short term Investment in fixed income securities of shorter term maturity
L&T Arbitrage Opportunities Fund - An open-ended equity scheme: Generation of reasonable
returns over short to medium term Investment predominantly in arbitrage opportunities in the cash and
derivatives segments of the equity markets; and debt and money market instruments
L&T Floating Rate Fund - An open-ended income scheme: Generation of regular income over
short to medium term Investment substantially in floating rate debt/money market instruments,
fixed rate debt/money market instruments swapped for floating rate returns, and fixed rated debt
securities, government securities and money market instruments
L&T Short Term Income Fund - An open-ended income scheme: Generation of reasonable returns
over short to medium term Investment in fixed income securities and money market instruments
L&T Income Opportunities Fund - An open-ended income scheme: Generation of regular returns
and capital appreciation over medium to long term Investment in debt instruments(including
securitized debt), government and money market securities
L&T Flexi Bond Fund - An open-ended income scheme: Generation of reasonable returns over
medium to long term Investment in fixed income securities
L&T Triple Ace Bond Fund - An open-ended pure income scheme: Generation of regular and stable
income over medium to long term Investment in debt market securities such as non convertible
debentures, bonds issued by corporates, bank and government, commercial paper, certificate of
deposits and other money market instruments
L&T Gilt Fund - An open-ended dedicated gilt (government securities) scheme: Generation of
returns over medium to long term Investment in Government Securities
L&T Monthly Income Plan - An open-ended income scheme with no assured returns (Monthly
Income is not assured & is subject to the availability of distributable surplus): Generation of monthly
income over medium to long term Investment in debt, equity and money market instruments
L&T Resurgent India Corporate Bond Fund - An open-ended pure income scheme: Generation
of income over medium to long term Investment in debt, equity and money market instruments
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
For details on equity schemes please turn overleaf.
MUTUAL FUND INVESTMENT MANAGER

L&T Mutual Fund L&T Investment Management Limited
Head Office: 6th Floor, Brindavan, Plot No. 177, CST Road Kalina, Santacruz East Registered Office:
Mumbai 400 098 L&T House, Ballard Estate, P.O. Box 278, Mumbai 400 001
TRUSTEE Head Office:
L&T Mutual Fund Trustee Limited 6th Floor, Brindavan, Plot No. 177, CST Road Kalina, Santacruz East
Registered Office: L&T House, Ballard Estate, P.O. Box 278, Mumbai 400 001 Mumbai 400 098
The particulars of the Schemes have been prepared in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, as amended till date, and filed
with SEBI, along with a Due Diligence Certificate from the AMC. The units being offered for public subscription have not been approved or recommended by SEBI nor has SEBI certified
the accuracy and adequacy of this Scheme Information Document.
The Scheme Information Document sets forth concisely the information about the Schemes that a prospective investor ought to know before investing. Before investing, investors should also
ascertain about any further changes to this Scheme Information Document after the date of this Document from the Mutual Fund/Investor Service Centres (ISCs)/Website/Distributors or Brokers.
The investors are advised to refer to the Statement of Additional Information (SAI) for details of L&T Mutual Fund, tax and legal issues and general information on www.lntmf.com.
SAI is incorporated by reference (is legally a part of the Scheme Information Document). For a free copy of the current SAI, please contact your nearest Investor Service Centre or log
on to our website.
This Scheme Information Document should be read in conjunction with the SAI and not in isolation. This Scheme Information Document supersedes all the earlier Scheme Information
Documents of the Schemes of L&T Mutual Fund forming part of this Scheme Information Document.
The Scheme Information Document is dated June 27, 2015.
EQUITY SCHEMES This product is suitable for investors who are seeking* Riskometer
L&T Equity Fund - An open-ended equity growth scheme: Long term capital growth Investment
predominantly in equity and equity-related securities
L&T Tax Advantage Fund - An open-ended equity linked savings scheme: Long term capital
growth Investment predominantly in equity and equity-related securities
L&T India Special Situations Fund - An open-ended equity growth scheme: Long term capital
growth Investment predominantly in equity and equity-related securities, with key theme focus being
Special Situations, i.e. situations that are out of the ordinary
L&T India Large Cap Fund - An open-ended equity growth scheme: Long term capital appreciation
Investment in equity and equity related securities, including equity derivatives in the Indian markets and
foreign securities; with predominant investments in large cap stocks
L&T India Value Fund - An open-ended equity growth scheme: Long term capital appreciation
Investment predominantly in equity and equity-related securities in Indian markets and foreign securities,
with higher focus on undervalued securities
L&T Business Cycles Fund - An openended equity scheme: Long term capital appreciation
Investment predominantly in equity and equity-related securities, including equity derivatives in
Indian markets with focus on riding business cycles through dynamic allocation between various
sectors and stocks at different stages of business cycles in the economy
L&T Tax Saver Fund# - An open-ended equity linked tax savings scheme: Long term capital
appreciation Investment predominantly in equity and equity-related instruments
L&T India Equity and Gold Fund - An open-ended equity growth fund: Long term capital appreciation
and generation of reasonable returns Investment predominantly in equity and equity-related securities and
debt and money market instruments and domestic Gold ETFs
L&T India Prudence Fund - An open-ended equity growth fund: Long term capital appreciation and
generation of reasonable returns Investment in equity and equity-related securities and debt and
money market instruments.
L&T Equity Savings Fund - An open-ended equity scheme: Generation of regular income by
predominantly investing in arbitrage opportunities in the cash and derivatives segment and longterm
capital appreciation through unhedged exposure to equity and equity related instruments. Investment
in equity and equity related instruments, derivatives and debt and money market instruments
L&T Indo Asia Fund - An open-ended equity growth scheme: Long term capital appreciation
Investment predominantly in equity and equity-related securities including equity derivatives in Indian
and international markets
L&T Midcap Fund - An open-ended equity scheme: Long term capital appreciation Investment
primarily in midcap equity and equity-related securities
L&T Infrastructure Fund - An open-ended equity scheme: Long term capital appreciation
Investment predominantly in equity and equity-related instruments of companies in the infrastructure
sector
L&T Global Real Assets Fund - An open-ended fund of funds scheme): Long term capital growth
Investment primarily in Fidelity Funds - Global Real Asset Securities Fund, and offshore Fund launched by
Fidelity Funds (an open-ended investment company incorporated in Luxembourg) and similar to an
Indian mutual fund scheme
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
# In order to comply with requirements of ELSS 2005 guidelines, further subscription/switch-in into L&T Tax Saver Fund is restricted with effect from November 23, 2012.
Sponsor
L&T Finance Holdings Limited
Registered Ofce:
L&T House, Ballard Estate
P.O. Box 278, Mumbai 400 001
Trustee
L&T Mutual Fund Trustee Limited
Registered Ofce:
P.O.Box No. 278, Mumbai 400 001
Asset Management Company

L&T Investment Management Limited
Registered Ofce:
P.O.Box No. 278, Mumbai 400 001
Head Ofce:
6th Floor, Brindavan, Plot No. 177,
CST Road Kalina,
Santacruz East,
Mumbai 400 098
Registrar and Transfer Agent

Computer Age Management Services Private Limited
Registered Ofce:
New No. 10, Old No. 178
M. G. R. Salai, Nungambakkam
Chennai 600 034
Custodian
CITIBANK, N.A.
Ofce:
First International Financial Centre (FIFC)
11th Floor, Plot Nos. C 54 and C55
G Block, Bandra Kurla Complex
Bandra East, Mumbai 400051
Auditors to the Fund

Price Waterhouse
Ofce:
252, Veer Savarkar Marg,
Shivaji Park, Dadar (West)
Mumbai 400 028
1
Table of Contents
Page
I. Highlights of the Scheme ................................................................................................................................................................. 3
II. Introduction ..................................................................................................................................................................................... 25
(A) Risk Factors............................................................................................................................................................................... 25
(B) Requirement of minimum investors in the Scheme .................................................................................................................... 31
(C) Special Considerations .............................................................................................................................................................. 31
(D) Denitions ................................................................................................................................................................................ 34
(E) Due diligence by the Asset Management Company .................................................................................................................. 38
(F) Abbreviations ........................................................................................................................................................................... 38
(G) Interpretation ........................................................................................................................................................................... 39
III. Information about the Schemes ....................................................................................................................................................... 40
(A) Scheme Specic details ............................................................................................................................................................. 40
(i) L&T Midcap Fund ............................................................................................................................................................. 40
(ii) L&T Equity Fund ............................................................................................................................................................... 41
(iii) L&T Tax Saver Fund ........................................................................................................................................................... 42
(iv) L&T India Special Situations Fund ...................................................................................................................................... 44
(v) L&T Tax Advantage Fund .................................................................................................................................................. 45
(vi) L&T Indo Asia Fund ........................................................................................................................................................... 46
(vii) L&T India Large Cap Fund ................................................................................................................................................. 48
(viii) L&T Infrastructure Fund .................................................................................................................................................... 49
(ix) L&T India Value Fund ........................................................................................................................................................ 51
(x) L&T India Prudence Fund .................................................................................................................................................. 52
(xi) L&T India Equity and Gold Fund ........................................................................................................................................ 56
(xii) L&T Arbitrage Opporunities Fund ...................................................................................................................................... 61
(xiii) L&T Business Cycles Fund ................................................................................................................................................. 62
(xiv) L&T Equity Savings Fund ................................................................................................................................................... 64
(xv) L&T Global Real Assets Fund ............................................................................................................................................. 66
(xvi) L&T Triple Ace Bond Fund ................................................................................................................................................. 67
(xvii) L&T Ultra Short Term Fund ................................................................................................................................................ 68
(xviii) L&T Gilt Fund ................................................................................................................................................................... 70
(xix) L&T Liquid Fund ................................................................................................................................................................ 71
(xx) L&T Monthly Income Plan ................................................................................................................................................. 72
(xxi) L&T Floating Rate Fund ..................................................................................................................................................... 75
(xxii) L&T Flexi Bond Fund ......................................................................................................................................................... 76
(xxiii) L&T Cash Fund ................................................................................................................................................................. 78
(xxiv) L&T Low Duration Fund.................................................................................................................................................... 80
(xxv) L&T Income Opportunities Fund ........................................................................................................................................ 81
(xxvi) L&T Short Term Income Fund............................................................................................................................................ 83
(xxvii) L&T Short Term Opportunities Fund ................................................................................................................................. 87
(xxviii) L&T Resurgent India Corporate Bond Fund ..................................................................................................................... 88
(B) Fund Managers......................................................................................................................................................................... 94
(C) Fundamental Attributes ............................................................................................................................................................ 96
(D) Portfolio Turnover .................................................................................................................................................................... 96
(E) Scrip Lending by the Fund......................................................................................................................................................... 96
(F) Underwriting Activity ................................................................................................................................................................ 97
(G) Overview of Debt Markets ........................................................................................................................................................ 97
(H) Investments in Derivatives ......................................................................................................................................................... 97
(I) Guidelines for investments in Securitized Debt .......................................................................................................................... 102
(J) Product Differentiation.............................................................................................................................................................. 105
(K) Investment Restrictions ............................................................................................................................................................. 111
(L) Investment in the Scheme(s) by the AMC, Sponsor or their Afliates ......................................................................................... 113
(M) Policy on Offshore Investments by the Schemes ........................................................................................................................ 113
IV. Units and Offer ................................................................................................................................................................................ 114
(A) Units on offer - general information .......................................................................................................................................... 114
(B) Periodic Disclosures................................................................................................................................................................... 127
(C) Computation of NAV ................................................................................................................................................................ 129
V. Fees and Expenses ........................................................................................................................................................................... 130
(A) Annual Scheme Recurring Expenses .......................................................................................................................................... 130
(B) Load Structure of the Schemes ................................................................................................................................................. 133
VI. Rights of Unit holders ...................................................................................................................................................................... 136
VII. Penalties, pending litigation or proceedings, ndings of inspections or investigations for which action
may have been taken or is in the process of being taken by any regulatory authority ....................................................................... 136
2
I. Highlights of the Scheme

Name of the scheme L&T Midcap Fund (L&TMCF) L&T Tax Saver Fund (L&TTSF)*
Structure An open-ended equity scheme An open-ended equity linked tax savings
scheme.
The Scheme does not assure or guarantee any returns.
Investment Objective To generate capital appreciation by investing primarily in midcap To provide long term capital appreciation
stocks. The Scheme will invest primarily in companies whose market by investing predominantly in equity
capitalization falls between the highest and the lowest constituent and equity related instruments and also
of the CNX Midcap Index. enabling investors to get income tax
rebate as per the prevailing tax laws and
subject to applicable conditions.
Options Growth Growth
Dividend (Reinvestment and Payout) Dividend (Reinvestment and Payout)
Both Options have common portfolio.
Investors proposing to purchase units of the Scheme directly from
the Fund (i.e. investments not routed through an AMFI Registration
Number (ARN) Holder) can invest under the Direct Plan. The options
referred above (i.e. Dividend (Reinvestment and Payout) and Growth)
will be available under the Direct Plan. The Scheme shall have a
common portfolio i.e. the Direct Plan will not have a segregated
portfolio.
Investments under the Direct Plan can be made through various
modes offered by the Fund for investing directly with the Fund
{except Stock Exchange Platform(s) and all other platform(s) where
investors applications for subscription of units are routed through
distributors}.
Liquidity The Scheme will offer Units for Purchase and Redemption at NAV related prices on every Business Day. The
Mutual Fund will endeavour to dispatch the Redemption proceeds within 3 Business Days from the date of
acceptance of the Redemption request.
In case of L&TTSF, redemption of Units can be made only after a period of 3 years of lock-in period from the date
of allotment of the Units proposed to be redeemed.
Benchmark for CNX Midcap Index CNX Nifty Index
performance
comparison
Transparency/NAV The NAVs will be calculated and disclosed on every Business Day.
Disclosure
The AMC shall update the NAVs on the website of the Mutual Fund (www.lntmf.com) and of the AMFI -
(www.amindia.com) every Business Day. The AMC will publish the NAVs of the Scheme in at least two daily
newspapers on all Business Days.
The AMC will disclose details of the portfolio of the Scheme every 6 months by either sending a complete
statement to all the Unit Holders or by publishing such statement, by way of advertisement, in two daily
newspapers.
Load Structure For all investments Load
Exit Load (% of Applicable NAV)
If redeemed 1 year 1
NIL
If redeemed > 1 year NIL
Bonus units and units issued on reinvestment of dividends shall not
be subject to Exit Load.
Transaction Charge(s) AMC shall deduct Transaction Charge(s) from the subscription --
amount and pay it to the distributor who has opted to receive the
same. The details of the same are mentioned below:-
Type of Investor Transaction Charge(s)
(for Purchase/Subscription of
Rs. 10,000 and above)
First Time Mutual Fund Investor Rs. 150
Investor other than First Time Rs. 100
Mutual Fund Investor
In case of investments through SIP, Transaction Charge(s) shall
be deducted only if the total commitment (i.e. amount per SIP
instalment x Number of instalments) amounts to Rs. 10,000 or
more. The Transaction Charge(s) will be deducted in four equal
instalments.
3
Name of the scheme L&T Midcap Fund (L&TMCF) L&T Tax Saver Fund (L&TTSF)*
However, Transaction Charge(s) will not be deducted for the
following:-
Purchase/Subscription submitted by investor at the investor
service centres or through AMCs website viz. www.lntmf.com
and which are not routed through any distributor.
Purchase/Subscription through a distributor for an amount less
than Rs. 10,000.
Transactions such as Switches, STP i.e. all such transactions
wherein there is no additional cash ow at a Mutual Fund level
similar to Purchase/Subscription.
Purchase/Subscriptions through any stock exchange.
Minimum Initial Rs. 5,000 per application and in multiples of Re. 1 thereafter N.A.*
Application Amount
Minimum Additional Rs. 1,000 per application and in multiples of Re. 1 thereafter N.A.*
Application Amount
Minimum Amount/ Rs. 1,000 or 100 units Rs. 500 or 50 Units
Number of Units for
Redemption
*In order to comply with requirements of ELSS 2005 guidelines, further subscription/switch - in into L&TTSF is restricted with effect from
November 23, 2012.
Name of the scheme L&T Equity Fund (L&TEF) L&T India Special Situations L&T Tax Advantage Fund (L&TTAF)*
Fund (L&TISSF)
Structure An open-ended equity growth scheme. An open-ended equity linked savings scheme.
Investment Objective To generate long-term capital To generate long-term capital To generate long-term capital growth from a
growth from a diversied growth from a diversied diversied portfolio of predominantly equity
portfolio of predominantly portfolio of predominantly and equity-related securities.
equity and equity-related equity and equity-related
securities. securities including equity
derivatives.
Dividend option (Reinvestment and Payout) Dividend option (Payout)
Both Options have common portfolio. Both Options have common portfolio.
Investors proposing to purchase units of the Scheme directly from the Fund (i.e. investments not routed through
an AMFI Registration Number (ARN) Holder) can invest under the Direct Plan. The options referred above (i.e.
Dividend (Reinvestment and Payout) and Growth) will be available under the Direct Plan. The Scheme shall have
a common portfolio i.e. the Direct Plan will not have a segregated portfolio.
Investments under the Direct Plan can be made through various modes offered by the Fund for investing directly
with the Fund {except Stock Exchange Platform(s) and all other platform(s) where investors applications for
subscription of units are routed through distributors}.
Mutual Fund will endeavour to dispatch the Redemption proceeds within 3 Business Days from the date of
In case of L&TTAF, redemption of Units can be made only after a period of 3 years of lock-in period from the date
of allotment of the Units proposed to be redeemed.
Benchmark for S&P BSE-200 Index
performance
comparison
Disclosure The AMC shall update the NAVs on the website of the Mutual Fund (www.lntmf.com) and of the AMFI -
newspapers.
4
Name of the scheme L&T Equity Fund (L&TEF) L&T India Special Situations L&T Tax Advantage Fund (L&TTAF)*
Fund (L&TISSF)
Load Structure For Redemption Load
Exit Load (% of Applicable NAV)
Within 1 year from the date of
allotment or purchase applying 1
First in First Out basis
A switch-out or a withdrawal under SWP may also attract an NIL
Exit Load like any Redemption.
No Exit Load/CDSC will be chargeable in case of switches made
between different options of the Scheme.
No Exit Load will be chargeable in case of (i) Units allotted on
account of dividend reinvestments; and (ii) Units issued by way
of bonus, if any.
Transaction Charge(s) AMC shall deduct Transaction Charge(s) from the subscription amount and pay it to the distributor who has
opted to receive the same. The details of the same are mentioned below:-
In case of investments through SIP, Transaction Charge(s) shall be deducted only if the total commitment (i.e.
amount per SIP instalment x Number of instalments) amounts to Rs. 10,000 or more. The Transaction Charge(s)
will be deducted in four equal instalments.
(for Purchase/Subscription of Rs. 10,000 and above)
Investor other than First Time Mutual Fund Investor Rs. 100
However, Transaction Charge(s) will not be deducted for the following:-
Purchase/Subscription submitted by investor at the Investor Service Centres or through AMCs website viz.
www.lntmf.com and which are not routed through any distributor.
Purchase/Subscription through a distributor for an amount less than Rs. 10,000.
Transactions such as Switches, STP i.e. all such transactions wherein there is no additional cash ow at a
Mutual Fund level similar to Purchase/Subscription.
Minimum Initial Rs. 5,000 per application Rs. 500 per application and in multiples of Rs.
Application Amount 500 thereafter
Minimum Additional Rs.1,000 per application Rs. 500 per application and in multiples of Rs.
Minimum Amount/ Rs. 1,000 or 100 Units Rs. 500 or 50 Units
Number of Units for
Redemption
* The Scheme has been prepared pursuant to the notications dated November 3, 2005 and December 13, 2005 issued by the Department of Eco-
nomic Affairs, Ministry of Finance, Government of India or such other scheme as the Central Government may, by notication in the Ofcial Gazette,
specify under section 80C of the Income Tax Act, 1961. Investors in the Scheme are entitled to deductions of the amount invested in Units of the
Scheme, subject to a maximum of Rs. 1,00,000, under and in terms of Section 80C (2) (xiii) of the Income Tax Act, 1961.
Name of the scheme L&T Indo Asia Fund (L&TIAF) L&T India Large Cap Fund (L&TILCF)
Structure An open-ended equity growth scheme.
Investment Objective To generate long-term capital appreciation from a To generate long-term capital appreciation from a
diversied portfolio of predominantly equity and diversied portfolio of predominantly equity and equity
equity related securities including equity derivatives related securities, including equity derivatives, in the Indian
in the Indian and international markets. markets. The Scheme will predominantly invest in large
cap stocks. The Scheme could also additionally invest in
Foreign Securities.
Options Growth
Dividend option (Reinvestment and Payout)
Mutual Fund will endeavour to despatch the Redemption proceeds within 3 Business Days from the date of
5
Name of the scheme L&T Indo Asia Fund (L&TIAF) L&T India Large Cap Fund (L&TILCF)
Benchmark for A custom benchmark created using the S&P S&P BSE-100 Index
performance BSE-200 to the extent of 65% of portfolio and MSCI
comparison AC Asia Pacic ex Japan for balance 35%
Disclosure The AMC shall update the NAVs on the website of the Mutual Fund (www.lntmf.com) and of the Association of
Mutual Funds in India - AMFI (www.amindia.com) every Business Day. The AMC will publish the NAVs of the
Scheme in at least two daily newspapers on all Business Days.
newspapers.
Load Structure For Redemption Load (% of For Redemption Load (% of
Exit Load Applicable NAV) Applicable NAV)
Within 1 year from the date 1 Within 1 year from the date of
of allotment or Purchase allotment or Purchase applying 1
applying First in First Out basis First in First Out basis
A switch-out or a withdrawal under SWP or a After 1 year from the date of
transfer under STP may also attract an Exit Load like allotment or Purchase applying Nil
any Redemption. First in First Out basis
No Exit Load/CDSC will be chargeable in case of Bonus units and units issued on reinvestment of dividends
switches made between different options of the shall not be subject to Exit Load.
Scheme.
No Exit Load will be chargeable in case of; (i) Units
allotted on account of dividend reinvestments; and
(ii) Units issued by way of bonus, if any.

Minimum Initial Rs. 5,000 per application
Application Amount
Minimum Additional Rs. 1,000 per application
Application Amount
Minimum Amount/ Rs. 1,000 or 100 Units
Number of Units for
Redemption
Name of the scheme L&T Infrastructure Fund (L&TIF)

Structure An open-ended equity scheme
Investment Objective To generate capital appreciation by investing predominantly in equity and equity related instruments of companies
in the infrastructure sector.
Options Growth
Dividend (Reinvestment and Payout)
6
Name of the scheme L&T Infrastructure Fund (L&TIF)

Mutual Fund will endeavour to despatch the Redemption proceeds within 3 Business Days from the date of
Benchmark for CNX Nifty Index
performance
comparison
Disclosure
The AMC shall update the NAVs on the website of the Mutual Fund (www. lntmf.com) and of the Association
of Mutual Funds in India - AMFI (www.amindia.com) every Business Day. The AMC will publish the NAVs of the
newspapers.
Load Structure For Redemption Load (% of Applicable NAV)
Exit Load Within 1 year from the date of allotment or Purchase applying First in First
1
Out basis
After 1 year from the date of allotment or Purchase applying First in First
Nil
Out basis
Bonus units and units issued on reinvestment of dividends shall not be subject to Exit Load.

Minimum Initial Rs. 5,000 per application and in multiples of Re. 1 thereafter
Application Amount
Minimum Additional Rs. 1,000 per application and in multiples of Re. 1 thereafter
Application Amount
Minimum Amount/ Rs. 1,000 or 100 units
Number of Units for
Redemption
Name of the scheme L&T India Value Fund (L&TIVF) L&T Global Real Assets Fund (L&TGRAF)
Structure An open-ended equity growth scheme An open-ended fund of funds scheme
Investment Objective To generate long-term capital appreciation from To aim to achieve long-term capital growth from a portfolio
diversied portfolio of predominantly equity and which will be primarily invested in Fidelity Funds - Global Real
equity related securities, in the Indian markets Asset Securities Fund, an offshore fund launched by Fidelity
with higher focus on undervalued securities. The Funds (an open-ended investment company incorporated in
Scheme could also additionally invest in Foreign Luxembourg) and similar to an Indian mutual fund scheme.
Securities in international markets.
Options Growth
7
Liquidity The Scheme will offer Units for Purchase and The Scheme will offer Units for Purchase and Redemption at
Redemption at NAV related prices on every NAV related prices on every Business Day. The Mutual Fund
Business Day. The Mutual Fund will endeavour will endeavour to despatch the Redemption proceeds within
to despatch the Redemption proceeds within 3 7 Business Days from date of acceptance of the Redemption
Business Days from the date of acceptance of request.
the Redemption request.
Benchmark for S&P BSE200 Index A custom benchmark which is a blend of the following
performance indices - MSCI ACWI Industrials, MSCI ACWI Real Estate,
comparison MSCI ACWI Utilities, MSCI Materials and MSCI Energy. The
weights assigned to each individual index while calculating
the custom benchmark is 20%, 20%, 10%, 20% and 30%
respectively.
Disclosure The AMC shall update the NAVs on the website of the Mutual Fund (www. lntmf.com) and of the Association
of Mutual Funds in India - AMFI (www.amindia.com) every Business Day. In case of L&TGRAF, the AMC shall
update the NAVs on the aforesaid websites on the immediately following Business Day. The AMC will publish the
NAVs of the Scheme in at least two daily newspapers on all Business Days.
newspapers.
Load Structure For Redemption Load (% of For Redemption Load (% of
Exit Load Applicable Applicable
NAV) NAV)
Within 1 year from the date of Within 1 year from the date of allotment or
allotment or Purchase applying 1 1
Purchase applying First in First Out basis
After 1 year from the date of
allotment or Purchase applying Nil
A switch-out or a withdrawal under SWP or a transfer under STP may also attract an Exit Load/CDSC like any
Redemption.
No Exit Load/CDSC will be chargeable in case of switches made between different options of the Scheme.
No Exit Load will be chargeable in case of redemption of; (i) Units allotted on account of dividend reinvestments;
and (ii) Units issued by way of bonus, if any.
Type of Investor Transaction Charge(s) (for Purchase/Subscription of
Investor other than First Time Mutual Fund Rs. 100
Investor
Application Amount
Application Amount
Number of Units for
Redemption
8
Maximum As per SEBI Regulations, the aggregate Eligible Investment
Subscription Limit Amount for all the Schemes of the Mutual Fund investing
in foreign securities is US $ 300 mn. Thus, the Maximum
Subscription Limit for the Scheme shall be the Eligible
Investment Amount reduced by the investments (at cost) by
all the Schemes of the Mutual Fund in foreign securities at any
given point of time. Accordingly, once this limit is reached,
the subscriptions into the Scheme shall be suspended till
further notice. However, the Scheme will remain open for
Redemptions.
However in case, the subscriptions received are in excess of the
Maximum Subscription Limit then the units would be allotted
on a proportionate basis and the excess amount collected
under the Scheme will be refunded to the applicants as
mentioned in this Document. In such a case, the requirement
to comply with the requirement of minimum application
amount will not be applicable.
The AMC shall inform investors/prospective investors of the
lifting of the suspension on subscriptions into the Scheme
by issuing necessary notication in at least one English daily
newspaper having nationwide circulation as well as in a
Marathi daily newspaper with wide circulation published in
Mumbai.
Name of the scheme L&T India Prudence Fund (L&TIPF)

Structure An open-ended equity growth fund
Investment To seek to generate long-term capital appreciation from a diversied portfolio of predominantly equity and equity
Objective related securities and to generate reasonable returns through a portfolio of debt and money market instruments.
Options Growth
Annual Dividend Option (Reinvestment and Payout)
All Options have common portfolio.
an AMFI Registration Number (ARN) Holder) can invest under the Direct Plan. The options referred above will be
available under the Direct Plan. The Scheme shall have a common portfolio i.e. the Direct Plan will not have a
segregated portfolio.
Liquidity The Scheme will offer Units for Purchase and Redemption at Applicable NAV on every Business Day. The Mutual
Fund will endeavour to despatch the Redemption proceeds within 3 Business Days from the date of acceptance
of the Redemption request.
Benchmark for 70% - S&P BSE-200 Index and 30% - CRISIL Short Term Bond Fund Index
performance
comparison
Disclosure The AMC shall update the NAVs on the website of the Mutual Fund (www. lntmf.com) and of the Association of
Mutual Funds in India - AMFI - (www.amindia.com) every Business Day. The AMC will publish the NAVs of the
The AMC will disclose details of the portfolio of the Scheme every 6 months by either sending a complete statement
to all the Unit Holders or by publishing such statement, by way of advertisement, in two daily newspapers.
Load Structure For Purchases (including SIP) the following Exit Load shall be applicable.
Exit Load For Redemption Load (% of Applicable NAV)
Within 1 year from the date of allotment or Purchase applying First 1
in First Out basis.
Redemption.
No Exit Load will be chargeable in case of redemption of: (i) Units allotted on account of dividend re-investments;
9
Name of the scheme L&T India Prudence Fund (L&TIPF)

Transaction AMC shall deduct Transaction Charge(s) from the subscription amount and pay it to the distributor who has opted
Charge(s) to receive the same. The details of the same are mentioned below:-
Application Amount
Application Amount
Number of Units for
Redemption
Name of the Scheme L&T India Equity and Gold Fund (L&TIEGF)
Structure An open-ended equity growth fund
Investment To seek to generate long-term capital appreciation from a diversied portfolio of predominantly equity and equity
Objective related securities and to generate reasonable returns through a portfolio of debt and money market instruments.
The Scheme will also additionally invest in domestic Gold ETFs.
Options Growth
Investors proposing to purchase units of the Scheme directly from the Fund (i.e. investments not routed through an
AMFI Registration Number (ARN) Holder) can invest under the Direct Plan. The options referred above (i.e. Dividend
(Reinvestment and Payout) and Growth) will be available under the Direct Plan. The Scheme shall have a common
portfolio i.e. the Direct Plan will not have a segregated portfolio.
Fund will endeavour to despatch the Redemption proceeds within 3 Business Days from the date of acceptance of
Benchmark for 70% - S&P BSE-200 Index, 20% - Gold Prices and 10% - CRISIL Short Term Bond Fund Index
performance
comparison
Disclosure
The AMC shall update the NAVs on the website of the Mutual Fund (www. lntmf.com) and of the Association of
10
Name of the Scheme L&T India Equity and Gold Fund (L&TIEGF)
Exit Load For Redemption Load (% of Applicable NAV)

Within 1 year from the date of allotment or Purchase
1
applying First in First Out basis
Redemption.
No Exit Load/CDSC will be changeable in case of switches made between different options of the Scheme.
No Exit Load will be chargeable in case of redemption of: (i) Units allotted on account of dividend re-investments;
Application Amount
Minimum Rs. 1,000 per application
Additional
Application Amount
No. of Units for
Redemption
Name of the scheme L&T Arbitrage Opportunities Fund (L&TAOF) L&T Business Cycles Fund (L&TBCF)
Investment To seek to generate reasonable returns by To seek to generate long-term capital appreciation from
Objective predominantly investing in arbitrage opportunities
a diversied portfolio of predominantly equity and equity
in the cash and derivatives segments of the equity
related securities, including equity derivatives, in the
markets and by investing balance in debt and money
Indian market with focus on riding business cycles through
market instruments. dynamic allocation between various sectors and stocks at
There is no assurance that the objective of the different stages of business cycles in the economy.
Scheme will be realised and the Scheme does not There is no assurance that the objective of the Scheme will
assure or guarantee any returns. be realised and the Scheme does not assure or guarantee
any returns.
Dividend Dividend (Payout and Reinvestment)
1. Monthly Dividend (Payout and Re-investment) Both Options have common portfolio.
2. Quarterly Dividend (Payout and Re-investment) Direct Plan:
All Options have common portfolio. Investors proposing to purchase units of the Scheme
directly from the Fund (i.e. investments not routed an AMFI Registration Number (ARN) Holder) can invest
through an AMFI Registration Number (ARN) Holder) under the Direct Plan. The options referred above will be
can invest under the Direct Plan. The options referred available under the Direct Plan. The Scheme shall have
above will be available under the Direct Plan. The a common portfolio i.e. the Direct Plan will not have a
Scheme shall have a common portfolio i.e. the Direct segregated portfolio.
Plan will not have a segregated portfolio.
11
Investments under the Direct Plan can be made Investments under the Direct Plan can be made through
through various modes offered by the Fund for various modes offered by the Fund for investing directly
investing directly with the Fund {except Stock with the Fund {except Stock Exchange Platform(s) and
Exchange Platform(s) and all other platform(s) where all other platform(s) where investors' applications for
investors applications for subscription of units are subscription of units are routed through distributors}.
routed through distributors}. NonDirect Plan:
Investors proposing to purchase units of the Scheme
through an ARN Holder can invest under the nonDirect
Plan. The options referred above will be available under
the non-Direct Plan. The Scheme shall have a common
portfolio i.e. the non-Direct Plan will not have a segregated
portfolio.
Liquidity The Scheme will offer Units for Purchase and Redemption at NAV related prices on every Business Day. The Mutual
Fund will endeavour to dispatch the Redemption proceeds within 3 Business Days from the date of acceptance of
Benchmark for CRISIL Liquid Fund Index S&P BSE-200 Index
performance
comparison
Disclosure The AMC shall update the NAVs on the website of the Mutual Fund (www.lntmf.com) and of the AMFI - (www.
amindia.com) on every Business Day. The AMC will publish the NAVs of the Scheme in at least two daily
Monthly Portfolio Disclosures:
The AMC will disclose the portfolio (along with the ISIN) of the Scheme as on the last day of the month on its
website www.lntmf.com on or before the tenth day of the succeeding month in a user friendly and downloadable
format.
Load Structure Entry Load : Nil Entry Load : Nil

Exit Load Exit Load (for Purchases (including SIP)): Exit Load (for Purchases (including SIP)):
For Redemption Load For Redemption Load

(% of Applicable NAV) (% of Applicable NAV)
Within 3 months from 0.5 Within 18 months from the 1
the date of allotment or date of allotment or Pur-
Purchase applying First chase applying First in First
in First Out basis Out basis
A switch-out or a withdrawal under SWP may also A switch-out or a withdrawal under SWP may also attract
attract an Exit Load like any Redemption. an Exit Load like any Redemption.
No Exit Load will be chargeable in case of switches No Exit Load will be chargeable in case of switches made
made between different options of the Scheme. between different options of the Scheme.
No Exit Load will be chargeable in case of (i) Units No Exit Load will be chargeable in case of (i) Units allotted
allotted on account of dividend re-investments; and on account of dividend re-investments; and (ii) Units issued
(ii) Units issued by way of bonus, if any. by way of bonus, if any.
amount per SIP installment x Number of installments) amounts to Rs. 10,000 or more. The Transaction Charge(s)
will be deducted in four equal installments.
Purchase/Subscription submitted by investor at the investor service centres or through AMCs website viz.
Transactions such as Switches, STP i.e. all such transactions wherein there is no additional cash ow at a Mutual
Fund level similar to Purchase/Subscription.
The distributors shall have the option to either opt in or opt out of levying Transaction Charge(s) based on type of
the product.
12
Application Amount
Application Amount
Minimum Amount/ Rs. 1,000 or 100 units or account balance, whichever is lower.
Number of Units for
Redemption
Name of the Scheme L&T Equity Savings Fund (L&TESF)

Investment To generate regular income by predominantly investing in arbitrage opportunities in the cash and derivatives
Objective segments of the equity markets and debt and money market instruments and to generate long-term capital
appreciation through unhedged exposure to equity and equity related instruments.
Options Growth
Dividend:
1. Monthly Dividend (Reinvestment and Payout)
2. Quarterly Dividend (Reinvestment and Payout)
The Trustees reserves the right to declare dividend from time to time, subject to availability of distributable surplus.
Benchmark for CRISIL MIP Blended Fund Index
performance
comparison
Load Structure For Purchases (including SIP) :
Exit Load For all Investments Load
(% of Applicable NAV)
Purchase/Subscription submitted by investor at the investor service centres or through AMCs website viz.
The distributors shall have the option to either opt in or opt out of levying Transaction Charge(s) based on type
of the product.
13
Name of the Scheme L&T Equity Savings Fund (L&TESF)

Minimum Initial Rs. 5,000 per application and in multiples of Re. 1 thereafter.
Application Amount
Application Amount
No. of Units for
Redemption
Name of the scheme L&T Triple Ace Bond Fund (L&TTABF) L&T Ultra Short Term Fund (L&TUSTF)
Structure An open-ended pure income scheme An open-ended pure income scheme
Investment Objective To generate regular and stable income for the unitholders of the To generate reasonable and stable income
Scheme. The corpus of the Scheme would be invested primarily in and provide liquidity to the unit holder.
debt market securities such as nonconvertible debentures, bonds To achieve this objective the Scheme will
issued by corporates, bank and government, commercial paper, invest predominantly in a well diversied
certicate of deposits and other money market instruments. The and highly liquid portfolio of money market
Scheme would invest predominantly in securities rated by the Credit instruments, government securities and
Rating and Information Services of India Limited (CRISIL) or any corporate debt. The Scheme will not invest
other rating agency. in equities or equity related instruments.
1. Quarterly Dividend 1. Weekly Dividend
2. Semi-annual dividend 2. Monthly Dividend
3. Annual Dividend 3. Semi- annual Dividend
All Options have common portfolio. Daily Dividend Reinvestment Plan
Benchmark for CRISIL Composite Bond Fund Index CRISIL Liquid Fund Index
performance
comparison
Transparency/NAV The NAVs will be calculated and disclosed on every Business Day. The AMC shall update the NAVs on the website
Disclosure of the Mutual Fund (www. lntmf.com) and of the AMFI - (www.amindia.com) every Business Day. The AMC will
publish the NAVs of the Scheme in at least two daily newspapers on all Business Days.
The AMC will disclose details of the portfolio of the Schemes every 6 months by either sending a complete statement
Load Structure For Redemptions Load (% of Applicable NAV)
Exit Load
On or before 3 months from the 1.5
date of allotment or Purchase
applying First in First out basis.
After 3 months from the date of NIL
allotment or Purchase applying
First in First out basis
NIL
A switch-out or a withdrawal under SWP or a transfer under STP
may also attract an Exit Load/CDSC like any Redemption. No Exit
Load/CDSC will be chargeable in case of switches made between
different options of the Scheme.
No Exit Load will be chargeable in case of (i) Units allotted on
account of dividend reinvestments; and (ii) Units issued by way of
bonus, if any.
14
Name of the scheme L&T Triple Ace Bond Fund (L&TTABF) L&T Ultra Short Term Fund (L&TUSTF)

Minimum Initial Rs. 10,000 per application and in multiples of Re. 1 thereafter Growth/Weekly Dividend/Monthly
Application Amount Dividend/Semi-annual Dividend: Rs. 10,000
per application and in multiples of Re. 1
thereafter; Daily Dividend Reinvestment
Plan: Rs. 1,00,000 per application and in
multiples of Re. 1 thereafter.
Minimum Additional Rs. 1,000 per application and in multiples of Re. 1 thereafter Rs. 1,000 per application and in multiples
Application Amount of Re. 1 thereafter
Minimum Amount/ Rs.1,000 or 100 units Growth/Weekly Dividend/Monthly
Number of Units for Dividend/Semi- annual Dividend and Daily
Redemption Dividend Reinvestment Plan: Rs.1,000 or
100 units.
Regular Plan #: Rs.1,000 or 100 units.
# Please note that, pursuant to SEBI circular
dated September 13, 2012; effective
October 1, 2012; no fresh applications
for investments are being accepted in the
said plan. However investors are requested
to note that, valid repurchase/redemption
requests will be accepted in respect of the
said plan.
Name of the scheme L&T Gilt Fund (L&TGF) L&T Liquid Fund (L&TLF)
Structure An open-ended dedicated gilt (government An open-ended high liquidity income fund
securities) scheme
Investment Objective To generate returns from a portfolio from To generate reasonable returns while maintaining safety
investments in Government Securities. and providing the investor superior liquidity. To achieve this
objective, investments will be predominantly made in a
well-diversied and highly liquid portfolio of money market
instruments, government securities and corporate debt.
Dividend (Reinvestment and Payout) Dividend (Reinvestment and Payout) - Weekly dividend
1. Quarterly Dividend Daily Dividend Reinvestment Plan
All Options have common portfolio. All Options have common portfolio.
Liquidity The Schemes will offer Units for Purchase and Redemption at Applicable NAV on every Business Day. The Mutual
Fund will endeavour to dispatch the Redemption proceeds within 3 Business Days from the date of acceptance
Benchmark for I-Sec Composite Index CRISIL Liquid Fund Index
performance
comparison
15
Name of the scheme L&T Gilt Fund (L&TGF) L&T Liquid Fund (L&TLF)
Transparency/NAV The NAVs will be calculated and disclosed on The NAVs will be calculated for all calendar days and will be
Disclosure every Business Day. published on all Business Days.
The AMC shall update the NAVs on the website of the Mutual Fund (www. lntmf.com) and of the AMFI -
The AMC will disclose details of the portfolio of the Schemes every 6 months by either sending a complete
newspapers.
Load Structure NIL NIL
Exit Load

Investor
Minimum Initial Rs. 10,000 per application and in multiples of Weekly Dividend and Growth: Rs. 10,000 per application and
Application Amount Re. 1 thereafter in multiples of Re. 1 thereafter
Daily Dividend Reinvestment Plan (DDRIP): Rs. 1,00,000 per
application and in multiples of Re. 1 thereafter
Minimum Additional Rs. 1,000 per application and in multiples of Re. Rs. 1,000 per application and in multiples of Re. 1 thereafter
Minimum Amount/ Rs. 1,000 or 100 Units Regular Plan #: Rs. 1,000 or 1 unit;
Number of Units for Institutional Plus Plan #: Weekly Dividend/Growth/DDRIP:
Redemption Rs.1,000 or 1 Unit.
# Please note that, pursuant to SEBI circular dated September
13, 2012; effective October 1, 2012; no fresh applications
for investments are being accepted in the aforesaid plan.
However investors are requested to note that, valid
repurchase/redemption requests will be accepted in respect
of the said plan.
Name of the scheme L&T Monthly Income Plan (L&TMIP) L&T Floating Rate Fund (L&TFRF)
(Monthly Income is not assured and is subject to
the availability of distributable surplus)
Structure An open-ended income scheme with no assured An open-ended income scheme
returns
Investment Objective To generate monthly income through investments To generate regular income through investment in a
in a range of Debt, Equity and Money Market portfolio comprising substantially of oating rate debt/
Instruments. Income will be distributed only if the money market instruments, xed rate debt/money market
same is earned by the Scheme and there can be instruments swapped for oating rate returns, and xed
no assurance that the objective of the Scheme will rated debt securities, Government securities and money
be realized. market instruments.
16
Dividend (Reinvestment and Payout) Dividend
1. Monthly Dividend 1. Daily Dividend (Payout)
2. Quarterly Dividend 2. Weekly Dividend (Payout)
All Options have common portfolio. 3. Monthly Dividend (Re-investment and Payout)
Benchmark for CRISIL MIP Blended Fund Index CRISIL Liquid Fund Index
performance
comparison
Disclosure The AMC shall update the NAVs on the website of the Mutual Fund (www. lntmf.com) and of the AMFI - (www.
amindia.com) every Business Day. The AMC will publish the NAVs of the Scheme in at least two daily newspapers
on all Business Days.
newspapers.
Load Structure For Redemption Load For Redemption Load
Exit Load (% of Applicable NAV) (% of Applicable NAV)
On or before 3 years 1 Within 60 days from the date of 0.5
from the date of allotment or purchase applying
allotment or Purchase First in First out basis
applying First in First After 60 days from the date of NIL
Out basis allotment or Purchase applying
After 3 years from the NIL First in First out basis
date of allotment or
A switch-out or a withdrawal under SWP or a transfer under
Purchase applying First
STP (except a switch-out or a transfer under STP into any
in First out basis
of the Equity Schemes or fund of fund schemes) may also
Bonus units and units issued on reinvestment of attract an Exit Load like any Redemption.
dividends shall not be subject to Exit Load. No Exit Load will be chargeable in case of switches made
No Exit Load will be chargeable in case of (i) Units allotted
on account of dividend reinvestments; and (ii) Units issued by
way of bonus, if any.
Transaction Charge(s) AMC shall deduct Transaction Charge(s) from the subscription amount and pay it to the distributor who has opted
to receive the same. The details of the same are mentioned below:-
Investor
Application Amount
17
Application Amount
Number of Units for
Redemption
Name of the scheme L&T Flexi Bond Fund (L&TFBF) L&T Cash Fund (L&TCF)
Structure An open-ended income scheme An open-ended liquid scheme
Investment Objective To generate reasonable returns through a To deliver reasonable returns with lower volatility and higher
diversied portfolio of xed income securities. liquidity through a portfolio of debt and money market
instruments.
Annual Dividend (Reinvestment and Payout) Both Options have common portfolio.
Benchmark for CRISIL Composite Bond Fund Index CRISIL Liquid Fund Index
performance
comparison
Transparency/NAV The NAVs will be calculated and disclosed on The NAVs will be calculated for all calendar days and will be
Disclosure every Business Day. published on all Business Days.
The AMC shall update the NAVs on the website of the Mutual Fund (www. lntmf.com) and of the AMFI -
newspapers.
Load Structure For Redemption Load (% of NIL
Exit Load Applicable NAV)
If the AMC introduces an Exit Load, a switch-out or a with-
Within 6 months from 0.5 drawal under SWP or transfer under STP may also attract the
the date of allotment or applicable Exit Load like any Redemption.
purchase applying First in
First Out Basis
A switch-out or a withdrawal under SWP or
a transfer under STP (except a switch-out or
a transfer under STP into any of the Equity
Schemes (except L&TAOF and L&TBCF) or fund
of funds schemes) may also attract an Exit
Load/CDSC like any Redemption.
No Exit Load will be chargeable in case of (i) Units allotted on account of dividend reinvestments; and (ii) Units
issued by way of bonus, if any.

Investor
18
Name of the scheme L&T Flexi Bond Fund (L&TFBF) L&T Cash Fund (L&TCF)
Minimum Initial Rs. 10,000 per application Growth and Dividend: Rs. 10,000 per application and in
Application Amount multiples of Re. 1 thereafter. In case of Daily Dividend Option,
Rs.1,00,000 and in multiples of Re. 1 thereafter.
Minimum Additional Rs.1,000 per application and thereafter in multiples of Re.1
Application Amount
Minimum Amount/ Rs. 1,000 or 100 units Rs. 1,000 or 1 unit
Number of Units for
Redemption
Name of the scheme L&T Low Duration Fund (L&TLDF) L&T Income Opportunities Fund (L&TIOF)
Structure An open-ended debt scheme An open-ended income scheme
Investment Objective To generate reasonable returns and liquidity To generate regular returns and capital appreciation by
primarily through investment in money market investing in debt (including securitized debt), government and
and short term debt instruments. money market securities.
Dividend option (Reinvestment and Payout) Dividend*
Annual Dividend
* Investors are requested to note that currently the Board
of Trustee Company has decided the frequency as Monthly
dividend under Dividend Option of the Scheme. The Board of
Trustee Company reserves the right to change the frequency
of the said Dividend Sub-Option of the Scheme.
Benchmark for CRISIL Liquid Fund Index CRISIL Short Term Bond Fund Index
performance
comparison
newspapers.
19
Name of the scheme L&T Low Duration Fund (L&TLDF) L&T Income Opportunities Fund (L&TIOF)
Load Structure NIL For Redemptions Load (% of
Exit Load A switch-out or a withdrawal under SWP or Applicable
a transfer under STP (except a switch-out or NAV)
a transfer under STP into any of the Equity Within 1 year from the date of allotment 1%
Schemes (except L&TAOF and L&TBCF) or fund or Purchase applying First in First out basis
of funds schemes or L&TFBF or L&TSTIF) may also After 1 year from the date of allotment or NIL
attract an Exit Load/CDSC like any Redemption. Purchase applying First in First out basis
No Exit Load/CDSC will be chargeable in case of Bonus units and units issued on reinvestment of dividends
switches made between different options of the shall not be subject to Exit Load.
Scheme.
No Exit Load will be chargeable in case of; (i) Units
allotted on account of dividend reinvestments;

Minimum Initial Rs. 10,000 per application Rs. 10,000 per application and in multiples of Re. 1 there-
Application Amount after.
Minimum Additional Rs. 1,000 per application and thereafter in Rs. 1,000 per application and in multiples of Re. 1 thereafter.
Application Amount multiples of Re. 1
Minimum Amount/ Rs. 1,000 or 100 Units Retail Option#: Rs. 1,000 or 100 units
Number of Units for Dividend/Growth/Bonus: Rs.1,000 or 100 Units
Redemption
# Please note that, pursuant to SEBI circular dated September
13, 2012; effective October 1, 2012; no fresh applications for
investments are being accepted in the said option.
However investors are requested to note that, valid
repurchase/redemption requests will be accepted in respect
of the said option.
Name of the scheme L&T Short Term Income Fund (L&TSTIF)

Structure An open-ended income scheme
Investment Objective To generate reasonable returns primarily through investments in xed income securities and money market
instruments. There is no assurance that the objective of the Scheme will be realised and the Scheme does not
assure or guarantee any returns.
Options Growth
Annual Dividend (Reinvestment and Payout)
20
Name of the scheme L&T Short Term Income Fund (L&TSTIF)

Benchmark for CRISIL Short Term Bond Fund Index.
performance
comparison
disclosure
The AMC will disclose details of the portfolio of the Schemes every 6 months by either sending a complete statement
Load Structure For Purchases (including SIP):
Exit Load For Redemption: Load
(% of Applicable NAV)
Within 9 months from the date of allotment or Purchase applying First in First Out 0.5
basis.
A switch-out or a withdrawal under SWP or a transfer under STP (except a switch-out or a transfer under STP into
any of the Equity Schemes (except L&TAOF and L&TBCF) or fund of funds schemes or L&TFBF ) may also attract an
Exit Load/CDSC like any Redemption.
No Exit Load will be chargeable in case of redemption of; (i) Units allotted on account of dividend reinvestments;


Purchase/Subscription submitted by investor at the Investor Service Centres or through AMCs website
viz. www.lntmf.com and which are not routed through any distributor.
Application Amount
Application Amount
Number of Units for
Redemption
Name of the scheme L&T Short Term Opportunities Fund (L&TSTOF)

Structure An open-ended debt scheme
Investment Objective To generate returns for investors with a short-term investment horizon by investing in xed income securities of
shorter term maturity.
21
Name of the scheme L&T Short Term Opportunities Fund (L&TSTOF)

Options Growth
Dividend (Reinvestment and Payout)*
Quarterly Dividend (Reinvestment and Payout)
Annual Dividend (Reinvestment and Payout)
The Trustees reserves the right to declare dividend from time to time, subject to availability of distributable surplus.
* Investors are requested to note that currently the Board of Trustee Company has decided the frequency as
Monthly dividend under Dividend Option of the Scheme. The Board of Trustee Company reserves the right to
change the frequency of the said Dividend Option of the Scheme.
Benchmark for CRISIL Short Term Bond Fund Index
performance
comparison
disclosure
Load Structure For Redemptions Load (% of Applicable NAV)
Exit Load On or before 1 month from the date of allotment or 0.5
After 1 month from the date of allotment or Purchase NIL
applying First in First out basis

Purchase/Subscription submitted by investor at the Investor Service Centres or through AMCs website
viz. www.lntmf.com and which are not routed through any distributor.
Transactions such as Switches, STP i.e. all such transactions wherein there is no additional cash ow at
a Mutual Fund level similar to Purchase/Subscription.
Application Amount
Application Amount
Number of Units for
Redemption
22
Name of the scheme L&T Resurgent India Corporate Bond Fund (L&TRICBF)
Structure An open-ended income scheme
Investment Objective To seek to generate income by investing primarily in debt and money market securities of fundamentally strong
corporates/companies in growth sectors which are closely associated with the resurgence of domestic economy,
with a exibility to follow more conservative investment approach during economic downturns.
Options Growth
Dividend (Reinvestment** and Payout)
Annual Dividend (Reinvestment** and Payout)
If the investor does not clearly specify the choice of option at the time of investing, the default option for
investment will be considered as the Growth Option.
** If the investor does not clearly specify the choice of sub-option i.e. Payout or Re-investment at the time of
investing then:
a) In case of rst time investment in the Scheme within a folio, the default facility considered for the investment
shall be the Re-investment facility.
b) For all subsequent investments in the same folio, the investment will be considered for the facility applicable
for the earlier investments in the Scheme within the folio
Both options have common portfolio
Direct Plan:
Non Direct Plan:
Investors proposing to purchase units of the Scheme through an ARN Holder can invest under the non Direct
Plan. The options referred above will be available under the non-Direct Plan. The Scheme shall have a common
portfolio i.e. the non-Direct Plan will not have a segregated portfolio.
Liquidity The Scheme will offer Units for Purchase and Redemption at NAV related prices on every Business Day commencing
not later than 5 Business Days from the date of allotment of Units under the Scheme. The Mutual Fund will
endeavour to dispatch the Redemption proceeds within 3 Business Days from the date of acceptance of the
Redemption request.
Benchmark for CRISIL Composite Bond Fund Index
performance
comparison
Transparency/NAV The NAVs will be calculated and disclosed on every Business Day. The AMC shall update the NAVs on the website of
disclosure the Fund (www.lntmf.com) and of the Association of Mutual Funds in India-AMFI (www.am india.com) on every
Business Day. The AMC will publish the NAVs of the Scheme in at least two daily newspapers on all Business Days
Periodic Disclosures
The Fund will publish the NAVs, Purchase Price and Redemption Price of the Scheme in at least two daily newspapers
on all Business Days. The NAVs of the Scheme will also be updated by 9.00 p.m. on all Business Days on the
website of the Fund i.e. www.lntmf.com and on the AMFI website i.e. www.am india.com
Monthly Portfolio Disclosures:
The AMC will disclose portfolio (along with ISIN) of the Scheme as on the last day of the month on its website
www.lntmf.com on or before the tenth day of the succeeding month in a user-friendly and downloadable format.
Exit Load For Redemptions Load (% of Applicable NAV)
On or before 1 year from the date of allotment or 2
After 1 year but on or before 2 years from the date of 1.5
allotment or Purchase applying First in First Out basis
After 2 years but on or before 3 years from the date of 1
allotment or Purchase applying First in First Out basis
After 3 years Nil
A switch-out or a withdrawal under SWP may also attract an Exit Load like any Redemption.
No Exit Load will be chargeable in case of switches made between different options of the Scheme.
No Exit Load will be chargeable in case of (i) Units allotted on account of dividend reinvestments; and (ii) Units
issued by way of bonus, if any.
23
Name of the scheme L&T Resurgent India Corporate Bond Fund (L&TRICBF)

The distributors shall have the option to either opt in or opt out of levying Transaction Charge(s) based on type
of the product.
Application Amount
Application Amount
Minimum Amount/ Rs. 1,000 or 100 units or account balance, whichever is lower
Number of Units for
Redemption
24
instruments can be expected to decline), general levels of

II. Introduction market liquidity, market perception of credit worthiness of the
(A) Risk Factors issuer of such instruments and risks associated with settlement
of transactions and reinvestment of intermediate cash ows.
(i) Standard Risk Factors
The NAV of a Schemes Units, to the extent that such a Scheme
Investments in Mutual Fund Units, like securities investments, is invested in money market instruments, will consequently
involve investment risks such as trading volumes, settlement risk, be affected by the aforesaid factors. The AMC endeavours to
liquidity risk, default risk including the possible loss of principal. manage such risk by the use of in house credit analysis.
As the price/value/interest rates of the securities in which the The performance of Schemes may be affected by changes in
Schemes invest uctuate, the value of your investment in the Government policies, general levels of interest rates and risks
Schemes may go up or down. associated with trading volumes, liquidity and settlement
systems.
Past performance of the Sponsor/AMC/Mutual Fund does not
guarantee/indicate the future performance of the Schemes. Investments in different types of securities are subject to
different levels and kinds of risk. Accordingly, the Schemes
The names of the Schemes do not in any manner indicate either
risk may increase or decrease depending upon its investment
the quality of the Schemes or its future prospects and returns.
pattern. E.g. investments in corporate bonds carry a higher level
The Sponsor is not responsible or liable for any loss resulting from of risk than investments in Government securities. Further, even
the operations of the Schemes beyond the initial contribution of among corporate bonds, bonds which have a higher rating are
Rs. 1,00,000 (Rupees One Lakh) made by it towards setting up comparatively less risky than bonds which have a lower rating.
the Mutual Fund.
Interest rate/price risk: As with all debt securities, changes
None of the Schemes are guaranteed or assured return schemes. in interest rates may affect the NAV of the Schemes since the
price of a xed income instrument falls when the interest rates
(ii) Scheme Specific Risk Factors move up and vice versa. The effect is more prominent when the
(a) Risks associated with investing in equities duration of the instrument is higher. Hence the NAV movement
of the Schemes consisting of predominantly xed income
Equity and equity related securities are volatile and prone to securities is likely to have inverse correlation with the movement
price uctuations on a daily basis. The liquidity of investments in interest rates. In case of a oating rate instrument, this risk is
made in the Schemes may be restricted by trading volumes lower as a result of periodic reset of the coupon. During the life
and settlement periods. Settlement periods may be extended of oating rate security or a swap the underlying benchmark
signicantly by unforeseen circumstances. The inability of index may become less active and may not capture the actual
the Schemes to make intended securities purchases, due to movement in the interest rates or at times the benchmark may
settlement problems, could cause the Schemes to miss certain cease to exist. These types of events may result in loss of value in
investment opportunities. Similarly, the inability to sell securities the portfolio.
held in the Schemes portfolios would result at times, in potential
losses to the respective Schemes, should there be a subsequent Government securities do carry price risk depending upon the
decline in the value of securities held in the Schemes portfolios. general level of interest rates prevailing from time to time. The
extent of fall or rise in the prices is a function of the coupon
Investments in equity and equity related securities involve a rate, days to maturity and the increase or decrease in the level
degree of risks and investors should not invest in the Schemes of interest rates. The price of the Government securities (existing
unless they can afford to take the risk of losing their investment. and new) is inuenced only by movements in interest rates in
The liquidity and valuation of the Schemes investments due to nancial systems.
its holdings of unlisted securities may be affected if they have to Floating rate securities issued by the Government (coupon linked
be sold prior to the target date of disinvestment. to treasury bill benchmark or an ination linked bond) have the
Securities which are not quoted on the stock exchanges are least sensitivity to interest rate movements compared to other
inherently illiquid in nature and carry a larger liquidity risk in securities. Some of these securities are already in issue and the
comparison with securities that are listed on the exchanges or fund manager believes that more such securities may become
offer other exit options to the investors, including put options. available in future. These securities can play an important role in
The AMC may choose to invest in unlisted securities that offer minimising interest rate risk in a portfolio.
attractive yields within the regulatory limit. This may however Spread risk: Though the sovereign yield curve might remain
increase the risk of the portfolio. Additionally, the liquidity and constant, investments in corporate bonds are exposed to the
valuation of the Schemes investments due to its holdings of risk of spread widening between corporate bonds and gilts.
unlisted securities may be affected if they have to be sold prior Typically, if this spread widens, the prices of the corporate bonds
to the target date of disinvestment. tend to fall and so could the NAV of the Schemes. Similar risk
(b) Risks associated with investing in debt securities prevails for the investments in the oating rate bonds, where the
benchmark might remain unchanged, but the spread over the
Investments in money market instruments would involve a benchmark might vary. In such an event, if the spread widens,
moderate credit risk i.e. risk of an issuers liability to meet the the price and the NAV of the Schemes could fall.
principal payments. Additionally, money market securities, while
fairly liquid, lack a well-developed secondary market, which may Sovereign: The Central Government of a country is the issuer
restrict the selling ability of the Schemes and may lead to the of the local currency in that country. The Government raises
Schemes incurring losses till the security is nally sold. money to meet its capital and revenue expenditure by issuing
debt or discounted securities. Since payment of interest and
Money market instruments are also subject to price volatility due principal amount has a sovereign status implying no default,
to factors such as changes in interest rates (when interest rates such securities are known as securities with sovereign credit.
in the market rise, the value of a portfolio of money market For domestic borrowers and lenders, the credit risk on such
25
Sovereign credit is near zero and is popularly known as riskfree In addition to the factors that affect the values of securities, the
security or Zero Risk security. Thus Zero-Risk is the lowest NAV of Units of the Schemes will uctuate with the movement
risk, even lower than a security with AAA rating and hence in the broader xed income market, money market and
commands a yield, which is lower than a yield on AAA derivatives market and may be inuenced by factors inuencing
security. such markets in general including but not limited to economic
conditions, changes in interest rates, price and volume volatility
Credit risk or default risk: This refers to inability of the issuer
in the bond and stock markets, changes in taxation, currency
of the debt security to make timely payments of principal and/
exchange rates, foreign investments, political, economic or
or interest due. In case of investments in government securities,
other developments and closure of the stock exchanges.
the credit risk is minimal. It is reected in the credit rating of the
issuer. Hence if the credit rating of the issuer is downgraded, Investments in different types of securities are subject to
the price of the security will suffer a loss and the NAV will fall. different levels and kinds of risk. Accordingly, the Schemes
Credit risk factors pertaining to lower rated securities also apply risk may increase or decrease depending upon its investment
to lower rated zero coupon and deferred interest kind bonds. pattern. E.g. investments in corporate bonds carry a higher level
Lower rated zero coupon and deferred interest kind bonds carry of risk than investments in Government securities. Further, even
an additional risk in that, unlike bonds that pay interest through among corporate bonds, bonds which have a higher rating are
the period of maturity, the Schemes by investing in these bonds comparatively less risky than bonds which have a lower rating.
will realize no cash till the cash payment date and if the issuer
Engaging in scrip lending is subject to risks related to uctuations
defaults, the Schemes may obtain no return on its investment.
in the collateral value/settlement/liquidity/counter party.
Liquidity risk: This represents the possibility that the realised
Engaging in short sale of securities is subject to risks related to
price from selling the security might be lesser than the valuation
uctuations in market price, and settlement/liquidity risks.
price as a result of illiquid market. If a large outow from a
Scheme is funded by selling some of the illiquid securities, the (c) Risks associated with investing in foreign securities/
NAV could fall even if there is no change in interest rates. Illiquid overseas investments/offshore securities
securities are typically quoted at a higher yield than the liquid
securities and have higher bid offer spreads. Investment in Subject to necessary approvals and within the investment
illiquid securities results in higher current yield for the portfolio. objectives of the Schemes, the Schemes may invest in overseas
Liquidity risk is a characteristic of the Indian xed income market markets which carry risks related to uctuations in the foreign
today. In addition, money market securities, while fairly liquid, exchange rates, the nature of the securities market of the
lack a well-developed secondary market, which may restrict country, repatriation of capital due to exchange controls and
the selling ability of the Schemes and may lead to the Schemes political circumstances.
incurring losses till the security is nally sold. It is the AMCs belief that investment in foreign securities offers
The corporate debt market is relatively illiquid vis-a-vis the new investment and portfolio diversication opportunities
government securities market. Even though the government into multi-market and multi-currency products. However,
securities market is more liquid compared to that of other such investments also entail additional risks. Such investment
debt instruments, on occasions, there could be difculties in opportunities may be pursued by the AMC provided they are
transacting in the market due to extreme volatility or unusual considered appropriate in terms of the overall investment
constriction in market volumes or on occasions when an objectives of the Scheme. Since the Schemes (except L&TGRAF)
unusually large transaction has to be put through. would invest only partially in foreign securities, there may not be
readily available and widely accepted benchmarks to measure
Reinvestment risk: This is associated with the fact that the performance of such Schemes. To manage risks associated
intermediate cash ows (coupons, prepayment of principal in with foreign currency and interest rate exposure, the Mutual
case of securitised transactions or principal payment in case a Fund may use derivatives for efcient portfolio management
security gets called or repurchased) may not be reinvested at the including hedging and portfolio rebalancing and in accordance
same yield as assumed in the original calculations. with conditions as may be stipulated under the Regulations or
by RBI from time to time.
Settlement risk: Different segments of Indian nancial
markets have different settlement periods and such periods To the extent that the assets of the Schemes will be invested in
may be extended signicantly by unforeseen circumstances. securities denominated in foreign currencies, the Indian Rupee
Delays or other problems in settlement of transactions could equivalent of the net assets, distributions and income may be
result in temporary periods when the assets of the Schemes adversely affected by changes in the value of certain foreign
are uninvested and no return is earned thereon. The inability currencies relative to the Indian Rupee. The repatriation of
of the Schemes to make intended securities purchases, due to capital to India may also be hampered by changes in regulations
settlement problems, could cause the Schemes, to miss certain concerning exchange controls or political circumstances as well
investment opportunities. Similarly, the inability to sell securities as the application to it of other restrictions on investment.
held in the Schemes portfolio, due to the absence of a well
developed and liquid secondary market for debt securities, may (d) Risks associated with investing in derivatives
result at times in potential losses to such Schemes in the event The Schemes may invest in derivative products in accordance
of a subsequent decline in the value of securities held in the with and to the extent permitted under the Regulations and
portfolio of the Schemes. by RBI. Derivative products are specialized instruments that
Market risk: Lower rated or unrated securities are more likely require investment techniques and risk analysis different from
to react to developments affecting the market and the credit those associated with stocks and bonds. The use of a derivative
risk than the highly rated securities which react primarily to requires an understanding not only of the underlying instrument
movements in the general level of interest rates. Lower rated but of the derivative itself. Trading in derivatives carries a high
or unrated securities also tend to be more sensitive to economic degree of risk although they are traded at a relatively small
conditions than higher rated securities. amount of margin which provides the possibility of great prot
or loss in comparison with the principal investment amount.
26
Thus, derivatives are highly leveraged instruments. Even a small of observing the performance of the swap under all possible
price movement in the underlying security could have an impact market conditions. Swap agreements are also subject to liquidity
on their value and consequently, on the NAV of the Units of the risk, which exists when a particular swap is difcult to purchase
Schemes. or sell. Swap agreements may be subject to pricing risk,
which exists when a particular swap becomes extraordinarily
The derivatives market in India is nascent and does not have the
expensive (or cheap) relative to historical prices or the prices
volumes that may be seen in other developed markets, which
of corresponding cash market instruments. IRS agreements
may result in volatility to the values.
are also subject to counterparty risk on account of insolvency
Investment in derivatives also requires the maintenance of or bankruptcy or failure of the counterparty to make required
adequate controls to monitor the transactions entered into, the payments or otherwise comply with the terms of the agreement.
ability to assess the risk that a derivative adds to the portfolio
Derivative products are leveraged instruments and can provide
and the ability to forecast price or interest rate movements
disproportionate gains as well as disproportionate losses to the
correctly. Even a small price movement in the underlying security
investor.
could have an impact on their value and consequently, on the
NAV of the Units of the Schemes. Execution of investment strategies depends upon the ability
of the fund manager(s) to identify such opportunities which
The Schemes may face execution risk, whereby the rates seen on
may not be available at all times. Identication and execution
the screen may not be the rate at which the ultimate execution
of the strategies to be pursued by the fund manager(s) involve
of the derivative transaction takes place.
uncertainty and decision of fund manager(s) may not always be
The Schemes may nd it difcult or impossible to execute protable. No assurance can be given that the fund manager(s)
derivative transactions in certain circumstances. For example, will be able to identify or execute such strategies.
when there are insufcient bids or suspension of trading due to
The risks associated with the use of derivatives are different
price limit or circuit breakers, the Schemes may face a liquidity
from or possibly greater than, the risks associated with investing
issue.
directly in securities and other traditional investments.
The options buyers risk is limited to the premium paid, while the
Risks pertaining to Interest Rate Futures
risk of an options writer is unlimited. However the gains of an
options writer are limited to the premiums earned. Since in case Performance risk: Hedging interest rate duration risk in a
of the Schemes all option positions will have underlying assets, falling interest rate environment could limit the prots on the
all losses due to price movement beyond the strike price will bond portfolio if interest rate call of the fund manager goes
actually be an opportunity loss. wrong
The exchange may impose restrictions on exercise of options Default Risk: This is the risk that losses will be incurred due to
and may also restrict the exercise of options at certain times in default by counter party. This is also referred to as counterparty
specied circumstances and this could impact the value of the risk. However, this risk is negligible if the trades are cash settled
portfolio. through a Clearing Corporation.
The writer of a put option bears the risk of loss if the value of Price Risk: Despite the risk mitigation provided by various
the underlying asset declines below the exercise price. The writer derivative instruments, there remains an inherent price risk
of a call option bears a risk of loss if the value of the underlying which may result in losses exceeding actual underlying.
asset increases above the exercise price.
Basis Risk: This risk arises when the derivative instrument used
Investments in index futures face the same risk as the investments to hedge the underlying asset does not match the movement
in a portfolio of shares representing an index. The extent of loss of the underlying being hedged for e.g. mismatch between the
is the same as in the underlying stocks. maturity date of the futures and the actual selling date of the
asset.
The Schemes bear a risk that it may not be able to correctly
forecast future market trends or the value of assets, indices or Liquidity risk: This risk pertains to how saleable a security is
other nancial or economic factors in establishing derivative in the market. All securities/instruments may be exposed to
positions for the Schemes. liquidity risk (when the sellers outnumber buyers) which may
impact returns while exiting opportunities.
The risk of loss in trading futures contracts can be substantial,
because of the low margin deposits required, the extremely high (e) Risks associated with investing in securitised debt
degree of leverage involved in futures pricing and the potential
The underlying assets in securitised debt may assume different
high volatility of the futures markets.
forms and the general types of receivables include auto nance,
There is the possibility that a loss may be sustained by the credit cards, home loans or any such receipts. Credit risks relating
portfolio as a result of the failure of another party (usually to such receivables depend upon various factors, including
referred to as the counterparty) to comply with the terms of macro-economic factors of these industries and economies.
the derivatives contract. Further, specic factors like the nature and adequacy of property
mortgaged against these borrowings, the nature of loan
Other risks in using derivatives include the risk of mispricing or
agreement/mortgage deed in case of home loans, adequacy of
improper valuation of derivatives and the inability of derivatives
documentation in case of auto nance and home loans, capacity
to correlate perfectly with underlying assets, rates and indices.
of a borrower to meet his obligations on borrowings in case of
Interest Rate Swaps (IRS) are highly specialized instruments credit cards and intentions of the borrower also inuence the
that require investment technique and risk analysis different risks relating to asset borrowings underlying securitised debt.
from those associated with equity shares and other traditional Additionally, the nature of the asset borrowings underlying the
securities. The use of an Interest Rate Swap (IRS) requires securitised debt also inuences the underlying risk, for instance
not only an understanding of the referenced asset, reference while residential mortgages tend to have lower default rates,
rate or index but also of the swap itself, without the benet repossession and recovery is easier in case of commercial vehicles.
27
Credit rating agencies take into account a series of such factors Securities lending means the lending of stock to another person
and follow an elaborate system involving stipulation of margins, or entity for a xed period of time, at a negotiated compensation.
over-collateralisation and guarantees to provide a rating for The securities lent will be returned by the borrower on expiry of
securitised debt. the stipulated period. It may be noted that the securities lending
activity would have the inherent probability of collateral value
In case of securitised debt, changes in market interest rates
drastically falling in times of strong downward market trends or
and pre-payments may not change the absolute amount of
due to it being comprised of tainted/forged securities, resulting in
receivables for the investors but may have an impact on the
inadequate value of collateral until such time as that diminution
reinvestment of the periodic cash ows that an investor receives
in value is replenished by additional security. It is also possible
on securitised papers.
that the borrowing party and/or the approved intermediary may
Tenor risk: While building the planned amortization schedule suddenly suffer severe business setback and become unable to
for a PTC, there can be a clause stating a minimum percentage honour its commitments. This along with a simultaneous fall in
of receivable by the issue to stick to the initial cash ows. If the value of collateral would render potential loss to the Schemes.
receivables are less than the minimum stated receivables then Besides, there can also be temporary illiquidity of the securities
the tenor of the PTC can get elongated or vice versa. that are lent out and the Schemes may not be able to sell such
lent out securities. The risks in lending portfolio securities, as
Risk due to prepayment: Asset securitization is a process with other extensions of credit, consist of the failure of another
whereby commercial or consumer credits are packaged and party, in this case the approved intermediary, to comply with
sold in the form of nancial instruments. In the event of pre- the terms of agreement entered into between the lender of
payment of the underlying debt, investors may be exposed to securities i.e. the Schemes and the approved intermediary. Such
changes in tenor and yield. failure to comply can result in the possible loss of rights in the
Liquidity Risk: Presently, despite recent legal developments collateral put up by the borrower of the securities, the inability
permitting the listing of securitised debt instruments, the of the approved intermediary to return the securities deposited
secondary market for securitised debt in India is not very liquid. by the lender and the possible loss of any corporate benets
Even if a more liquid market develops in the future, secondary accruing to the lender from the securities deposited with the
transactions in such instruments may be at a discount to initial approved intermediary. The Mutual Fund may not be able to sell
issue price due to changes in the interest rate structure. such lent securities and this can lead to temporary illiquidity.
Limited Recourse and Credit Risk: Certicates issued on (g) Risks Factors associated with transaction in Units
investment in securitised debt represent a benecial interest through stock exchange(s)
in the underlying receivables and there is no obligation on the In respect of transaction in Units of the Schemes through BSE
issuer, seller or the originator in that regard. Defaults on the and/or NSE, allotment and redemption of Units on any Business
underlying loan can adversely affect the pay outs to the investors Day will depend upon the order processing/settlement by BSE
(i.e. the Schemes) and thereby, adversely affect the NAV of the and/or NSE and their respective clearing corporations on which
Schemes. While it is possible to repossess and sell the underlying the Mutual Fund has no control.
asset, various factors can delay or prevent repossession and the
price obtained on sale of such assets may be low. (h) Trading through mutual fund trading platforms of BSE
and/or NSE
Bankruptcy Risk: If the originator of securitised debt
instruments in which the Schemes invest is subject to bankruptcy In respect of transaction in Units of the Schemes through BSE
proceedings and the court in such proceedings concludes that and/or NSE, allotment and redemption of Units on any Business
the sale of the assets from originator to the trust was not a Day will depend upon the order processing/settlement by BSE
true sale, then the Schemes could experience losses or delays and/or NSE and their respective clearing corporations on which
in the payments due. Normally, care is taken in structuring the the Mutual Fund has no control.
securitization transaction so as to minimize the risk of the sale
(i) Risk pertaining to investments in repo in corporate
to the trust not being construed as a true sale.
bonds
Risk of Co-mingling: Servicers in a securitization transaction
Credit risks could arise if the counterparty does not return
normally deposit all payments received from the obligors into
the security as contracted or interest received by the counter
a collection account. However, there could be a time gap
party on due date. This risk is largely mitigated, as the choice
between collection by a servicer and depositing the same into
of counterparties is largely restricted and their credit rating is
the collection account. In this interim period, collections from
taken into account before entering into such transactions. Also
the loan agreements by the servicer may not be segregated
operational risks are lower as such trades are settled on a DVP
from other funds of the servicer. If the servicer fails to remit
basis.
such funds due to investors, investors in the Schemes may be
exposed to a potential loss. In the event of the scheme being unable to pay back the
money to the counterparty as contracted, the counter party
(f) Risks associated with short selling and securities/scrip
may dispose of the assets (as they have suf cient margin) and
lending
the net proceeds may be refunded to us. Thus the scheme may
The Mutual Fund may lend and borrow securities in accordance in remote cases suffer losses. This risk is normally mitigated by
with the framework relating to short selling and securities lending better cash ow planning to take care of such repayments.
and borrowing specied by the Board. The risk associated with
(j) Additional Scheme specific risk factors
upward movement in market price of security sold short may
result in loss. The losses on short position may be unlimited as L&TTSF: Volatility Risk Investors may note that AMC/Fund
there is no upper limit on the rise in price of a security. Subject Mangers investment decisions may not be always protable.
to the Regulations and the applicable guidelines, the Scheme The Scheme proposes to invest substantially in equity and equity
and the Plans there under may, subject to compliance with SEBI related securities. The Scheme will, to a lesser extent, also invest
Regulations, engage in securities lending. in money market securities. Trading volumes, settlement periods
28
and transfer procedures, generally for equity and equity related (k) Risks associated with investing in L&TGRAF:
securities and in particular Midcap and Small Cap stocks, may
Past performance of Underlying Scheme is not indicative of the
restrict the liquidity of these investments and experience high
future performance of the Scheme.
volatility.
As per current Regulations, the aggregate ceiling for the mutual
L&TTAF and L&TTSF: By virtue of requirements under ELSS,
fund industry to invest in foreign securities is US $ 7 billion with
Units issued under L&TTAF and L&TTSF will not be redeemed
a sub-ceiling for individual mutual funds of US $ 300 mn. If the
until the expiry of three years from the date of their allotment.
Maximum Subscription Limit has been reached, the subscriptions
The ability of an investor to realise returns on investments in
into the Scheme shall be suspended till further notice by the
L&TTAF and L&TTSF is consequently restricted for the rst
AMC.
three years. Redemption will be made prior to the expiry of the
aforesaid three year period only in the event of the death of a The movements in the Net Asset Value (NAV) of the Underlying
Unit Holder, subject to the Units having been held for a period Scheme would impact the performance of the Scheme. The
of one year from the date of their allotment. NAVs of the Underlying Scheme may also be impacted generally
by factors affecting securities markets, such as price and volume
L&TIVF: To the extent that the Scheme is invested in ETFs, the
volatility in the capital markets, interest rates, currency exchange
Scheme will be subject to all risks associated with such ETFs
rates, changes in government policies, taxation laws or any
and the underlying assets that it is tracking. The Scheme can
other appropriate policies and other political and economic
purchase/redeem units of ETFs only through stock exchanges on
developments. Consequently, the NAV of the Scheme may
which such ETFs are listed and not directly through a mutual
uctuate accordingly. Any change in the investment policies or
fund. Thus there could be a liquidity issue. The units of ETF
fundamental attributes of the Underlying Scheme would also
may trade above (at a premium) or below (at a discount) the
affect the performance of the Scheme.
schemes net asset value (NAV). The price of the units of an
ETFs is inuenced by the forces of supply and demand. Thus the The liquidity of the Schemes investments would be inherently
Scheme may not be able to purchase/redeem units of an ETF at restricted by the liquidity of the Underlying Scheme in which it
the applicable NAVs. has invested, which in turn would be invested in securities of
companies throughout the world. Trading volumes, settlement
To the extent that the assets of the Scheme will be invested in
periods and transfer/transaction procedures may restrict the
units of debt oriented mutual fund schemes, investors will be
liquidity of these investments. Different segments of various
bearing the expenses of a Scheme in addition to the expenses of
foreign nancial markets have different settlement periods
the relevant underlying scheme in which the Scheme will make
and such periods may be extended signicantly by unforeseen
investments.
circumstances. The inability of the Underlying Scheme to make
L&TIEGF: To the extent that the Scheme is invested in Gold ETFs, intended securities purchases due to settlement problems
the Scheme will be subject to all risks associated with such ETFs could cause the Underlying Scheme to miss certain investment
and the underlying assets i.e. gold or gold related instruments opportunities.
that it is tracking. A Scheme can purchase/redeem units of Gold
Although, the Scheme per se will make investments in the
ETFs only through stock exchanges on which such ETFs are listed
Underlying Scheme, the Underlying Scheme may use derivatives
and not directly through a mutual fund. Thus there could be a
instruments like stock index futures, interest rate swaps, forward
liquidity issue. The units of the Gold ETF may trade above (at
rate agreements or other derivative instruments. Usage of
a premium) or below (at a discount) its net asset value (NAV).
derivatives will expose the Underlying Scheme and in turn, the
The price of the units of a Gold ETF is inuenced by the forces
Scheme, to risks inherent to such derivatives.
of supply and demand. Thus a Scheme may not be able to
purchase/redeem units of a Gold ETF at the applicable NAVs. The winding up of the Underlying Scheme would result in the
winding up of the Scheme itself.
L&TMIP : Monthly Income is not assured and is subject to the
availability of distributable surplus. As the Scheme will be investing in the Underlying Scheme
which in turn will be investing in equity securities of companies
L&TAOF : The Scheme proposes to invest in equity and
throughout the world which involve a degree of risk, investors
equity related instruments by identifying and exploiting price
should not invest in the Scheme unless they can afford to take
discrepancies in cash and derivative segments of the market.
the risk of losing their investment.
These investments by nature are volatile as the prices of the
underlying securities are affected by various factors such as Investors may note that the returns that they may obtain may be
liquidity, time to settlement date, news ow, spreads between materially impacted or may at times be lower than the returns
cash and derivatives market at different points of time, trading that investors directly investing in the Underlying Scheme obtain
volumes, etc. There is no guarantee that the Fund Manager will because (a) The Scheme may not be able to invest 100% of its
be able to spot investment opportunities or correctly exploit net assets into the Underlying Scheme and may have to retain
price discrepancies in the different segments of the market. 0 to 20% to meet liquidity requirements and (b) the Scheme
The Scheme is also expected to have a high portfolio churn, may have to account for losses that may arise due to currency
especially in a volatile market. There is an execution risk while conversions.
implementing arbitrage strategies across various segments of the
market, which may result in missed investment opportunities, or Investors could incur load charges on two occasions. First, on
may also result in losses. In case of a large outow from the their redemptions/switch-outs in the options under the Scheme
Scheme, the Scheme may need to reverse the spot-futures and second, on the Schemes investment/redemption/switches
transaction before the settlement of the futures trade. While in the options under the Underlying Scheme, if any.
reversing the spot-futures transaction on the Futures and The assets of the Scheme shall be predominantly invested in the
Options settlement day on the exchange, there could be a risk shares/units of the Underlying Scheme. However, due to market
of volume-weighted-average-price of the market being different conditions in the jurisdiction in which the Scheme invests, the
from the price at which the actual reversal is processed resulting AMC may, for short term purposes and with a view to protect
in basis risk. the interest of Unit Holders, deviate from the asset allocation
29
range set out in this Scheme Information Document subject would be subject to the nature of the securities market and
to limitations prescribed by SEBI/RBI from time to time. Unit transaction procedures of the relevant country. Regulatory
Holders will not be given any prior intimation or indication investment restrictions applicable to the Underlying Scheme
when the composition/asset allocation pattern under the may impede its ability to invest in securities. The liquidation of
Scheme changes within the broad range set out in the Scheme investments may have an adverse impact on the performance of
Information Document. the Scheme.
(l) Risk factors of the Underlying Scheme of L&TGRAF Interest Rate Fluctuation
The value of the Underlying Scheme is calculated on the basis The Underlying Schemes performance may also be affected by
of the market value of underlying equity investments including uctuations in the general and specic level of interest rates
some equities which are denominated in other currencies than internationally or the change in the credit proles or credit
the reference currency of the Underlying Scheme which may quality of the issuers.
create some exchange rate risk.
Political and Economic risk
Investment in the Underlying Scheme is subject to normal
market risks and there can be no guarantee that the Underlying Political and economic changes in the environment may impact
Schemes investment objective may be achieved. The value the investment climate and hence may affect the value derived
of the Underlying Scheme will change with the value of its on divestment. Further, investment in the overseas market also
respective underlying investments. Hence, the capital value of carries country risks including but not limited to events such
shares and the income arising from them will uctuate and is as introduction of extraordinary exchange controls, economic
not guaranteed. deterioration, bilateral conict leading to immobilization of the
overseas nancial assets.
In general, for investment in bonds, the value of the underlying
investments will depend upon interest rates and the credit quality Tax Laws
of the issuer. In general, for investment in stocks, the value of
underlying investments may uctuate, sometimes dramatically, The investments by the Scheme and by the Underlying Scheme
in response to the activities and results of individual companies shall be subject to the prevalent tax laws of the respective
or because of general market and economic conditions. jurisdiction for execution of trades or otherwise.
Investments by the Underlying Scheme in equity linked notes (n) Other Scheme Specific Risk factors:
may expose the Underlying Scheme to additional risks which Performance Risk: A Schemes performance can decrease or
result from the fact that the documentation of such notes increase, depending on a variety of factors, which may affect
programmes tends to be highly customised and transactions the values and income generated by a Schemes portfolio of
hence are subject to liquidity risks similar to over-the-counter securities. The returns of a Schemes investments are based
transactions. The Underlying Scheme adopts a counterparty
on the current yields of the securities, which may be affected
risk framework which measures, monitors and manages
generally by factors affecting capital markets such as price and
counterparty risk through the usage of internal and external
volume, volatility in the stock markets, interest rates, currency
credit agency ratings and evaluates nancial derivatives
exchange rates, foreign investment, changes in government
instrument credit risk exposure.
and Reserve Bank of India policy, taxation, political, economic or
(m) Risk factors associated with investments in Foreign other developments and closure of the stock exchanges. Investors
Securities by L&TGRAF and the Underlying Scheme should understand that the investment pattern indicated for
Exchange Rate Fluctuation the Schemes, in line with prevailing market conditions, is only
a hypothetical example as all investments involve risk and there
It is the AMCs belief that investment in Underlying Scheme which
can be no assurance that the Schemes investment objective will
invest in foreign securities offers new investment and portfolio
be attained nor will the Schemes be in a position to maintain
diversication opportunities into multi-market and multicurrency
the model percentage of investment pattern/composition
products. However, to the extent that the assets of the Scheme
and the Underlying Scheme are invested in overseas nancial particularly under exceptional circumstances so that the interest
assets, there may be risks associated with currency movements of the unit holders are protected. The AMC will endeavour to
in the nature of the securities market of the relevant country invest in highly researched growth companies, however the
and restrictions on repatriation and transaction procedures in growth associated with equities may be generally high as also
overseas market. Further, the repatriation of capital to India the erosion in the value of the investments/portfolio in the case
may also be hampered by changes in regulations or political of the capital markets passing through a bearish phase is a
circumstances as well as the application of other restrictions on distinct possibility. A change in the prevailing rates of interest is
investment. In addition, country risks would include but not be likely to affect the value of the Schemes investments and thus
limited to events such as introduction of extraordinary exchange the value of the Schemes Units. The value of money market
controls, economic deterioration, bilateral conict leading to instruments held by the Schemes generally will vary inversely
immobilisation of the overseas nancial assets and the prevalent with the changes in prevailing interest rates.
tax laws of the respective jurisdiction for execution of trades or
Changes in Government Regulations: The businesses in
otherwise.
which companies operate are exposed to a range of government
Subject to necessary approvals and within the investment regulations, related to tax benets, liberalization, provision of
objective of the Underlying Scheme, the Underlying Scheme infrastructure and the like. Changes in such regulations may
shall invest in overseas markets which carry risks related to affect the prospects of companies.
uctuations in the foreign exchange rates, introduction of
extraordinary exchange controls and economic deterioration. Duration Risk: Duration is a risk measure used to measure the
bond/security price changes to potential changes in interest
Regulatory risk rates. Duration of portfolio x the expected changes in rates =
the expected value change in the portfolio. Duration is more
Investments by the Underlying Scheme in foreign securities
30
scientic measure of risk compared to average maturity of the No person receiving a copy of this Scheme Information Document
portfolio. The higher the duration of the portfolio, the greater or any accompanying application form in such jurisdiction may
the changes in value (i.e. higher risk) to movement in interest treat this Scheme Information Document or such application
rates. Modied duration is the duration of a bond/security given form as constituting an invitation to them to subscribe for
its current yield to maturity, put/call feature and an expected Units nor should they in any event use any such application
level of future interest rates. form unless, in the relevant jurisdiction such an invitation could
lawfully be made to them and such application form could
Tax exemption risks: In the event that the investible funds of
lawfully be used without compliance of any registration or other
more than 65% of the total proceeds of the Equity Schemes are
legal requirements.
not invested in equity shares of domestic companies, the tax
exemptions on income distribution will not be available to the Prospective investors should review/study this Scheme
Schemes. This is however subject to change as per Income Tax Information Document carefully and in its entirety and shall not
laws of India. construe the contents hereof or regard the summaries contained
herein as advice relating to legal, taxation or nancial/investment
Risks specific to investment in corporate bonds: The
matters and are advised to consult their own professional
corporate bonds may in some cases be unsecured that is,
advisor(s) as to the legal, tax, nancial or any other requirements
they are not secured against company property. Investing in
or restrictions relating to the subscription, gifting, acquisition,
corporate bond carries high risk as compared to investment in
holding, disposal (by way of sale, switch or Redemption or
government securities. Different types of securities in which the
conversion into money) of Units and to the treatment of income
Scheme may invest as described in the SID carry different levels
(if any), capitalisation, capital gains, any distribution and other
and types of risk. Accordingly the Schemes risk may increase or
tax consequences relevant to their subscription, acquisition,
decrease depending upon its investment pattern. Eg. Corporate
holding, capitalisation, disposal (by way of sale, transfer, switch
bonds carry a higher amount of risk as compared to government
or conversion into money) of Units within their jurisdiction of
securities.
nationality, residence, incorporation, domicile etc. or under
(B) Requirement of minimum investors in the the laws of any jurisdiction to which they or any managed
Scheme funds to be used to Purchase/gift Units are subject, and also to
determine possible legal, tax, nancial or other consequences of
As per SEBI circular no. SEBI/IMD/CIR No. 10/22701/03
subscribing/gifting, purchasing or holding Units before making
dated December 12, 2003, each scheme (including the plans
an application for Units.
thereunder) should have a minimum of 20 investors and no
single investor shall account for more than 25% of the corpus of The tax benets described in this Scheme Information Document
such scheme/plan. The aforesaid conditions should be complied and Statement of Additional Information are as available under
with in each calendar quarter on an average basis. In case of non- the prevailing taxation laws. Investors/Unit Holders should be
fullment with the rst condition i.e. minimum of 20 investors aware that the relevant scal rules or their interpretation may
in a Scheme, on an ongoing basis for each calendar quarter as change. As is the case with any investment, there can be no
specied by SEBI the Scheme shall be wound up by following guarantee that the tax position or the proposed tax position
the guidelines prescribed by SEBI. SEBI has further prescribed prevailing at the time of an investment in the Schemes will
that if any investor breaches the 25% limit over a quarter, a endure indenitely. In view of the individual nature of tax
rebalancing period of one month will be allowed and thereafter consequences, each Unit Holder is advised to consult his/her/
the investor who is in breach of the limit shall be given 15 days their own professional tax advisor.
notice to redeem his exposure over the 25% limit. In the event
L&T Mutual Fund/the AMC has not authorised any person to
of failure on the part of the said investor to redeem the excess
give any information or make any representations, either oral
exposure, the excess holding will be automatically redeemed
or written, not stated in this Scheme Information Document in
by the Mutual Fund following the guidelines prescribed by SEBI
connection with issue of Units under the Schemes. Prospective
from time to time in this regard.
investors are advised not to rely upon any information or
(C) Special Considerations representations not incorporated in this Scheme Information
Document as the same have not been authorised by the Mutual
The Sponsor is not responsible or liable for any loss resulting from
Fund or the AMC. Any subscription, Purchase or sale made by
the operation of the Schemes beyond the initial contribution
any person on the basis of statements or representations which
of an amount of Rs.1,00,000 (Rupees One Lakh) collectively
are not contained in this Scheme Information Document or
made by them towards setting up the Mutual Fund or such
which are inconsistent with the information contained herein
other accretions and additions to the initial corpus set up by the
shall be solely at the risk of the investor.
Sponsor.
Subject to the Regulations, from time to time, funds managed by
Redemption by the unit holder due to change in the fundamental
the afliates/associates of the Sponsor may invest either directly
attributes of the Scheme or due to any other reasons or winding
or indirectly in the Schemes. The funds managed by these
up of the Scheme for reasons mentioned in this Document may
afliates/associates may acquire a substantial portion of any
entail tax consequences. The Trustee, AMC, Mutual Fund, their
Schemes Units and collectively constitute a major investment in
directors, ofcers or their employees shall not be liable for any
such Schemes. Accordingly, Redemption of Units held by such
such tax consequences that may arise.
funds may have an adverse impact on the value of the Units of
Neither this Scheme Information Document nor the Units have such Schemes because of the timing of any such Redemption
been registered in any other jurisdiction. The distribution of this and may affect the ability of other Unit Holders to redeem their
Scheme Information Document in certain jurisdictions may be respective Units.
restricted or totally prohibited and accordingly, persons who
As the liquidity of the Schemes investments may sometimes be
come into possession of this Scheme Information Document are
restricted by trading volumes settlement periods and transfer
required to inform themselves about, and to observe, any such
procedures, the time taken by the Mutual Fund for Redemption
restrictions.
31
of Units may be signicant in the event of an inordinately Once all the documents are veried by a KRA, they will send the
large number of Redemption requests or of restructuring of investor a letter within 10 working days from the date of receipt
the Schemes portfolios. In view of this, the Trustee has the of necessary documents by them informing the investor either
right, in its sole discretion, to limit redemptions under certain about compliance by the investor of the new KYC compliance
circumstances as described in the paragraphs Suspension of procedure (nal acknowledgement) or any deciency in
Sale and Redemption of Units and Restrictions, if any, on the submission of details or documents.
right to freely retain or dispose of units being offered/Right to
On the basis of the temporary acknowledgement or the nal
limit Redemptions in the Statement of Additional Information.
acknowledgement the investor would be eligible to deal with
Anti Money Laundering and Know Your Customer any of the SEBI registered intermediaries.
(KYC):
Further, in accordance with requirements of SEBI letter no.
In terms of the Prevention of Money Laundering Act, 2002 OW/16541/2012 dated July 24, 2012 and SEBI circular no. CIR/
(PMLA) the rules issued thereunder and the guidelines/ IMD/DF/10/2014 dated May 22, 2014 investors investing up to
circulars issued by SEBI regarding the Anti Money Laundering Rs. 50,000 per year i.e. the aggregate of instalments in a rolling
(AML) Laws, all intermediaries, including mutual funds, are 12 month period (Micro Investments), are also required to
required to formulate and implement a client identication comply with the above mentioned KYC procedure. However,
programme, and to verify and maintain the record of identity they are exempt from the requirement of providing PAN as a
and address(es) of investors. proof of identication.
The KYC information of mutual fund investors who have Such investors will have to complete the PAN Exempt KYC
completed their KYC through CDSL Ventures Ltd (CVLMF) viz. (PEKRN). Eligible Investors are required to undergo KYC
upto December 31, 2011 has been uploaded by CVL in their KRA procedure with any of the SEBI registered KRA and must attach
system (CVL-KRA). Hence, the KYC status of such investors a copy of the KYC acknowledgement letter containing the PAN
currently reects as MF - VERIFIED BY CVLMF in the CVL-KRA Exempt KYC Reference Number (PEKRN) issued by the KRA
system. As and when such investors choose to invest with a along with the application form. Eligible investors must hold
new mutual fund i.e. invest in a new mutual fund where they only one PEKRN.
have not invested earlier (or opened a folio earlier),or in case
Further, investors transacting in the Units of the Schemes
of investors who have not invested in any other SEBI registered
through BSE and/or NSE in a dematerialised mode will not be
intermediaries, such investors will be required to complete the
subject to KYC formalities as stated herein. In accordance with
following procedure :
the guidelines issued by SEBI, KYC formalities carried out by the
Fill up and sign the KYC application form (for individual Depository Participant will be considered adequate.
investors or non-individual investors as appropriate) available on
Suspicious Transaction Reporting:
the Mutual Funds website i.e. www.lntmf.com.
If after due diligence, the AMC believes that the transaction
The completed KYC application form along with all the necessary
is suspicious in nature as regards money laundering, the AMC
documents as mentioned in the KYC application form should
shall report any suspicious transactions to competent authorities
be submitted with any of the SEBI registered intermediary or
under PMLA and rules/guidelines issued thereunder by SEBI and/
with any of the ofces of the distributors (qualied as per the
or RBI, furnish any such information in connection therewith to
following note).
such authorities and take any other actions as may be required
Obtain a temporary acknowledgement for submission of all the for the purposes of fullling its obligations under PMLA without
documents and completion of In-Person Verication (IPV). obtaining the prior approval of the investor/Unit Holder/a person
making the payment on behalf of the investor.
Note: As per the SEBI circular MIRSD/Cir-26/2011 dated
December 23, 2011, it is mandatory for SEBI registered Permanent Account Number (PAN):
intermediaries to carry out an IPV of any investor dealing with a
As per provisions of SEBI, all investors (resident and non-resident)
SEBI registered intermediary.
transacting in the Schemes of the Mutual Fund, irrespective of
For investments in a mutual fund, the Asset Management the amount of transaction, are required to provide the PAN
Companies, Registrar and Transfer Agents of mutual funds (supported by a copy of the PAN card/other document stated
and distributors which comply with the certication process of below) to the AMC. In case of investors who do not provide a
National Institute of Securities Market or Association of Mutual certied copy of the PAN card/other document as stated below,
Funds in India and have undergone the process of Know Your the application for transaction in units of the Schemes will be
Distributors are authorised to carry out the IPV. Unless the IPV rejected by the Mutual Fund. Alternatively, the investor may
process is completed, the investor will not be considered as KYC provide the KYC acknowledgement letter in lieu of the copy of
compliant under the new KYC compliance procedure and hence the PAN card.
will not be permitted to make any investments in the schemes
Note: Investors are requested to submit a copy along with the
of the Mutual Fund.
original for verification at the investor service centres of the
For investors proposing to invest with L&T Mutual Fund directly Mutual Fund/CAMS, which will be returned across the counter.
(i.e. without being routed through any distributor), IPV done by Alternatively, a distributor empanelled with the Mutual Fund
a scheduled commercial bank may also be relied upon by the can attest a copy. A true copy bearing a Bank Managers or
Fund. a Notary Publics attestation will also be accepted. In case the
original PAN card is not available, the Fund shall verify the PAN
The KRA system shall be applicable for client accounts opened
of the investor from the Income Tax website, subject to receipt
from January 1, 2012. Presently there are 5 KRAs, viz., i) CDSL
of a document for proof of identity other than PAN card at the
Ventures Limited ii) NDML iii) DOTEX iv) CAMS v) Karvy in the
Investor Service Centres of the Fund.
securities market.
32
This clause does not apply to investors residing in the state of (b) L&TFBF, L&TCF, L&TLDF, L&TSTIF
Sikkim, ofcials of Central Government, State Government
i. L&TFBF: The Mutual Fund anticipates that investors will
and those appointed by the Courts e.g. Ofcial Liquidator,
come in and out of the Scheme frequently. Such frequent
Court Receiver, etc. (under the category of Government) and
purchases and redemptions by investors can reduce the
investors investing upto Rs. 50,000 (i.e. Micro Investments) per
returns to long term investors by increasing expenses of
year (rolling 12 months period or in a nancial year i.e. April to
the Scheme and can also disrupt portfolio management
March).
strategies. Therefore, the Scheme is proposed to be
Investors making Micro Investments shall, in lieu of PAN and managed with these risks in mind.
KYC requirements, be required to furnish an attested copy (self
ii. L&TCF: As the Scheme is a cash/liquid scheme, it is designed
attested/attested by the AMFI registered distributor bearing
to offer investors liquidity and the Mutual Fund anticipates
its AMFI Registration Number) of any of the following photo
that investors will come in and out of the Scheme
identication documents and proof of address.
frequently. Such frequent purchases and redemptions by
(a) Voter Identity Card; (b) Driving License; (c) Government/ investors can reduce the returns to long term investors by
Defense identication card; (d) Passport; (e) Photo Ration Card; increasing expenses of the Scheme and can also disrupt
(f) Photo Debit Card; (g) Employee Identity cards issued by portfolio management strategies. Therefore, the Scheme is
companies registered with Registrar of Companies; (h) Photo proposed to be managed with these risks in mind.
identication issued by bank managers of scheduled commercial
iii. L&TLDF: As the Scheme is a debt scheme, it is designed
banks/gazetted ofcer/elected representatives to the Legislative
to offer investors liquidity and the Mutual Fund anticipates
Assembly/Parliament; (i) Identity card issued to employees of
that investors will come in and out of the Scheme
scheduled commercial/state/district co-operative banks; (j) Senior
frequently. Such frequent purchases and redemptions by
Citizen/Freedom Fighter identity card issued by Government; (k)
investors can reduce the returns to long term investors by
Cards issued by universities/deemed universities or institutes
increasing expenses of the Scheme and can also disrupt
under statutes like The Institute of Chartered Accountants of
portfolio management strategies. Therefore, the Scheme is
India, The Institute of Cost and Works Accountants of India,
proposed to be managed with these risks in mind.
The Institute of Company Secretaries of India; (l) Permanent
Retirement Account Number (PRAN) card issued to new pension iv. L&TSTIF: As the Scheme is a short term scheme, it is
system (NPS) subscribers by the central recordkeeping agency designed to offer investors liquidity and the Mutual Fund
(National Securities Depositories Limited); (m) Any other photo anticipates that investors will come in and out of the Scheme
identity card issued by Central Government/State Governments/ frequently. Such frequent purchases and redemptions by
municipal authorities/Government organizations like Employees investors can reduce the returns to long term investors by
State Insurance Corporation/Employees Provident Fund increasing expenses of the Scheme and can also disrupt
Organisation. portfolio management strategies. Therefore, the Scheme is
proposed to be managed with these risks in mind.
It is claried that where photo identication documents contain
the address of the investor, a separate proof of address is not Though the aforesaid Schemes have no limit on the number of
required. purchases and redemptions by any investor, the AMC reserves
the right, under powers delegated by the Trustee, to reject any
The aforesaid exemption shall be applicable to (i) investments
application, prevent further transactions by a Unit Holder, or
only by individuals (including Non Resident Indians, but not
redeem the Units held by the Unit Holder at any time prior to
Persons of Indian Origin), minors and sole proprietary rms; and
the expiry of 30 Business Days from the date of submission of
(ii) joint holders.
the application if, in the AMCs opinion, a Unit Holder has been
Investor Protection: indulging in excessively frequent trading or if his trading has
been or may be disruptive for the Schemes.
(a) L&TEF, L&TISSF, L&TIAF, L&TILCF, L&TIVF, L&TIPF and
L&TIEGF: The Schemes are designed to support longer-term (c) L&TGRAF: Excessive trading into and out of the Scheme may
investment and active trading is discouraged. Short term or affect its performance by disrupting portfolio management
excessive trading into and out of the respective Schemes may strategies and by increasing expenses. The Mutual Fund and
affect its performance by disrupting portfolio management the distributors may refuse to accept applications for Purchase,
strategies and by increasing expenses. The Mutual Fund and especially where transactions are deemed disruptive, particularly
the distributors may refuse to accept applications for Purchase, from market timers or investors who, in their opinion, have a
especially where transactions are deemed disruptive, particularly pattern of short term or excessive trading or whose trading has
from market timers or investors who, in their opinion, have a been or may be disruptive for the Schemes.
pattern of short term or excessive trading or whose trading has
If in the opinion of the AMC, a Unit Holder is indulging in short
been or may be disruptive for the Schemes. If in the opinion of
term or excessive trading, it shall, under powers delegated by
the AMC, a Unit Holder is indulging in short term or excessive
the Trustee, have absolute discretion to reject any application,
trading as above, it shall, under powers delegated by the Trustee,
prevent further transaction by the Unit Holder or redeem the
have absolute discretion to reject any application, prevent
Units held by the Unit Holder at any time prior to the expiry of
further transaction by the Unit Holder or redeem the Units held
30 Business Days from the date of the application.
by the Unit Holder at any time prior to the expiry of 30 Business
Days from the date of the application. Investors are urged to study the terms of the Scheme
Information Document carefully before investing in the
Scheme and to retain this Scheme Information Document for
future reference.
33
(D) Definitions
In this Scheme Information Document the following terms will have the meanings indicated there against, unless the context suggests
otherwise.
Applicable NAV L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, L&TIAF, L&TILCF, L&TIF, L&TIVF, L&TGRAF, L&TIPF, L&TIEGF,
L&TAOF, L&TBCF, L&TESF, L&TTABF, L&TUSTF, L&TGF, L&TMIP, L&TFRF, L&TFBF, L&TLDF, L&TIOF,
L&TSTIF, L&TSTOF and L&TRICBF:
For Purchase and Redemption:
For applications for Purchases (along with a local cheque or demand draft payable at par at the place where
the application is received)/Redemptions, accepted at the Investor Service Centres of the Mutual Fund on a
Business Day up to the Cut-off time of the Scheme, the NAV of that day; and
For applications for Purchases (along with a local cheque or demand draft payable at par at the place where
the application is received)/Redemptions accepted at the Investor Service Centres of the Mutual Fund on a
Business Day after the Cut-off time of the Scheme, the NAV of the next Business Day; and
For applications for Purchases along with demand drafts not payable at par at the place where the application
is received, NAV of the day on which the demand draft is credited.
In respect of valid Purchase applications accepted at the Investor Service Centres for an investment amount
equal to or more than Rs. 2 lakh, the NAV of the Business Day on which the funds are available for utilisation
shall be applicable subject to the following: (1) Purchase application is accepted before the Cutoff time; (2)
funds for the entire amount of Purchase/Subscription applications are credited to the bank account of the
respective Scheme before the Cut-off time; and (3) the funds are available for utilisation by the respective
Scheme before the Cut-off time without availing any credit facility, whether, intra-day or otherwise.
The aforesaid will be applicable only for cheques/demand drafts/payment instruments payable locally in the
city in which the ISC is located. No outstation cheques will be accepted.
L&TLF and L&TCF:
For Purchase:
1. In respect of valid Purchase applications accepted at the Investor Service Centres upto 2.00 p.m. on a
day, where the funds for the entire amount of Purchase/Subscription applications are credited to the
bank account of the Scheme before the Cut-off time and are available for utilisation before the Cut-off
time without availing any credit facility, whether, intra-day or otherwise the closing NAV of the day
immediately preceding the day of receipt of the applications;
2. In respect of valid Purchase applications accepted at the Investor Service Centres after 2.00 p.m. on a
day, where the funds for the entire amount of Purchase/Subscription applications are credited to the
bank account of the Scheme and are available for utilisation on the same day without availing any credit
facility, whether, intra-day or otherwise the closing NAV of the day immediately preceding the next
Business Day; and
3. In respect of valid Purchase applications accepted at the Investor Service Centres on a Business Day,
irrespective of the time of receipt of application, where the funds are not available for utilisation before
the Cut-off time without availing any credit facility, whether, intra-day or otherwise the closing NAV of
the day immediately preceding the day on which the funds are available for utilisation.
For Redemption:
1. In respect of valid Redemption applications accepted at the Investor Service Centres upto 3.00 p.m. on
a Business Day, the closing NAV of the day immediately preceding the next Business Day.
2. In respect of valid Redemption applications accepted at the Investor Service Centres after 3.00 p.m. on
a Business Day, the closing NAV of the next Business Day.
Application Form/ A form meant to be used by an investor to open a folio and Purchase Units under any Scheme offered under
Key Information this Scheme Information Document. Any modications to the Application Form will be made by way of an
Memorandum addendum, which will be attached thereto. On issuance of such addendum, the Application Form will be
deemed to be updated by the addendum.
Asset Management L&T Investment Management Limited, the asset management company, set up under the Companies Act,
Company/AMC/ 1956, having its registered ofce at L&T House, Ballard Estate, P.O.Box No. 278, Mumbai, 400 001 and
Investment Manager authorised by SEBI to act as Asset Management Company/Investment Manager to the schemes of L&T Mutual
Fund.
34
Business Day L&TMCF, L&TTSF, L&TEF, L&TTAF, L&TISSF, L&TIAF, L&TILCF, L&TIF, L&TIVF, L&TIPF, L&TIEGF, L&TESF,
L&TAOF and L&TBCF:
A day not being: (1) A Saturday or Sunday; (2) A day on which both the Stock Exchanges, the BSE and the
NSE are closed; (3) A day on which Purchase and Redemption of Units is suspended or a book closure period
is announced by the Trustee/AMC; or (4) A day on which normal business cannot be transacted due to storms,
oods, bandhs, strikes or such other events as the AMC may specify from time to time.
L&TTABF, L&TUSTF, L&TGF, L&TLF, L&TMIP, L&TFRF, L&TFBF, L&TCF, L&TLDF, L&TIOF, L&TSTIF, L&TSTOF
and L&TRICBF:
A day not being: (1) A Saturday or Sunday; (2) A day on which the banks in Mumbai including the Reserve
Bank of India are closed for business or clearing; (3) A day on which the money markets are closed or not
accessible (4) A day on which Purchase and Redemption of Units is suspended or a book closure period is
announced by the Trustee/AMC; or (5) A day on which normal business cannot be transacted due to storms,
oods, bandhs, strikes or such other events as the AMC may specify from time to time.
L&TGRAF:
A day not being: (1) A Saturday or Sunday; (2) A day on which the banks in Mumbai including the Reserve
Bank of India are closed for business or clearing; (3) A day on which the Underlying Scheme is closed for
subscription/redemption; (4) A day on which Purchase and Redemption of Units is suspended or a book
closure period is announced by the Trustee/AMC; or (5) A day on which normal business cannot be transacted
due to storms, oods, bandhs, strikes or such other events as the AMC may specify from time to time.
The AMC reserves the right to change the denition of Business Day.
The AMC reserves the right to declare any day as a Business Day or otherwise at any or all ISCs.
Consolidated An account statement containing details relating to: (a) all the transactions (which includes purchase,
Account Statement/ redemption, switch, dividend payout, dividend reinvestment, systematic investment plan, systematic
CAS withdrawal plan, systematic transfer plan and bonus transactions) carried out by the investor across all
schemes of all mutual funds during a specied period; (b) holding at the end of the specied period; and (c)
transaction charges, if any, deducted from the investment amount to be paid to the distributor.
Contingent Deferred A charge to the Unit Holder upon exiting (by way of Redemption) based on the period of holding of Units.
Sales Charge/CDSC The Regulations provide that a CDSC may be charged only for a no-Load Scheme and only for the rst four
years after the Purchase and caps the percentage of NAV that can be charged in each year.
Custodian Citibank, N.A., Mumbai branch registered under the SEBI (Custodian of Securities) Regulations, 1996, or any
other custodian who is appointed by the Trustee.
Cut-off time All Schemes (except L&TLF and L&TCF and in respect of valid Purchase applications accepted at the
Investor Service Centre for an investment amount equal to or more than Rs. 2 lakhs):
A time prescribed in this Scheme Information Document up to which an investor can submit a Purchase
request (along with a local cheque or a demand draft payable at par at the place where the application is
received)/Redemption request, to be entitled to the Applicable NAV for that Business Day.
Debt Scheme(s) All Schemes (including the plans thereunder) referred to in this Scheme Information Document which invests
predominantly in debt and money markets instruments viz; L&TTABF, L&TUSTF, L&TGF, L&TLF, L&TMIP, L&TFRF,
L&TFBF, L&TCF, L&TLDF, L&TIOF, L&TSTIF, L&TSTOF and L&TRICBF.
Depository A depository as dened in the Depositories Act, 1996 and includes National Securities Depository Limited and
Central Depository Services Limited.
Depository A person registered as a participant under subsection (1A) of section 12 of the Securities and Exchange Board
Participant of India Act, 1992.
Direct Plan A plan available to the investors who purchases the units of the Scheme directly from the Fund (i.e. investments
not routed through an AMFI Registration Number (ARN) Holder). Such plan shall have a lower expense ratio
excluding distribution expenses, commission, etc and no commission shall be paid from such plans and will
have a separate NAV.
Eligible Investment The maximum amount that can be invested by all the schemes of the Fund in Foreign Securities, calculated
Amount based on the cost of investments in Foreign Securities as per RBI Circular AP (DIR) Series Circular No. 3 dated
July 26, 2006 read with SEBI Circulars SEBI/IMD/Cir. No. 7/10453/07 dated September 26, 2007 and SEBI/
IMD/CIR No.2/122577/08 dated April 8, 2008, that permits the Mutual Fund to invest in Foreign Securities
within an overall limit of US $ 300 million. However, the Eligible Investment Amount may change in case the
aforesaid limits are revised by SEBI/RBI from time to time.
ELSS Equity Linked Savings Scheme, 2005 as notied by Ministry of Finance (Department of Economic Affairs) vide
notication dated November 03, 2005 and amended vide notication dated December 13, 2005.
ETF/Exchange A mutual fund scheme, the units of which are traded on the stock exchange.
Traded Fund
Equity Linked Notes A Debt Instrument whose return on investments is tied to the Equity Market. The return on Equity Linked
Notes may be determined by a stock index, a basket of stock or a single stock.
Equity Related Equity Related Instruments includes convertible bonds and debentures, convertible preference shares,
Instruments warrants carrying the right to obtain equity shares, equity derivatives and any other like instrument.
Equity Scheme(s) All Schemes referred to in this Scheme Information Document which invest predominantly in equity and
equity related instruments viz; L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, L&TIAF, L&TILCF, L&TIF, L&TIVF,
L&TGRAF, L&TIPF L&TIEGF, L&TAOF, L&TBCF and L&TESF.
35
Exit Load A Load (other than CDSC) charged to the Unit Holder on exiting (by way of Redemption) based on period of
holding, amount of investment, or any other criteria decided by the AMC.
First Time Mutual An investor who invests for the rst time ever in mutual fund either by way of Purchase/Subscription or under
Fund Investor Systematic Investment Plan.
Foreign Portfolio An entity registered with designated depository participant under Securities and Exchange Board of India
Investor/FPI (Foreign Portfolio Investors) Regulations, 2014 as amended from time to time.
Foreign Securities/ ADRs/GDRs/equity securities of overseas companies listed on recognized stock exchanges overseas, debt and
Offshore Securities money market securities with rating not below investment grade by accredited/registered credit agencies and/
or such other related securities as are permitted by SEBI vide its circular SEBI/IMD/Cir. Number 7/10453/07
dated September 26, 2007 and as may be specied from time to time by SEBI and/or RBI.
With reference to L&TGRAF, shares/units issued by overseas mutual fund or unit trusts registered with overseas
regulators/any other securities as described by SEBI and/or RBI from time to time.
Fund of Funds/FOF A mutual fund scheme that invests primarily in other schemes of the same mutual fund or other mutual
funds.
Gold ETF A scheme that invests primarily in gold or gold related instruments and the units of which are traded on the
stock exchange.
Gilts/Government Securities created and issued by the Central Government and/or State Government.
Securities
Investment The agreement dated October 23, 1996, entered into between L&T Mutual Fund Trustee Limited and the
Management AMC, as amended from time to time.
Agreement/IMA
Investor Service Ofcial points of acceptance of transaction/service requests from investors. These will be designated by the
Centre/ISC AMC from time to time.
The names and addresses are mentioned at the end of this Scheme Information Document.
The ofces of stock brokers registered with BSE and/or NSE where the applications shall be received.
L&T Finance The Sponsor of L&T Mutual Fund
Holdings Limited
Load A charge that may be levied to an investor at the time of Purchase of Units of a Scheme or to a Unit Holder
at the time of Redemption of Units from a Scheme.
Maximum The limit upto which subscriptions can be accepted in the Scheme which will be calculated by reducing from
Subscription Limit the Eligible Investment Amount, the investments (at cost) by all the schemes of the Mutual Fund in Foreign
Securities at any given point of time.
Mid cap Companies Companies whose market capitalization falls between the highest and the lowest constituent of the CNX
Midcap Index.
Mutual Fund/Fund L&T Mutual Fund, a Trust set up under the provisions of Indian Trust Act, 1882 and registered with SEBI vide
Registration No. MF/035/97/9 dated 03/01/1997.
Net Asset Value/ Net Asset Value of the Units of the Scheme (including plans/options thereunder) calculated in the manner
NAV provided in this Scheme Information Document or as may be prescribed by the Regulations from time to time.
Non Resident A person resident outside India who is a citizen of India or is a person of Indian origin as per the meaning
Indian/NRI assigned to the term under Foreign Exchange Management (Investment in rm or proprietary concern in
India) Regulations, 2000 as amended from time to time.
Pass Through PTCs are an important nancing technique used to convert cash generating assets into marketable securities
Certificates/PTCs for sale to investors. The objective of securitization is to separate business risk from the risk of sold assets. This
enables investors to assess the credit quality and the cash ow of the pool of assets rather than looking to
the business risk. It involves pooling together of similar loans (eg, home mortgages) into standardised bonds,
or mortgagebacked bonds. These bonds use the interest paid on the underlying loans to pay interest to the
bondholders. This process is called securitization.
Person of Indian A citizen of any country other than Bangladesh or Pakistan, if (a) he at any time held Indian passport; or (b)
Origin he or either of his parents or any of his grand parents was a citizen of India by virtue of the Constitution of
India or the Citizenship Act, 1955 (57 of 1955); or (c) the person is a spouse of an Indian citizen or a person
referred to in sub-clause (a) or (b);
Primarily In context of the Underlying Scheme of L&TGRAF, this term shall mean that at least 70% of the assets of the
Underlying Scheme are directly invested in the currency, the country, the type of security or other material
element set out in the name of the Underlying Scheme and its investment objective.
Purchase/ Subscription to/Purchase of Units by an investor from the Mutual Fund.
Subscription
Purchase Price The price being Applicable NAV at which the Units can be purchased and calculated in the manner provided
in this Scheme Information Document.
Registrar Computer Age Management Services Private Limited (CAMS), appointed as the registrar and transfer
agent for the Schemes, or any other registrar that may be appointed by the AMC.
Redemption Repurchase of Units under a Scheme by the Mutual Fund from a Unit Holder.
36
Redemption Price The price (being Applicable NAV minus Exit Load/CDSC) at which the Units can be redeemed and calculated
in the manner provided in this Scheme Information Document.
Repo/Reverse Repo Sale/Purchase of securities with a simultaneous agreement to repurchase/sell them at a later date.
Scheme/Schemes L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, L&TIAF, L&TILCF, L&TIF, L&TIVF, L&TGRAF, L&TIPF, L&TIEGF, L&TAOF,
L&TBCF, L&TESF, L&TTABF, L&TUSTF, L&TGF, L&TLF, L&TMIP, L&TFRF, L&TFBF, L&TCF, L&TLDF, L&TIOF, L&TSTIF,
L&TSTOF and L&TRICBF collectively referred to as Schemes and individually referred to as a Scheme as
the context permits (including the plans and options thereunder).
Scheme Information This document issued by L&T Mutual Fund, offering Units of various schemes (including plans and options
Document thereunder) viz L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, L&TIAF, L&TILCF, L&TIF, L&TIVF, L&TGRAF, L&TIPF,
L&TIEGF, L&TAOF, L&TBCF, L&TESF, L&TTABF, L&TUSTF, L&TGF, L&TLF, L&TMIP, L&TFRF, L&TFBF, L&TCF, L&TLDF,
L&TIOF, L&TSTIF, L&TSTOF and L&TRICBF for subscription. Any modications to the Scheme Information
Document will be made by way of an addendum which will be attached to the Scheme Information
Document. On issuance of addendum, the Scheme Information Document will be deemed to be updated by
the addendum.
SEBI Regulations/ Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended from time to time,
Regulations including by way of circulars or notications issued by SEBI and the Government of India.
Statement of The document issued by L&T Mutual Fund containing details of L&T Mutual Fund, its constitution and certain
Additional tax, legal and general information. SAI is legally a part of the Scheme Information Document.
Information/SAI
Special Situations Situations that are considered out-of-the-ordinary and therefore, present interesting stock picking
opportunities.
The types of companies that may fall within the scope of such special situations could include but are not
limited to:
- companies with recovery potential.
- companies whose growth potential may not be fully recognised by the market.
- companies with hidden/undervalued assets whose value is not fully recognised by the market.
- companies with interesting product pipelines which could offer good earnings potential.
- companies undertaking corporate restructuring.
- companies which could be potential candidates for mergers and acquisitions related activities.
Sponsor L&T Finance Holdings Limited being the settlor of L&T Mutual Fund.
Systematic A plan enabling investors to save and invest in a Scheme on a monthly and quarterly basis by submitting post-
Investment Plan/SIP dated cheques/payment instructions.
Systematic Transfer A plan enabling Unit Holders to transfer sums on a weekly/fortnightly/monthly/quarterly basis from a Scheme
Plan/STP to other Schemes launched by the Mutual Fund from time to time by giving a single instruction.
Systematic A plan enabling Unit Holders to withdraw amounts from a Scheme on a monthly and quarterly basis by giving
Withdrawal Plan/ a single instruction.
SWP
Transaction A charge that would be deducted from the subscription money received from an investor, investing through
Charge(s) a distributor who has exercised the option to levy such charge.
Transaction Slip A form meant to be used by Unit Holders seeking additional Purchase or Redemption of Units under a
Scheme of the Mutual Fund, change in bank account details, switch-in or switch-out and such other facilities
offered by the AMC and mentioned in Transaction Slip.
Trustee/Trustee L&T Mutual Fund Trustee Limited, a company set up under the Companies Act, 1956 to act as a Trustee to
Company L&T Mutual Fund
Trust Deed The registered Trust Deed dated October 17, 1996 establishing L&T Mutual Fund as a Trust under the Indian
Trusts Act, 1882 as amended from time to time
Trust Fund Amounts settled/contributed by the Sponsor towards the corpus of L&T Mutual Fund and additions/accretions
thereto.
Underlying Scheme Fidelity Funds-Global Real Assets Securities Fund incorporated in Luxembourg.
Unit The interest of an investor, which consists of one undivided share in the net assets of the Scheme.
Unit Holder A person holding Units of the Scheme of L&T Mutual Fund offered under this Scheme Information Document.
Valuation Day L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, L&TIAF, L&TILCF, L&TIF, L&TIVF, L&TGRAF, L&TIPF, L&TIEGF,
L&TAOF, L&TBCF, L&TESF, L&TTABF, L&TUSTF, L&TGF, L&TMIP, L&TFRF, L&TFBF, L&TLDF, L&TIOF,
L&TSTIF, L&TSTOF and L&TRICBF:
Business Day
L&TLF and L&TCF: A day on which NAVs are calculated
Words and Same meaning as in the Trust Deed.
Expressions used
in this Scheme
Information
Document and not
defined
37
(E) Due diligence by the Asset Management Company

It is conrmed that:
i. the Scheme Information Document forwarded to SEBI is in accordance with the SEBI (Mutual Funds) Regulations, 1996 and the guidelines
and directives issued by SEBI from time to time.
ii. all legal requirements connected with the launching of the Scheme(s) as also the guidelines, instructions, etc., issued by the Government
of India and any other competent authority in this behalf, have been duly complied with.
iii. the disclosures made in the Scheme Information Document are true, fair and adequate to enable the investors to make a well informed
decision regarding investment in the Scheme(s).
iv. all the intermediaries named in the Scheme Information Document and Statement of Additional Information are registered with SEBI and
their registration is valid, as on date.
For L&T Investment Management Limited
Place : Mumbai Name : Apurva Rathod
Date : June 27, 2015 Designation : Head - Legal and Compliance
(F) Abbreviations
In this Scheme Information Document the following abbreviations have been used.
ADR : American Depository Receipt
AMC : Asset Management Company
AMFI : Association of Mutual Funds in India
AML : Anti Money Laundering
ASBA : Application Supported by Blocked Amount
AOP : Association of Persons
BOI : Body of Individuals
BSE : Bombay Stock Exchange Limited
CAS : Consolidated Account Statement
CBLO : Collateralised Borrowing and Lending Obligation
CD : Certicate of Deposit
CP : Commercial Paper
CDSC : Contingent Deferred Sales Charge
ECS : Electronic Clearing System
EFT : Electronic Fund Transfer
ELSS : Equity Linked Savings Scheme
FPI : Foreign Portfolio Investor
FOF : Fund of Funds
GDR : Global Depository Receipt
HUF : Hindu Undivided Family
IMA : Investment Management Agreement
IRS : Interest Rate Swap
ISC : Investor Service Centre
KYC : Know Your Customer
L&TAOF : L&T Arbitrage Opportunities Fund
L&TBCF : L&T Business Cycles Fund
L&TCF : L&T Cash Fund
L&TEF : L&T Equity Fund
L&TESF : L&T Equity Savings Fund
L&TFBF : L&T Flexi Bond Fund
L&TFRF : L&T Floating Rate Fund
L&TGF : L&T Gilt Fund
L&TGRAF : L&T Global Real Assets Fund
38
L&TIF : L&T Infrastructure Fund

L&TIAF : L&T Indo Asia Fund
L&TIEGF : L&T India Equity and Gold Fund
L&TIOF : L&T Income Opportunities Fund
L&TIVF : L&T India Value Fund
L&TILCF : L&T India Large Cap Fund
L&TIPF : L&T India Prudence Fund
L&TISSF : L&T India Special Situations Fund
L&TLF : L&T Liquid Fund
L&TLDF : L&T Low Duration Fund
L&TMCF : L&T Midcap Fund
L&TMIP : L&T Monthly Income Plan
L&TRICBF : L&T Resurgent India Corporate Bond Fund
L&TTSF : L&T Tax Saver Fund
L&TSTIF : L&T Short Term Income Fund
L&TSTOF : L&T Short Term Opportunities Fund
L&TTAF : L&T Tax Advantage Fund
L&TTABF : L&T Triple Ace Bond Fund
L&TUSTF : L&T Ultra Short Term Fund
NAV : Net Asset Value
NECS : National Electronic Clearing Services
NEFT : National Electronic Funds Transfer
NRI : Non-Resident Indian
NSE : National Stock Exchange of India Limited
PAN : Permanent Account Number
PIO : Persons of Indian Origin
PMLA : Prevention of Money Laundering Act
POA : Power of Attorney
RBI : Reserve Bank of India
RTGS : Real Time Gross Settlement
SAI : Statement of Additional Information
SEBI : Securities and Exchange Board of India established under the SEBI Act, 1992
SEBI Act : Securities and Exchange Board of India Act, 1992
SI : Standing Instructions
SIP : Systematic Investment Plan
STP : Systematic Transfer Plan
SWP : Systematic Withdrawal Plan
(G) Interpretation
For all purposes of this Scheme Information Document, except as otherwise expressly provided or unless the context otherwise requires:
The terms dened in this Scheme Information Document include the plural as well as the singular.
Pronouns having a masculine or feminine gender shall be deemed to include the other.
References to times of day (i.e. a.m. or p.m.) are to Mumbai (India) times and references to a day are to a calendar day including non
Business Day.
39
Any other domestic xed income securities;

III. Information about the Schemes
Derivative instruments like Interest Rate Swaps, Forward Rate
(A) Scheme Specific details
Agreements and such other derivative instruments permitted by
(i) L&T MIDCAP FUND SEBI/RBI;
a) Type of the Scheme Any other instruments/securities as may be permitted by RBI/
SEBI or such other regulatory bodies from time to time.
An open-ended equity scheme
The securities mentioned above could be listed, unlisted, privately
b) Investment Objective
placed, secured, unsecured, rated or unrated and of any maturity.
The investment objective of the Scheme is to generate capital The securities may be acquired through initial public offerings (IPOs),
appreciation by investing primarily in midcap stocks. The Scheme secondary market operations, private placement, rights offers or
will invest primarily in companies whose market capitalization falls negotiated deals. All investments in securities whether privately
between the highest and the lowest constituent of the CNX Midcap placed or otherwise will be in line with SEBI guidelines as applicable
Index. and the investment objectives and policies of the Scheme.
c) Asset Allocation Pattern Investment in unrated securities will be in accordance with SEBI
guidelines as applicable. When investments are made in Government
Under normal circumstances, the asset allocation of the Scheme will
Securities, such securities may be supported by the ability to borrow
be as under:
from the treasury or supported only by sovereign guarantee or of the
Type of Security Maximum Minimum Risk Profile State Government or supported by GOI/State Government in some
Allocation of Allocation of other way.
the Corpus the Corpus
The AMC may from time to time for a short term period under
Equity & Equity 100% 80% Medium to
exceptional circumstances on defensive consideration modify/alter
related instruments High
the investment pattern/asset allocation the intent being to protect
Debt Securities, 20% 0% Low to the Net Asset Value of the Scheme and the interests of Unitholders
Securitized Debt Medium without seeking consent of the Unit Holders.
& Money Market
instruments e) Investment Strategy
(including cash/call The investment strategy of the Scheme would be primarily to invest
money) in mid cap equity and equity related securities as mentioned in the
The above asset allocation pattern is not absolute and can vary investment objective of the Scheme. The Scheme will invest in a
depending upon the AMCs perception of the equity, debt and universe of stocks, which has been arrived at using various lters like
money market as well as the view on interest rates. The asset management quality, liquidity, competitive position and valuations.
allocation pattern indicated above may thus be altered on defensive Using various analytical tools, management meetings and so on,
considerations. the universe is continuously updated by our investment team. The
strategy will be to build up diversied portfolio of quality stocks, with
d) Where will the scheme invest? medium to long term potential.
Subject to the Regulations, the corpus of the Scheme may be invested The Benchmark Index will be CNX Midcap Index. The Scheme
in all or any one of (but not exclusively) the following securities: proposes to invest at least 80% of the corpus in equity and equity
Equity and equity related securities including preference shares, related instruments. However, upon defensive considerations, this
convertible bonds and debentures and warrants carrying the allocation could be reduced below 80% and correspondingly the
right to obtain equity shares; allocation in debt and money market instruments will be increased.
All investments made by the scheme will be made in accordance with
Securities created and issued by the Central and State SEBI (Mutual Funds) Regulations, 1996.
Governments and/or repos/reverse repos/in such Government
Securities as may be permitted by RBI (including but not limited The overall portfolio structuring would aim at controlling risk at
to coupon bearing bonds, zero coupon bonds and treasury bills); moderate level. Security specic risk will be minimized by investing
only on those companies that have been thoroughly researched in-
Securities guaranteed by the Central, State Governments and house. Risk will also be managed through broad diversication of the
local bodies (including but not limited to coupon bearing bonds, portfolio within the framework of the Schemes investment objective
zero coupon bonds and treasury bills); and policies.
Debt obligations of domestic government agencies and statutory The AMC will follow a structured investment process in order to
bodies, which may or may not carry a Central/State Government identify the best securities for investment and has developed an
guarantee; internal research framework for consistently examining all securities
Corporate debt of both public and private sector undertakings; which will focus on the follow key factors:
Obligations of banks (both public and private sector) and o Management quality, strategy and vision
development nancial institutions; o Business dynamics
Money market instruments as permitted by SEBI/RBI, having o Financial strength of the company
maturities of up to one year and more than one year, in call
money market or in alternative investment for the call money o Free cash ow generation
market as may be provided by the RBI to meet the liquidity o Returns on capital employed and returns on equity
requirements;
o Credit Rating for the instrument in case of Debt instruments
Certicate of Deposit (CDs);
Investment decisions are made by the Fund Manager of the
Commercial Paper (CPs); Scheme. The Investment committee which also includes the Fund
Bills of Exchange/Promissory Notes; Managers reviews all investments on a regular basis and also records
justication for the investments made and periodically reviews the
Securitized Debt; investments decisions and policies with the Chief Executive Ofcer.
Privately placed debentures; The Board of Directors of the AMC and the Trustee Company review
the performance of the scheme vis--vis similar schemes of other
Interest rate strips; mutual funds.
40
f) Benchmark The exposure to Derivatives will be calculated on notional value of

the derivative contracts. Further, exposure in Derivatives would be
The Benchmark for the Scheme is CNX Midcap Index*.
in accordance with conditions as may be stipulated by SEBI/RBI from
The CNX Midcap Index represents about 10.62% of the free oat time to time.
market capitalization of the stocks listed on NSE as on March 28,
i) Change in investment pattern
2013. CNX Midcap is computed using free oat market capitalization
weighted method, wherein the level of the index reects the free Subject to the SEBI (Mutual Funds) Regulations, as amended from
oat market value of all the stocks in the index relative to a particular time to time the asset allocation pattern indicated above may
base period. The method also takes into account constituent change from time to time, depending on liquidity considerations
changes in the index and importantly corporate actions such as stock or on account of high levels of repurchase or redemptions relative
splits, rights, etc without affecting the index value. Hence, it is an to fund size, or upon considerations that optimise returns of the
appropriate benchmark for the Scheme that shall predominantly Scheme through investment opportunities or upon various defensive
invest in equity and equity related securities of mid-cap companies. considerations including market conditions, market opportunities,
applicable regulations and political and economic factors. It must
* CNX Midcap Index is not sponsored, endorsed, sold or promoted
be clearly understood that the percentages stated above are only
by India Services & Products Limited (IISL). IISL is not responsible for
indicative and not absolute. These proportions may vary substantially
any errors or omissions or the results obtained from the use of such
depending upon the perception of the AMC, the intention being
index and in no event shall IISL have any liability to any party for
at all times to seek to protect the interests of the Unitholders. Such
any damages or whatsoever nature (including lost prots) resulted
changes in the investment pattern will be for short term and only
to such party due to purchase or sale or otherwise of such product
for defensive considerations. In addition, as part of the investment
benchmarked to such index.
process, the Investment Committee of the AMC will conduct a
However, the Schemes performance may not be strictly comparable periodic review of the asset allocation and may suggest rebalancing
with the performance of the Index due to the inherent differences in of the portfolio. Such changes in the investment pattern will be for
the construction of the portfolio. short term and defensive considerations.
The Boards of AMC and Trustee will review the performance of the (ii) L&T EQUITY FUND
Scheme in comparison to the benchmark. The Trustees reserve the
(a) Type of the Scheme
right to change the benchmark for evaluation of performance of
the Scheme from time to time in conformity with the investment An open-ended equity growth scheme
objectives and appropriateness of the benchmark subject to SEBI
(b) Investment objective
Regulations, and other prevailing guidelines, as amended from time
to time. The investment objective of the Scheme is to generate long-term
capital growth from a diversied portfolio of predominantly equity
g) How has the scheme performed?
and equity-related securities.
Returns as on December 15, 2014
There is no assurance that the objective of the Scheme will be realised
Compounded Annualised Returns L&T Midcap CNX Midcap and the Scheme does not assure or guarantee any returns.
Fund Index For defensive considerations and/or managing liquidity, the Scheme
Returns for last 1 year 46.50% 29.97% may also invest in money market instruments.
Returns for last 3 years 34.58% 24.14% The Scheme does not intend to and shall not invest in derivative
Returns for last 5 years 18.83% 11.20% instruments of any kind.
Returns since inception (August 09, 2004) 22.05% 18.43% (c) Asset allocation pattern
Returns for last 1 year (Direct Plan) 47.69% 29.97%
Under normal circumstances, it is anticipated that the asset allocation
Returns since inception from 34.68% 19.41%
shall be as follows:
January 01, 2013 (Direct Plan)
Absolute Returns Instruments Indicative allocations Normal Risk
100.00 (% of net assets) Allocations Profile
75.41 (% of net
75.00 73.97 Maximum Minimum
50.96 50.96 assets)
50.00
31.18
Equity and 100% 80% 95% High
32.12
25.00
equity related
16.36
5.13 4.35
FY 11-12 1.83 -4.02
16.36 securities*
0.00
FY 10-11 -5.34 -4.09 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15 Money market 20% 0% 5% Low to
Direct Plan Direct Plan
-25.00 instruments Medium
L&T Midcap Fund CNX Midcap Index
*Includes investments in Offshore securities, ADRs and GDRs not
NAVs of Growth Option are used for calculation of returns. Returns exceeding 10% of the net assets of the Scheme subject to SEBI
have been calculated on the face value of Rs. 10 per unit. Returns for Guidelines.
less than one year are absolute returns.
Due to market conditions, the AMC may invest beyond the range set
Past performance may or may not be sustained in the future. out above. Such deviations shall normally be for a short term purpose
only, for defensive considerations and the intention being at all times
h) Investment norms
to protect the interests of the Unit Holders. In the event of deviations,
The cumulative gross exposure through Equity, Debt and Derivative rebalancing will be carried out within 10 Business Days.
positions shall not exceed 100% of net assets of the Scheme.
The Scheme does not intend to and shall not invest in derivative
However, following will not be considered while calculating the instruments of any kind.
cumulative gross exposure:
For details regarding % investment under scrip lending please refer
a) Exposure due to hedging positions and paragraph Scrip Lending by the Mutual Fund.
b) Exposure in Cash or cash equivalents with residual maturity of The Scheme does not intend to invest in securitized debt.
less than 91 days.
41
(d) Where will the Scheme invest ? (g) How has the Scheme Performed?
The Scheme will invest predominantly in equity and equity-related Returns as on December 15, 2014
securities. Equity related securities include equity warrants and
compulsorily convertible instruments. Compounded Annualised Returns L&T Equity S&P
Fund BSE-200
Investments in Offshore securities shall be made in accordance with
Returns for last 1 year 29.75% 19.70%
the requirements stipulated by SEBI/RBI from time to time.
Returns for last 3 years 25.52% 20.86%
Money market instruments and Mutual Fund Units: 14.80% 10.43%
Returns for last 5 years
Investments other than in equity will be made for managing liquidity. Returns since inception 20.08% 15.05%
The preferred instruments will be money market instruments. (May 16, 2005)
Money market instruments include commercial papers, commercial Returns for last 1 year (Direct Plan) 30.57% 19.70%
bills, treasury bills, Government securities having an unexpired Returns since inception from 23.96% 16.51%
maturity upto one year, call or notice money, certicate of deposit, January 01, 2013 (Direct Plan)
usance bills and any other like instruments as specied by Reserve Absolute Returns
Bank of India from time to time. 100.00
For the purpose of further diversication and liquidity, the Scheme 80.00
may invest in another equity scheme managed by the same AMC or 60.00 49.14
by the AMC of any other mutual fund without charging any fees on 40.00
18.02 21.23 17.19 48.21 31.93 21.99 31.93
17.19
such investments, provided that aggregate inter-scheme investment 20.00 8.15 -6.33 6.03
-9.28 3.43
made by all schemes managed by the same AMC or by the AMC of 0.00
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
any other mutual fund shall not exceed 5% of the net asset value of -20.00
the Mutual Fund. -40.00
-60.00 L&T Equity Fund S&P BSE-200
For applicable regulatory investment limits please refer paragraph
Investment Restrictions. NAVs of Growth Option are used for calculation of returns. Returns
All investments in the Scheme shall be made in accordance with the have been calculated on the face value of Rs. 10 per unit. Returns for
regulations and guidelines issued by SEBI/RBI/any other regulatory less than one year are absolute returns.
authority. Past performance may or may not be sustained in the future.
(e) Investment Strategy (iii) L&T Tax Saver Fund
The investment approach is bottom-up stock picking. The Scheme a) Type of the Scheme
seeks to add the best opportunities that the market presents, without
any sector/cap bias. An open-ended equity linked tax savings scheme
The key features of the Mutual Funds investment strategy include: b) Investment Objective
Diversication: The Scheme will be well diversied across sectors in The investment objective of the Scheme is to provide long term capital
about 60 to 80 stocks. The Scheme is likely to be fully invested in appreciation by investing predominantly in equity and equity related
equity at all times. instruments and also enabling investors to get income tax rebate as
per the prevailing Tax Laws and subject to applicable conditions.
Bottom-up stock picking: The Scheme focuses on bottom-up stock
picking (i.e. focussing solely on prospects of individual stocks) as c) Asset Allocation Pattern
opposed to a top-down approach (i.e. predicting macro economic Under normal circumstances, the asset allocation of the Scheme will
and political trends and taking investment decisions based on them). be as under:-
No cap bias: It will seek to identify the best stocks at a point in time,
Type of Security Maximum Minimum Risk Profile
regardless of any market cap bias.
Allocation of Allocation of
Investments in equity and equity related securities and debt securities the Corpus the Corpus
carry various risks such as inability to sell securities, trading volumes Equity and Equity 100% 80% Medium to
and settlement periods, interest rate risk, liquidity risk, default risk, Related instruments High
reinvestment risk etc. Whilst such risks cannot be eliminated, they
Debt* and Money 20% 0% Low to medium
may be mitigated by diversication and hedging.
market instruments
Further, the portfolio of the Scheme will be constructed in accordance * Investment in securitized debt, if undertaken, will not exceed 20%
with the investment restrictions specied under the Regulations of corpus of the scheme.
which would help in mitigating certain risks relating to investments
in securities market. The above asset allocation pattern is not absolute and can vary
depending upon the AMCs perception of the equity and money
For portfolio turnover policy, please refer paragraph Portfolio markets as well as the general view on interest rates. The asset
Turnover. allocation pattern indicated above may thus be altered substantially
(f) Benchmark on defensive considerations with an intention to protect the interests
of the unit holders.
The performance of the Scheme will be benchmarked against the
S&P BSE-200 Index. d) Where will the scheme invest?
L&TEF is a diversied equity fund with no market cap, sector or style Subject to the provisions of ELSS and SEBI Regulations, the corpus of
bias. S&P BSE-200 is a broad based index and its composition is the Scheme may be invested in all or any of the following securities:
representative of the Schemes investment universe. As such, it is a Equity and equity linked instruments including equity shares,
suitable benchmark for comparing the performance of the Scheme. convertible bonds and debentures and warrants carrying the
right to obtain equity shares and other like instruments;
Securities created and issued by the Central and State
Securities as may be permitted by RBI (including but not limited
to coupon bearing bonds, zero coupon bonds and treasury bills);
42
Corporate debt of both public and private sector undertakings; investments are within the limits indicated in the Investment Pattern
Obligations of banks (both public and private sector) and Table. Investment in unrated debt securities is made with the prior
development nancial institutions; approval of the Board of the AMC, provided the investment is in
terms of the parameters approved by the Board of the Trustee. Where
Money market instruments as permitted by SEBI/RBI, having the proposed investment is not within the parameters as mentioned
maturities of up to one year and more than one year, in call above, approval of the Boards of both the AMC and the Trustee is
money market or in alternative investment for the call money taken before making the investment.
market as may be provided by the RBI to meet the liquidity
requirements. The Scheme may invest in ADRs/GDRs, if and in the manner permitted
by SEBI/RBI. Such investments will be subject to obtaining regulatory
approvals and in conformity with the investment objectives of the
Commercial Paper (CPs); Scheme and the prevailing guidelines and Regulations.
Bills of Exchange/Promissory Notes; The Scheme may also use various derivative and hedging products
Securitized Debt; from time to time, if and when and in a manner permitted by SEBI/
Privately placed debentures; RBI from time to time, to reduce the risk of the portfolio.
Any other domestic xed income securities; All investments made by the Scheme will be made in accordance
with SEBI (Mutual Funds) Regulations, 1996 as amended from time
Any other permitted securities;
to time.
Any other instruments/securities as may be permitted by RBI/
SEBI or such other regulatory bodies from time to time. The overall portfolio structuring would aim at controlling risk at
moderate level. Security specic risk will be minimized by investing
The securities mentioned above could be listed, unlisted, privately only in those companies that have been thoroughly researched in
placed, secured unsecured, rated or unrated and of any maturity. house. Risk will also be managed through broad diversication of
The securities may be acquired through initial public offerings (IPOs), the portfolios within the framework of the Schemes investment
secondary market operations, private placement, rights offers or objective and policies.
negotiated deals. All investments in securities whether privately
The AMC will follow a structured investment process in order to
placed or otherwise will be in line with SEBI guidelines as applicable
identify the best securities for investment and has developed an
and the investment objectives and policies of the Scheme. Investment
internal research framework for consistently examining all securities
in unrated securities will be in accordance with SEBI guidelines as
which will focus on the follow key factors:
applicable.
o Enduring business model
When investments are made in Government Securities, such securities
may be supported by the ability to borrow from the treasury or o Management quality
supported only by sovereign guarantee or of the State Government o Change in business fundamentals
or supported by GOI/State Government in some other way. o Valuation
The AMC may from time to time for a short term period under Investment decisions are made by the Fund Manager of the
exceptional circumstances on defensive consideration modify/alter Scheme. The Investment committee which also includes the Fund
the investment pattern/asset allocation, the intent being to protect Managers reviews all investments on a regular basis and also records
the Net Asset Value of the Scheme and the interests of Unitholders justication for the investments made and periodically reviews the
without seeking consent of the Unitholders. investments decisions and policies with the Chief Executive Ofcer.
e) Investment Strategy The Board of Directors of the AMC and the Trustee Company review
The Scheme will endeavour to generate superior return by mutual funds.
investing in equity and equity related instruments across the market
capitalizations. The Scheme will use top-down/bottomup stock f) Benchmark
selection to build its portfolio. The Benchmark for the Scheme is CNX Nifty* Index.
The risks of the Scheme would be managed by adequate The CNX Nifty* Index is a well diversied 50 stock index accounting
diversication i.e., by spreading investments over a range of industries for 22 sectors of the economy. The CNX Nifty Index represents about
and companies. 68.03% of the free oat market capitalization of the stocks listed
The investment strategy of the AMC is directed to investing in on NSE as on March 28, 2013. The total traded value for the last six
stocks, which, in the opinion of the Investment Manager, are priced months ending March 2013 of all index constituents is approximately
at a material discount to their intrinsic value. Such intrinsic value is a 50.23% of the traded value of all stocks on the NSE.
function of both past performance and future growth prospects. The CNX Nifty is professionally maintained and could be also ideal for
process of discovering the intrinsic value is through in-house research derivatives trading. The Scheme will invest predominantly in large
supplemented by research available from other sources. cap stocks and hence CNX Nifty is suitable index for the Scheme.
For selecting particular stocks as well as determining the potential * CNX Nifty is not sponsored, endorsed, sold or promoted by India
value of such stocks, the AMC is guided, inter alia, by one or more of Services & Products Limited (IISL). IISL is not responsible for any errors
the following considerations: or omissions or the results obtained from the use of such index and
in no event shall IISL have any liability to any party for any damages
The nancial strength of the companies, as indicated by well or whatsoever nature (including lost prots) resulted to such party
recognized nancial parameters; due to purchase or sale or otherwise of such product benchmarked
Reputation of the management and track record; to such index.
Companies that are relatively less prone to recessions or cycles, However, the Schemes performance may not be strictly comparable
either because of the nature of their businesses or superior with the performance of the Index due to the inherent differences in
strategies followed by their management; the construction of the portfolios.
Companies which pursue a strategy to build strong brands The Board of AMC and Trustee will review the performance of the
for their products or services and those which are capable of Scheme in comparison to the benchmark. The Trustees reserve the
building strong franchises; and right to change the benchmark for evaluation of performance of
the Scheme from time to time in conformity with the Investment
Market liquidity of the stock. objectives and appropriateness of the benchmark subject to SEBI
The Scheme is not restrained from investing in listed/unlisted and/ Regulations, and other prevailing guidelines, as amended from time
or rated/unrated debt or money market securities, provided the to time.
43
g) How has the scheme performed? and equity-related securities including equity derivatives.
Returns as on December 15, 2014 There is no assurance that the objective of the Scheme will be realised
and the Scheme does not assure or guarantee any returns.
Compounded Annualised Returns L&T Tax Saver CNX Nifty
Fund For defensive considerations and/or for managing liquidity, the
Scheme may also invest in money market instruments.
Returns for last 3 years 24.11% 19.68% The Scheme may invest in derivatives instruments to the extent
permitted under and in accordance with the applicable Regulations,
including for the purposes of hedging, portfolio balancing and
Returns since inception 10.11% 13.05% optimizing returns.
(November 18, 2005)
Hedging does not mean maximization of returns but only attempts to
Absolute Returns reduce systemic or market risk that may be inherent in the investment.
120.00 105.04
100.00 (c) Asset allocation pattern
80.00 73.76 Under normal circumstances, it is anticipated that the asset allocation
60.00
40.00 25.62 37.03 Instruments Indicative allocations Normal Risk
26.65 (% of net assets) Allocations Profile
17.98
20.00 7.57 11.14 FY 11-12
7.31 Maximum Minimum (% of net
0.50
0.00 assets)
FY 09-10 FY 10-11 FY 12-13 FY 13-14 FY 14-15 Equity and equity 100% 80% 95% High
-20.00 -12.66 -9.23 related securities*
Money market 20% 0% 5% Low to
L&T Tax Saver Fund CNX Nifty
instruments Medium
NAVs of Growth Option are used for calculation of returns. Returns *Includes investments in Offshore securities, ADRs and GDRs not
have been calculated on the face value of Rs. 10 per unit. Returns for exceeding 10% of the net assets of the Scheme subject to SEBI
less than one year are absolute returns. Guidelines.
Past performance may or may not be sustained in the future. Due to market conditions, the AMC may invest beyond the range set
out above. Such deviations shall normally be for a short term purpose
h) Investment norms
The cumulative gross exposure through Equity, Debt and Derivative to protect the interests of the Unit Holders. In the event of deviations,
positions shall not exceed 100% of net assets of the Scheme. rebalancing will normally be carried out within 10 Business Days.
However, following will not be considered while calculating the For details regarding % investment under scrip lending please refer
cumulative gross exposure: paragraph Scrip Lending by the Mutual Fund.
a) Exposure due to hedging positions and The Scheme does not propose to invest in securitised debt.
b) Exposure in Cash or cash equivalents with residual maturity of (d) Where will the Scheme invest?
less than 91 days. The Scheme will predominantly invest in equity and equity related
securities including equity derivatives.
The exposure to Derivatives will be calculated on notional value of
the derivative contracts. Further, exposure in Derivatives would be Equity related securities include equity warrants and compulsorily
in accordance with conditions as may be stipulated by SEBI/RBI from convertible instruments.
time to time. The Scheme may invest in derivatives instruments to the extent
i) Change in investment pattern permitted under and in accordance with the applicable Regulations,
Subject to the SEBI (Mutual Funds) Regulations, as amended from time optimizing returns. For details and limits applicable to investment in
to time the asset allocation pattern indicated above may change from derivatives please refer paragraph Investments in Derivatives.
time to time, depending on liquidity considerations or on account
Investments in Offshore securities shall be made in accordance with
of high levels of repurchase or redemptions relative to fund size, or
the requirements stipulated by SEBI/RBI from time to time.
upon considerations that optimise returns of the Scheme through
investment opportunities or upon various defensive considerations Money market instruments and Mutual Fund Units:
including market conditions, market opportunities, applicable Investments other than in equity will be made for managing liquidity.
regulations and political and economic factors. It must be clearly The preferred instruments will be money market instruments.
understood that the percentages stated above are only indicative and
Money market instruments include commercial papers, commercial
not absolute. These proportions may vary substantially depending
bills, treasury bills, Government securities having an unexpired
upon the perception of the AMC, the intention being at all times
maturity upto one year, call or notice money, certicate of deposit,
to seek to protect the interests of the Unit Holders. Such changes in
usance bills and any other like instruments as specied by Reserve
the investment pattern will be for short term and only for defensive
Bank of India from time to time.
considerations. In addition, as part of the investment process, the
Investment Committee of the AMC will conduct a periodic review For the purpose of further diversication and liquidity, the Scheme
of the asset allocation and may suggest rebalancing of the portfolio. may invest in other equity schemes managed by the same AMC or by
Such changes in the investment pattern will be for short term and the asset management company of any other mutual fund without
defensive considerations. charging any fees on such investments, provided that aggregate
inter-scheme investment made in all schemes managed by the same
(iv) L&T INDIA SPECIAL SITUATIONS FUND AMC or in schemes managed by the AMC of any other mutual fund
(a) Type of the Scheme shall not exceed 5% of the net asset value of the Mutual Fund.
An open-ended equity growth scheme For applicable regulatory investment limits please refer paragraph
Investment Restrictions.
All investments in the Scheme shall be made in accordance with the
The investment objective of the Scheme is to generate long-term regulations and guidelines issued by SEBI/RBI/any other regulatory
capital growth from a diversied portfolio of predominantly equity authority.
44
(e) Investment Strategy L&TISSF is a diversied equity fund that aims to invest in special
situation opportunities. S&P BSE-200 is a broad based index and its
The Scheme will, primarily be a diversied equity fund which will seek
composition is representative of the Schemes investment universe.
to invest in undervalued companies for long term investment with
As such, it is a suitable benchmark for comparing the performance
key theme focus being Special Situations - these are situations that
of the Scheme.
are out-of-the-ordinary and which therefore present interesting stock
picking opportunities. (g) How has the Scheme Performed?
The types of companies that may fall within the scope of such Special Returns as on December 15, 2014
Situations could include but are not limited to:
Compounded Annualised Returns L&T India Special S&P
companies with recovery potential. Situations Fund BSE-200
companies whose growth potential, may not be fully recognised Returns for last 1 year 31.61% 19.70%
by the market. Returns for last 3 years 27.59% 20.86%
companies with hidden/undervalued assets whose value, may Returns for last 5 years 16.58% 10.43%
not be fully recognised by the market.
Returns since inception (May 22, 2006) 15.28% 11.87%
companies with interesting product pipelines which could offer Returns for last 1 year (Direct Plan) 32.53% 19.70%
good earnings potential.
Returns since inception from January 24.75% 16.51%
companies undertaking corporate restructuring. 01, 2013 (Direct Plan)
companies which could be potential candidates for mergers and Absolute Returns
acquisitions related activities. 120.00
100.00
The investment approach will be bottom-up stock picking - where 80.00
investments will be selected primarily on the basis of specic criteria 60.00 47.70 48.73
relevant to the company in question rather than general macro- 40.00 31.93 31.93
20.41 17.19 21.18 17.19
economic considerations. There will be no particular bias towards 20.00 12.25 8.15
12.2 10.90 6.03
-3.07 -9.28
any market cap size or any sector. The Scheme will endeavour to 0.00
remain fully invested in equity and related instruments at all times. FY 10-11 FY 11-12 FY 12-13 FY 13-14
1 FY 14-15
1 FY 13-14 FY 14-15
A limited exposure to various derivatives instruments is likely - for L&T India Special Situation Fund S&P BSE-200
the purposes of hedging, portfolio balancing and optimising returns.
In Fund Managers opinion, some examples of companies offering NAVs of Growth Option are used for calculation of returns. Returns
potential Special Situations were: have been calculated on the face value of Rs. 10 per unit. Returns for
A major auto manufacturer - (Hidden Value/Restructuring). The stock
is up about 150% in less than 12 months as the market appears to Past performance may or may not be sustained in the future.
have recognized underlying value of insurance and other subsidiaries (v) L&T TAX ADVANTAGE FUND
and potential restructuring efforts by the management to unlock this The investment objective and the strategy to be adopted by the
value. Scheme would be similar to L&T Equity Fund. However, it may differ
A telecom company - (Underappreciated Growth). The stock has to a certain extent on account of the mandatory lock-in period for
been re-rated and is up nearly 10 times in less than 3 years as the the subscriptions received under the Scheme.
company has delivered better than expected growth and market has (a) Type of the Scheme
gained improved appreciation of underlying growth potential of the
business. An open-ended equity linked savings scheme (Growth).
These are a few illustrative examples of what the Fund Manager (b) Investment objective
believes could have been described as companies in Special The investment objective of the Scheme is to generate long-term
Situations. This does not indicate the Mutual Funds preference for capital growth from a diversied portfolio of predominantly equity
these companies over others. Neither does this mean that other and equity-related securities.
companies have not fared better than these companies. It is also not
necessary that the Scheme will have these companies in its portfolio. There is no assurance that the objective of the Scheme will be realised
These examples are provided only to help investors get a better and the Scheme does not assure or guarantee any returns.
understanding of the term Special Situations. For defensive considerations and/or managing liquidity, the Scheme
Investments in equity and equity related securities and debt securities may also invest in money market instruments.
carry various risks such as inability to sell securities, trading volumes The Scheme does not intend to and shall not invest in derivative
and settlement periods, interest rate risk, liquidity risk, default risk, instruments of any kind.
reinvestment risk etc. Whilst such risks cannot be eliminated, they (c) Asset allocation pattern
may be mitigated by diversication and hedging.
Further, the portfolio of the Scheme will be constructed in accordance shall be as follows:
with the investment restrictions specied under the Regulations
which would help in mitigating certain risks relating to investments Instruments Indicative allocations Normal Risk
in securities market. (% of net assets) Allocations Profile
The Scheme may invest in derivatives instruments to the extent Maximum Minimum (% of net
permitted under and in accordance with the applicable Regulations, assets)
including for the purposes of hedging, portfolio balancing and Equity and equity 100% 80% 95% High
optimizing returns. Hedging does not mean maximization of returns related securities*
but only attempts to reduce systemic or market risk that may be Money market 20% 0% 5% Low to
inherent in the investment. instruments Medium
For portfolio turnover policy, please refer paragraph Portfolio *Includes investments in Offshore securities, ADRs and GDRs not
Turnover. exceeding 10% of the net assets of the Scheme subject to SEBI
(f) Benchmark Guidelines.
The performance of the Scheme will be benchmarked against the The Scheme does not intend to and shall not invest in derivative
S&P BSE-200 Index. instruments of any kind.
45
For details regarding % investment under scrip lending please refer Further, the portfolio of the Scheme will be constructed in accordance
paragraph Scrip Lending by the Mutual Fund. with the investment restrictions specied under the Regulations
The Scheme does not intend to invest in securitised debt.
in securities market.
(d) Where will the Scheme invest?
For portfolio turnover policy, please refer paragraph Portfolio
The Scheme will predominantly invest in equity and equity related Turnover.
securities. In accordance with ELSS, investments in equity and equity
(f) Benchmark
related securities will not fall below 80% of the net assets of the
Scheme. The performance of the Scheme will be benchmarked against the
S&P BSE-200 Index.
Equity related securities include equity warrants and compulsorily
convertible instruments. In case the investments are made in partly L&TTAF is a diversied equity fund with no market cap, sector or
convertible issues of debentures and bonds including those issued on style bias. S&P BSE-200 is a broad based index and its composition
right basis, the non convertible portion of the debentures/bonds so is representative of the Schemes investment universe. As such, it is a
acquired will be disinvested within a period of 12 months as specied suitable benchmark for comparing the performance of the Scheme.
in ELSS.
(g) How has the Scheme Performed?
As per ELSS, the Scheme can hold investments in short term money
market instruments or other liquid instruments or both only up to
20% of its net assets. Compounded Annualised L&T Tax Advantage S&P
Investments in Offshore securities shall be made in accordance with Returns Fund BSE-200
the requirements stipulated by SEBI/RBI from time to time. Returns for last 1 year 27.47% 19.70%
Money market instruments: Returns for last 3 years 23.98% 20.86%

Investments other than in equity will be made for managing liquidity.
The preferred instruments will be money market instruments. Returns since inception 15.41% 11.51%
(February 27, 2006)
Money market instruments include commercial papers, commercial Returns for last 1 year (Direct Plan) 28.25% 19.70%
Returns for Direct Plan 22.07% 16.51%
(from January 01, 2013)
Bank of India from time to time. Absolute Returns
100.00
For applicable regulatory investment limits please refer paragraph 80.00
Investment Restrictions. 60.00
40.42
40.00 22.24 31.93
All investments in the Scheme shall be made in accordance with the 21.56 39.55
18.7
18.75 17.19 31.93 17.19
20.00
regulations and guidelines issued by SEBI/RBI/any other regulatory 8.15 FY 11-12 4.55 6.03
0.00
authority. FY 10-11
-6.22 -9.28
FY 12-13 FY 113-14 FY 114-15 FY 13-14 FY 14-15
-20.00 Direct Plan Direct Plan
(e) Investment Strategy L&T Tax Advantage Fund S&P BSE-200
The investment approach is bottom-up stock picking. The Scheme NAVs of Growth Option are used for calculation of returns. Returns
seeks to add the best opportunities that the market presents, without have been calculated on the face value of Rs. 10 per unit. Returns for
any sector/cap bias. less than one year are absolute returns.
The key features of the Mutual Funds investment strategy include: Past performance may or may not be sustained in the future
Diversication: The Scheme will be well diversied across sectors (vi) L&T INDO ASIA FUND
in about 60 to 80 stocks but it could hold more than 80 stocks at
any given time. While holdings in individual stocks will generally not (a) Type of the Scheme
exceed 4% of net assets of the Scheme, there may be times when An open-ended equity growth scheme
considering the investment opportunities, holdings in certain stocks
could be in excess of 4%. The Scheme is likely to be fully invested in (b) Investment objective
equity at all times. The investment objective of the Scheme is to generate long-term
Bottom-up stock picking: The Scheme focuses on bottom-up stock capital appreciation from a diversied portfolio of predominantly
picking (i.e. focusing solely on prospects of individual stocks) as equity and equity related securities including equity derivatives in the
opposed to a top-down approach (i.e. predicting macro economic Indian and international markets.
and political trends and taking investment decisions based on them). There is no assurance that the objective of the Scheme will be realised
No cap bias: It will seek to identify the best stocks at a point in time, and the Scheme does not assure or guarantee any returns.
regardless of any market cap bias. The Scheme may invest in equity derivatives instruments to the extent
Investments in equity and equity related securities and debt securities permitted under and in accordance with the applicable Regulations,
carry various risks such as inability to sell securities, trading volumes including for the purposes of hedging, portfolio balancing and
and settlement periods, interest rate risk, liquidity risk, default risk, optimizing returns.
reinvestment risk etc. Whilst such risks cannot be eliminated, they Hedging does not mean maximization of returns but only attempts to
may be mitigated by diversication and hedging. reduce systemic or market risk that may be inherent in the investment.
46
(c) Asset allocation pattern For applicable regulatory investment limits please refer paragraph
shall be as follows: All investments in the Scheme shall be made in accordance with the
regulations and guidelines issued by SEBI/RBI/any other regulatory
Instruments Indicative allocations Normal Risk authority.
(% of net assets) Allocations Profile
(% of net (e) Investment Strategy
Maximum Minimum
assets) The Scheme will primarily be a diversied equity fund which will
Equity and 100% 80% 95% Medium seek to invest in undervalued companies in Indian and international
equity related to High markets to generate long-term capital appreciation.
securities^
(including Indian The investment approach is bottom-up stock picking. The Scheme
and foreign seeks to invest in the best opportunities in the Indian and international
equity securities markets, without any sector/cap bias. However, the fund managers
as permitted by expect to have a high focus on opportunities in Asia Pacic region
SEBI/RBI*) including India. A limited exposure to various equity derivatives
instruments is likely - for the purposes of hedging, portfolio balancing
Money market 20% 0% 5% Low to
and optimizing returns.
instruments Medium
Încludes investments in equity derivatives. The key features of the Schemes investment strategy include:
*Investments in Foreign Securities will not exceed the Eligible Diversication: Subject to SEBI regulations, the Scheme will be well
Investment Amount. diversied across stocks, sectors and countries given that investments
will be made in the international markets with a bias towards the
Under current regulations, the fund managers will seek to invest Asia Pacic region including India. A limited exposure to various
more than 65% of net assets in equity shares of domestic companies equity derivatives instruments is likely - for the purpose of hedging,
and around 30% of its net assets in Foreign Securities in order to portfolio balancing and optimizing returns.
avail of the prevailing tax benet of long term capital gains. However,
investments in Foreign Securities could be lower than 30% of the Stock Selection: The fund managers will adopt a methodology of
net assets due to the limit set on investments in Foreign Securities bottom-up stock selection, with an emphasis on rst-hand research.
or could be in excess of 30% of its net assets subject to the Eligible They will favour companies that offer the best value relative to
Investment Amount in case of amendment in the tax laws. their respective long-term growth prospects, returns in capital and
management quality. When assessing a company, the fund managers
Due to market conditions, the AMC may invest beyond the range set will focus on understanding how each of these factors will change
out above. Such deviations shall normally be for a short term purpose over time.
to protect the interests of the Unit Holders. In the event of deviations, Investments in Foreign Securities shall be subject to the investment
rebalancing will normally be carried out within 10 Business Days. restrictions specied by SEBI/RBI from time to time. The fund
manager will consider all relevant risks before making any investment
For details regarding % investment under scrip lending please refer in Foreign Securities.
paragraph Scrip Lending by the Mutual Fund.
Investments in equity and equity related securities and debt securities
The Scheme does not propose to invest in securitised debt. carry various risks such as inability to sell securities, trading volumes
and settlement periods, interest rate risk, liquidity risk, default risk,
(d) Where will the Scheme invest? reinvestment risk etc. Whilst such risks cannot be eliminated, they
The Scheme will predominantly invest in equity and equity related may be mitigated by diversication and hedging.
securities including equity derivatives in the Indian and international Further, the portfolio of the Scheme will be constructed in accordance
markets. Equity related securities include equity warrants and with the investment restrictions specied under the Regulations
compulsorily convertible instruments. which would help in mitigating certain risks relating to investments
The Scheme may invest in equity derivatives instruments to the extent in securities market.
permitted under and in accordance with the applicable Regulations, The Scheme may invest in equity derivatives instruments to the extent
including for the purposes of hedging, portfolio balancing and permitted under and in accordance with the applicable Regulations,
optimizing returns. For details and limits applicable to investment in including for the purposes of hedging, portfolio balancing and
derivatives please refer paragraph Investments in Derivatives. optimizing returns. Hedging does not mean maximization of returns
Investments in Foreign Securities shall be subject to the investment but only attempts to reduce systemic or market risk that may be
restrictions specied by SEBI/RBI from time to time. inherent in the investment.
Money market instruments and Mutual Fund Units: For portfolio turnover policy, please refer paragraph Portfolio
Turnover.
The preferred instruments will be money market instruments. (f) Benchmark
Money market instruments include commercial papers, commercial The performance of the Scheme will be benchmarked against a
bills, treasury bills, Government securities having an unexpired customized benchmark, 65% S&P BSE-200 Index and 35% MSCI AC
maturity upto one year, call or notice money, certicate of deposit, Asia Pacic ex Japan Index.
usance bills and any other like instruments as specied by Reserve L&TIAF is a diversied equity fund that aims to invest in India and
Bank of India from time to time. international markets. The customized benchmark (65% S&P BSE-
For the purpose of further diversication and liquidity, the Scheme 200 and 35% MSCI AC Asia Pacic ex Japan) is broad based and its
may invest in other schemes managed by the same AMC or by the composition is representative of the Schemes investment universe.
asset management company of any other mutual fund without As such, it is a suitable benchmark for comparing the performance
charging any fees on such investments, provided that aggregate of the Scheme.
interscheme investment made in all schemes managed by the same
AMC or in schemes managed by the AMC of any other mutual fund
shall not exceed 5% of the net asset value of the Mutual Fund.
47
(g) How has the Scheme Performed? Due to market conditions, the AMC may invest beyond the range set
Compounded Annualised Returns L&T Indo Benchmark^ to protect the interests of the Unit Holders. In the event of deviations,
Asia Fund rebalancing will normally be carried out within 10 Business Days.
Returns for last 1 year 25.55% 17.75% For details regarding % investment under scrip lending please refer
Returns for last 3 years 21.97% 19.56% paragraph Scrip Lending by the Mutual Fund.
Returns for last 5 years 13.66% 12.63% The Scheme does not propose to invest in securitised debt.
Returns since inception 10.76% 10.03% (d) Where will the Scheme invest?
(May 28, 2007)
Returns for last 1 year 26.32% 17.75% The Scheme shall predominantly invest in equity and equity related
(Direct Plan) securities, including equity derivatives. The Scheme will predominantly
invest in large cap stocks. The Scheme could also additionally invest
Returns for Direct Plan 19.12% 15.47%
in Foreign Securities.
(from January 01, 2013)
Absolute Returns Large cap stocks will comprise of any equity and equity related
100.00 instruments of top 100 companies based on the market capitalisation.
80.00
60.00 For the purpose of determining the 100 companies, only those
40.00 36.78
24.66 companies, which are either listed on the National Stock Exchange or
20.00 15.15
15.1 11.61
10.61 10.36 14.53 16.03 35.95 24.66 15.24 16.03 the Bombay Stock Exchange will be considered*.
FY 11-12
0.00
FY
Y 10-11 -5.75 -3.71 FY 12-13 FY 13-14 FY 1
14-15 FY 13-14
Direct Plan
FY 13-14
Direct Plan
*These companies will be ranked using the data available on
L&T Indo Asia Fund Benchmark Bloomberg or such other sources as may be deemed appropriate by
** A custom benchmark created using the S&P BSE-200 to the extent of 65% the fund manager(s) from time to time with a periodicity of at least
of portfolio and MSCI AC Asia Pacific ex Japan for balance 35%
once a month.
NAVs of Growth Option are used for calculation of returns. Returns
Equity related securities include equity warrants and compulsorily
have been calculated on the face value of Rs. 10 per unit. Returns for
convertible instruments.
The Scheme may invest in equity derivatives instruments to the extent
Past performance may or may not be sustained in the future.
^L&TIAF is benchmarked to a custom benchmark created assigning including for the purposes of hedging, portfolio balancing and
65% weight to S&P BSE-200 Index and 35% weight to MSCI AC Asia optimizing returns. For details and limits applicable to investment in
pacic ex Japan derivatives please refer paragraph Investments in Derivatives.
(vii) L&T INDIA LARGE CAP FUND Investments in Foreign Securities shall be subject to the investment
restrictions specied by SEBI/RBI from time to time.
Money market instruments and Mutual Fund Units:
An open-ended equity growth scheme
The preferred instruments will be money market instruments.
The investment objective of the Scheme is to generate long-term
capital appreciation from a diversied portfolio of predominantly
equity and equity related securities, including equity derivatives, in
the Indian markets. The Scheme will predominantly invest in large cap
stocks. The Scheme could also additionally invest in Foreign Securities.
Bank of India from time to time.
For the purpose of further diversication and liquidity, the Scheme
may invest in other schemes managed by the same AMC or by the
The Scheme may invest in equity derivatives instruments to the extent asset management company of any other mutual fund without
permitted under and in accordance with the applicable Regulations, charging any fees on such investments, provided that aggregate inter
including for the purposes of hedging, portfolio balancing and scheme investment made in all schemes managed by the same AMC
optimizing returns. or in schemes managed by the AMC of any other mutual fund shall
not exceed 5% of the net asset value of the Mutual Fund.
reduce systemic or market risk that may be inherent in the investment. For applicable regulatory investment limits please refer paragraph
(c) Asset allocation pattern
All investments in the Scheme shall be made in accordance with the
regulations and guidelines issued by SEBI/RBI/any other regulatory
authority.
Instruments Indicative allocations Normal Risk Profile (e) Investment Strategy
(% of net assets) Allocations
(% of net assets) The Scheme will primarily be a diversied equity fund which will
Maximum Minimum
likely (in normal market conditions) invest predominantly in large cap
Equity and equity related 100% 80% 95% Medium to stocks to generate long term capital appreciation.
securities^ (including High
Indian and foreign equity The investment approach is bottom-up stock picking. A limited
securities as permitted by exposure to various equity derivatives instruments is likely - for the
SEBI/RBI*) purposes of hedging, portfolio balancing and optimizing returns.
Money market instruments 20% 0% 5% Low to The key features of the Schemes investment strategy include:
Medium
Diversication: Subject to SEBI regulations, the Scheme will be well
Încludes investments in equity derivatives. diversied across stocks and sectors. A limited exposure to various
*The Scheme may invest in Foreign Securities upto 10% of its net equity derivatives instruments is likely - for the purpose of hedging,
assets subject to Eligible Investment Amount. portfolio balancing and optimizing returns.
48
Stock Selection: The fund managers will adopt a methodology of (viii) L&T INFRASTRUCTURE FUND
bottom-up stock selection, with an emphasis on rst-hand research.
a) Type of the Scheme
They will favour companies that offer the best value relative to
their respective long-term growth prospects, returns in capital and An open-ended equity scheme
management quality. When assessing a company, the fund managers
will focus on understanding how each of these factors will change
over time. The Scheme seeks to generate capital appreciation by investing
Investments in Foreign Securities shall be subject to the investment predominantly in equity and equity related instruments of companies
restrictions specied by SEBI/RBI from time to time. The fund manager in the infrastructure sector.
will consider all relevant risk before making any investment in Foreign c) Asset Allocation Pattern
Securities.
Investments in equity and equity related securities and debt securities Type of Security Maximum Minimum Risk
carry various risks such as inability to sell securities, trading volumes Allocation Allocation Profile
and settlement periods, interest rate risk, liquidity risk, default risk, to the to the
reinvestment risk etc. Whilst such risks cannot be eliminated, they Corpus (%) Corpus (%)
may be mitigated by diversication and hedging. Equity and equity related 100% 65% Medium
Further, the portfolio of the Scheme will be constructed in accordance instruments (including to High
with the investment restrictions specied under the Regulations equity derivative
which would help in mitigating certain risks relating to investments instruments)
in securities market. Debt and Money Market 35% 0% Low to
The Scheme may invest in equity derivatives instruments to the extent Instruments* medium
permitted under and in accordance with the applicable Regulations, * Investment in Securitized debt, if undertaken, would not exceed
including for the purposes of hedging, portfolio balancing and 35% of the net assets of the Scheme.
optimizing returns. Hedging does not mean maximization of returns
but only attempts to reduce systemic or market risk that may be The above asset allocation pattern is not absolute and can vary
inherent in the investment. depending upon the AMCs perception of the equity and money
markets as well as the general view on interest rates. The asset
For portfolio turnover policy, please refer paragraph Portfolio allocation pattern indicated above may thus be altered substantially
Turnover. on defensive considerations.
(f) Benchmark d) Where will the Scheme invest?
The performance of the Scheme will be benchmarked against S&P
Subject to the regulations, the corpus of the Scheme may be invested
BSE-100 Index.
in all or any one of (but not exclusively) the following securities:
L&TILCF is a diversied equity fund that aims to invest in growth
oriented companies. S&P BSE-100 is a predominantly large cap index Equity and equity related securities including preference shares,
and its composition broadly represents the Schemes investment convertible bonds and debentures and warrants carrying the
universe. As such, it is a suitable benchmark for comparing the right to obtain equity shares;
performance of the Scheme. Securities created and issued by the Central and State
(g) How has the Scheme Performed? Governments and/or repos/reverse repos/in such Government
Returns as on December 15, 2014 to coupon bearing bonds, zero coupon bonds and treasury
bills);
Compounded Annualised L&T India Large S&P
Returns Cap Fund BSE-100 Money market instruments as permitted by SEBI/RBI, having
Returns for last 1 year 27.48% 16.41% maturities of up to one year and more than one year, in call
money market or in alternative investment for the call money
Returns for last 5 years 13.94% 10.28% requirements;
Returns since inception 10.17% 5.84%
(October 23, 2007)
Returns for last 1 year (Direct Plan) 28.28% 16.41% Commercial Paper (CPs);
Returns since inception from 22.64% 15.63% Any other instruments/securities as may be permitted by RBI/
January 01, 2013 (Direct Plan) SEBI or such other regulatory bodies from time to time.
Absolute Returns
100.00 placed, secured, unsecured, rated or unrated and of any maturity.
80.00 The securities may be acquired through initial public offerings (IPOs),
60.00
secondary market operations, private placement, rights offers or
43.38 44.28 negotiated deals. All investments in securities whether privately
40.00 28.32 28.32 placed or otherwise will be in line with SEBI guidelines as applicable
20.18 20.95
17.88
17. 18.11 18.11 and the investment objectives and policies of the Scheme. Investment
20.00
8.55 3.59 6.84
0.00
FY 11-12 in unrated securities will be in accordance with SEBI guidelines as
FY 10-11 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 13-14 applicable
-20.00 -6.77 -9.23 Direct Plan Direct Plan
L&T India Large Cap Fund S&P BSE-100 When investments are made in Government Securities, such securities
may be supported by the ability to borrow from the treasury or
NAVs of Growth Option are used for calculation of returns. Returns supported only by sovereign guarantee or of the State Government
have been calculated on the face value of Rs. 10 per unit. Returns for or supported by GOI/State Government in some other way.
Past performance may or may not be sustained in the future. exceptional circumstances on defensive consideration modify/alter
the investment pattern/asset allocation the intent being to protect
Pursuant to change in fundamental attributes of the Scheme, the
the Net Asset Value of the Scheme and the interests of Unitholders
Benchmark of the Scheme was changed from S&P BSE-200 to S&P
without seeking consent of the Unitholders.
BSE-100 effective November 16, 2012.
49
e) Investment Strategy * CNX Nifty is not sponsored, endorsed, sold or promoted by India
Services & Products Limited (IISL). IISL is not responsible for any errors
The Scheme will invest primarily in companies that are engaged in
or omissions or the results obtained from the use of such index and
the area of infrastructure. The industries that fall under infrastructure
in no event shall IISL have any liability to any party for any damages
sector would broadly include Banking & Financial Services, Cement
or whatsoever nature (including lost prots) resulted to such party
& Cement Products, Capital Goods, Construction & related Industry,
due to purchase or sale or otherwise of such product benchmarked
Electrical & Electronic components, Energy, Engineering, Metals/
to such index.
Mining/Minerals, Housing, Oil & Gas and Allied Industries, Petroleum
& Related Industry, Ports, Power and Power Equipment, Telecom, However, the Schemes performance may not be strictly comparable
Transportation. The Scheme will also use derivative instruments such with the performance of the Index due to the inherent differences in
as Index/stock futures or options for portfolio rebalancing, hedging the construction of the portfolios.
and return optimization.
The Board of AMC and Trustee will review the performance of the
The Fund uses a system that it believes can assemble a portfolio Scheme in comparison to the benchmark. The Trustees reserve the
of securities that is style neutral and that consistently outperforms right to change the benchmark for evaluation of performance of
traditional strategies that focus on a single style, such as value or the Scheme from time to time in conformity with the Investment
growth. Since the Scheme is based on Infrastructure theme, the Fund objectives and appropriateness of the benchmark subject to SEBI
Manager will focus mainly on companies that offer an opportunity to Regulations, and other prevailing guidelines, as amended from time
participate in the growth of infrastructure sector. to time.
The aim would be to select fundamentally sound companies having g) How has the scheme performed?
potential to deliver superior earnings growth in the long run. The
fund manager would adopt both, Top-down and Bottom-up
approach for stock selection. Under Top down approach, the aim Compounded Annualised L&T Infrastructure CNX Nifty
would be to identify industries in the infrastructure sector that can Returns Fund
offer long-term growth. Under bottom-up approach, the aim would
be select companies with high protability and scalability supported
by sustainable competitive advantages. These companies will have Returns for last 3 years 25.21% 19.68%
along-term growth prospect and will be measured on earning Returns for last 5 years 8.44% 10.65%
potential. Returns since inception 1.20% 7.05%
The Benchmark Index will be CNX Nifty. (September 27, 2007)
The Scheme proposes to invest at least 65% of the corpus in equity,
equity-linked instruments and derivative instruments and may go
upto 100% of the corpus. The investment in debt and money market
instruments will be in the range of 0-35%. All investments made by Absolute Returns
100.00
the Scheme will be made in accordance with SEBI (Mutual Funds) FY 14-15
80.00
Regulations, 1996. FY 14-15 Direct Plan
60.00
The overall portfolio structuring would aim at controlling risk
40.00 FY 13-14
at moderate level. Security specic risk will be minimised by Direct Plan
20.00 11.14 FY 12-13 FY 13-14
investing only on those companies that have been thoroughly FY 11-12
researched in-house. Risk will also be managed through broad 0.00
-6.61 7.31 19.44 17.98 60.41 26.65 20.32 17.98 61.57
61. 26.65
-9.23 -6.09
diversication of the portfolios within the framework of the -20.00 FY 10-11 -14.00
Scheme investment objective and policies. -40.00 L&T Infrastructure Fund CNX Nifty
The AMC will follow a structured investment process in order -60.00
to identify the best securities for investment and has developed NAVs of Growth Option are used for calculation of returns. Returns
an internal research framework for consistently examining all have been calculated on the face value of Rs. 10 per unit. Returns for
securities which will focus on the follow key factors: less than one year are absolute returns.
Enduring business model Past performance may or may not be sustained in the future
Management quality h) Investment norms
Change in business fundamentals The cumulative gross exposure through Equity, Debt and Derivative
Valuation positions shall not exceed 100% of net assets of the Scheme.
Investment decisions are made by the Fund Manager of the However, following will not be considered while calculating the
Scheme. The Investment committee which also includes the Fund cumulative gross exposure:
Managers reviews all investments on a regular basis and also records a) Exposure due to hedging positions and
justication for the investments made and periodically reviews the
investments decisions and policies with the Chief Executive Ofcer. b) Exposure in Cash or cash equivalents with residual maturity of
The Board of Directors of the AMC and the Trustee Company review less than 91 days.
the performance of the Scheme vis--vis similar schemes of other The exposure to Derivatives will be calculated on notional value of
mutual funds. the derivative contracts. Further, exposure in Derivatives would be
f) Benchmark in accordance with conditions as may be stipulated by SEBI/RBI from
time to time.
The Benchmark for the Scheme is CNX Nifty Index*.
i) Change in investment pattern
The CNX Nifty is a well diversied 50 stock index accounting for
22 sectors of the economy. The CNX Nifty Index represents about Subject to the SEBI (Mutual Funds) Regulations, as amended from
68.03% of the free oat market capitalization of the stocks listed time to time the asset allocation pattern indicated above may
on NSE as on March 28, 2013. The total traded value for the last six change from time to time, depending on liquidity considerations
months ending March 2013 of all index constituents is approximately or on account of high levels of repurchase or redemptions relative
50.23% of the traded value of all stocks on the NSE. The said scheme to fund size, or upon considerations that optimise returns of the
will invest predominantly in large cap stocks and hence CNX Nifty is Scheme through investment opportunities or upon various defensive
suitable index for the Scheme. considerations including market conditions, market opportunities,
50
applicable regulations and political and economic factors. It must 4. Corporate bonds of public sector or private sector undertakings.
5. Debt obligation of banks (public or private sector) and nancial
indicative and not absolute. These proportions may vary substantially
institutions.
depending upon the perception of the AMC, the intention being
at all times to seek to protect the interests of the Unitholders. Such 6. Convertible debentures.
7. Money market instruments (which includes but is not limited
for defensive considerations. In addition, as part of the investment
to commercial papers, commercial bills, treasury bills, usance
process, the Investment Committee of the AMC will conduct a
bills, government securities having unexpired maturity upto one
periodic review of the asset allocation and may suggest rebalancing
year, certicates of deposit, bills rediscounting, CBLO, repo,
of the portfolio. Such changes in the investment pattern will be for
call money and any other like instruments as are or may be
short term and defensive considerations.
permitted under the Regulations and RBI from time to time.)
(ix) L&T INDIA VALUE FUND
8. Deposits of scheduled commercial banks as permitted under the
(a) Type of the Scheme extant Regulations.
An open-ended equity growth scheme 9. Securitised debt (asset backed securities, mortgage backed
(b) Investment objective securities, pass through certicates, collateralised debt
obligations or any other instruments as may be prevailing and
The investment objective of the Scheme is to generate long-term
permissible under the Regulations from time to time).
capital appreciation from a diversied portfolio of predominantly
equity and equity related securities, in the Indian markets with higher 10. Derivatives (which includes but is not limited to stock and index
focus on undervalued securities. The Scheme could also additionally futures or such other derivatives as are or may be permitted
invest in Foreign Securities in international markets. under the Regulations and RBI from time to time).
(c) Asset allocation pattern 11. Foreign Securities.
Under normal circumstances, it is anticipated that the asset allocation 12. ETFs (which includes but is not limited to ETFs that track an
for the Scheme shall be as follows: index, commodity or basket of assets).
Instruments Indicative allocation Risk Profile For the purpose of further diversication and liquidity, the Scheme
(% of net assets) may invest in other schemes managed by the same AMC or by the
Maximum Minimum asset management company of any other mutual fund without
Equity and equity related charging any fees on such investments, provided that aggregate
securities ^ inter-scheme investment made in all schemes managed by the same
AMC or in schemes managed by the AMC of any other mutual fund
Indian equity securities 100% 80% Medium to
shall not exceed 5% of the net asset value of the Mutual Fund and all
Foreign Securities including 10% 0% High
norms, as may, from time to time be laid down by SEBI in this regard,
overseas ETFs* (as are complied with. Such investments must also be commensurate
permitted by SEBI/RBI) with the investment objective as set out in paragraph Investment
Debt Securities**, Money 20% 0% Low to Objective.
market instruments, Cash Medium
and domestic ETFs* The Scheme may invest in various derivatives instruments including
futures (index and stock), options (index and stock) and forward
Încludes investments in equity derivatives. contracts which are available for investment in India from time to
*Investments in ETFs will be within the limits specied under the time and which are permissible as per the applicable Regulations.
Regulations from time to time. The Scheme may also invest in derivative instruments in international
markets as and when they are permissible as per the applicable
**including securitised debt Regulations. Investment in such instruments will be made in
Due to market conditions, the AMC may invest beyond the range set accordance with the investment objective and the strategy of the
out above. Such deviations shall normally be for a short term purpose Scheme and in accordance with the applicable Regulations, including
only, for defensive considerations and the intention being at all times for the purposes of hedging, portfolio balancing and optimizing
to protect the interests of the Unit Holders. In the event of deviations, returns.
rebalancing will normally be carried out within 30 Business Days. Initially the Scheme would invest only in stock and/or index futures.
For details regarding % investment under scrip lending please refer Investments in other equity derivative instruments may be done by
paragraph Scrip Lending by the Mutual Fund. the Scheme only once the Trustees are comfortable that the systems
for dealing, back ofce and accounting are in place for derivative
(d) Where will the Scheme invest ? instruments other than stock and/or index futures . Before
The Scheme will invest predominantly in equity and equity-related commencing the use of other equity derivative instruments, the
securities. Trustees will submit a separate conrmation to SEBI that the AMC
has the necessary systems for dealing, back ofce and accounting in
Subject to the Regulations and prevailing laws as applicable, the place for using other equity derivative instruments.
portfolio of the Scheme will consist of permissible securities, most
suitable to meet the investment objectives. The following is the list of The Scheme shall invest in Foreign Securities in accordance with
securities where the Scheme is likely to invest. requirements specied by SEBI and RBI from time to time.
1. Equity and equity related securities including equity warrants The above list is only indicative and the Mutual Fund/AMC reserve the
and compulsorily convertible instruments. right to change the same in the interest of the investors depending on
the market conditions, market opportunities, applicable regulations
2. Securities issued or guaranteed by Central Government, State and political and economic factors, but subject to the investment
Governments or local governments and/or repos/reverse repos/ objective as set out in paragraph Investment Objective.
ready forward contracts in such government securities as are or
may be permitted under the Regulations and RBI from time to All investments in the Scheme shall be made in accordance with the
time (including but not limited to coupon bearing bonds, zero Regulations and Guidelines issued by SEBI/RBI/any other Regulatory
coupon bonds and treasury bills). Authority. For applicable regulatory investment limits and other
restrictions in respect of the various investible securities, please refer
3. Securities issued (including debt obligations) by domestic paragraph Investment Restrictions.
government agencies and statutory bodies, which may or may
not be guaranteed by Central or State Government.
51
(e) Investment Strategy Absolute Returns

80 70.68 71.93
The Fund Managers would aim to identify undervalued stocks having
the potential to deliver long term superior risk-adjusted returns. 60
40 31.93 31.93
Undervalued stocks would include stocks which the Fund Managers 20.09 17.19 20.86 17.19
believe are trading at less than their assessed values. 20 00 8.15
88.00 10.10 6.03
FY 11-12
0
The identication of undervalued stocks would involve fundamental FY 10-11 -6.07 -9.28 FY 12-13 13
FY 13-14 1
FY 14-15 FY 13-14 FY 14-15
-20
analysis. It will be based on the evaluation of various factors including Direct Plan Direct Plan
but not limited to stock valuation, nancial strength, cash ows, L&T India Value Fund S&P BSE-200
companys competitive advantage, business prospects and earnings
potential. NAVs of Growth Option are used for calculation of returns. Returns
Risk Control
Investments in equity and equity related securities and debt securities
Past performance may or may not be sustained in the future
carry various risks such as inability to sell securities, trading volumes
and settlement periods, interest rate risk, liquidity risk, default (x) L&T INDIA PRUDENCE FUND
risk, reinvestment risk etc. Whilst such risks cannot be eliminated,
they may be mitigated by diversication and hedging. Further, the
portfolio of the Scheme will be constructed in accordance with the An open-ended equity growth fund.
investment restriction specied under the Regulations which would
help in mitigating certain risks relating to investments in securities
market. The investment objective of the Scheme is to seek to generate long-
term capital appreciation from a diversied portfolio of predominantly
Investments in derivatives
equity and equity related securities and to generate reasonable
Investment in derivatives will be made in accordance with the returns through a portfolio of debt and money market instruments.
investment objective and the strategy of the Scheme and in
accordance with the applicable Regulations, including for the
purposes of hedging, portfolio balancing and optimizing returns.
Hedging does not mean maximization of returns but only attempts to (c) Asset allocation pattern
reduce systemic or market risk that may be inherent in the investment.
The manner in which derivative investments may be utilised and the
for the Scheme shall be as follows:
benets thereof have been explained in this Scheme Information
Document. The various risks associated with investing in derivatives Instruments Indicative allocations Normal Risk
have been explained in paragraph Risk associated with investing in (% of net assets) Allocations (% Profile
derivatives. Any investments in derivatives will be undertaken after of net assets)
considering the risks as set out in the said paragraph. Maximum Minimum
Equity and Equity 75% 65% 70% Medium
Investments in ETFs related securities to High
The Scheme may also invest in ETFs to the extent permitted under Debt and Money 35% 25% 30% Low to
the applicable laws, including the SEBI Regulations and guidelines Market Instruments Medium
specied by RBI. Investment in ETFs will be made in accordance with including units of
the investment objective and the strategy of the Scheme for the debt/xed income
purposes of efcient portfolio management and optimizing return. schemes launched
by mutual funds
Investments in debt and money market instruments
registered
Investments in debt and money market instruments shall be made for with SEBI *
managing liquidity.
*includes investments in securitized debt up to 35% of net assets
For portfolio turnover policy, please refer paragraph Portfolio
The Scheme may, subject to applicable regulations from time to time,
Turnover.
invest in foreign securities up to 25% of its net assets.
(f) Benchmark
However, before commencing investments in foreign debt/xed
The benchmark against which the performance of the Scheme will be income securities, the AMC shall comply with the requirements
measured will be S&P BSE-200 Index. specied in its circular dated September 26, 2007 including
appointment of a dedicated fund manager for such investments.
S&P BSE-200 is a broad based index and its composition is
representative of the Schemes investment universe. As such, it is a The Scheme may invest in derivatives up to 100% of its net assets
suitable benchmark for comparing the performance of the Scheme. for efcient portfolio management including for the purpose of
hedging and portfolio balancing and optimizing returns to the extent
permitted under and in accordance with the applicable Regulation.
The cumulative gross exposure through Equity, Debt and Derivative
Compounded Annualised L&T India Value S&P positions will not exceed 100% of the net assets of a Scheme.
Returns Fund BSE-200 For details regarding % investment by the Scheme under scrip lending
Returns for last 1 year 41.07% 19.70% please refer paragraph Scrip Lending by the Mutual Fund.
Returns for last 3 years 33.99% 20.86% Due to market conditions, the AMC may invest beyond the range set
Returns for last 5 years 18.45% 10.43% out above. Such deviations shall normally be for a short term purpose
Returns since inception 17.65% 9.07% only, for defensive considerations and the intention being at all times
(January 08, 2010) to protect the interests of the Unit Holders. In the event of deviations,
Returns for last 1 year 42.12% 19.70% rebalancing will normally be carried out within 30 Business Days.
(Direct Plan) (d) Where will the Scheme invest?
Returns since inception from 33.04% 16.51% The corpus of the Scheme will be predominantly invested in equity
January 01, 2013 (Direct Plan) and equity related securities and a portion of the net assets will be
52
invested in debt and money market instruments. The above list is only indicative and the Mutual Fund/AMC reserve the
Subject to the Regulations and prevailing laws as applicable, the right to change the same in the interest of the investors depending on
portfolio of the Scheme will consist of permissible securities, most the market conditions, market opportunities, applicable regulations
suitable to meet the investment objectives of the Scheme. The and political and economic factors, but subject to the investment
following is the list of securities where the Scheme is likely to invest. objective as set out in paragraph Investment Objective.
1. Equity and equity related securities including equity warrants (e) Investment Strategy
and compulsorily convertible instruments. Investments in equity and equity related instruments:
2. Securities issued or guaranteed by Central Government, State The Fund Manager(s) will focus primarily on bottom-up stock picking
Governments or local governments and/or repos/reverse repos/ as opposed to a top-down approach. The Fund Manager(s) will
ready forward contracts in such government securities as are or generally aim to identify stocks which as per the Fund Managers
may be permitted under the Regulations and RBI from time to belief are sound, but which are mispriced. The Fund Manager(s)
time (including but not limited to coupon bearing bonds, zero does this by analyzing a companys business model and nancial
coupon bonds and treasury bills). parameters, valuations and business expectations.
3. Securities issued (including debt obligations) by domestic Investments in debt and money market instruments:
not be guaranteed by Central or State Government. The portfolio will be constructed and managed to generate returns to
match the investment objective and to maintain adequate liquidity to
4. Corporate bonds of public sector or private sector undertakings. accommodate funds movement. Capital appreciation opportunities
5. Debt obligation of banks (public or private sector) and nancial could be explored by extending credit and duration exposure.
institutions. The fund management team will take an active view of the interest
6. Convertible debentures. rate movement supported by quantitative research, to include various
7. Money market instruments (which includes but is not limited parameters of the Indian economy, as well as developments in global
to commercial papers, commercial bills, treasury bills, usance markets. Investment views/decisions will be a combination of credit
bills, government securities having unexpired maturity upto one analysis of individual exposures and analysis of macro economic
year, certicates of deposit, bills rediscounting, CBLO, repo, factors to estimate the direction of interest rates and level of liquidity
call money and any other like instruments as are or may be and will be taken, inter alia, on the basis of the following parameters:
permitted under the Regulations and RBI from time to time.) 1. Prevailing interest rate scenario
8. Deposits of scheduled commercial banks as permitted under the 2. Returns offered relative to alternative investment opportunities.
extant Regulations.
3. Quality of the security/instrument (including the nancial health
9. Securitised debt (asset backed securities, mortgage backed of the issuer)
securities, pass through certicates, collateralised debt
4. Maturity prole of the instrument
permissible under the Regulations from time to time). 5. Liquidity of the security
10. Foreign Securities. 6. Any other factors considered relevant in the opinion of the fund
management team.
11. Debt/xed income schemes launched by mutual funds registered
with SEBI (subject to limit specied under the Regulations). The fund management team, supported by credit research group will
12. Overseas mutual fund units which are permissible under the generally adopt a bottom-up approach for securities identication
Regulations or by any other regulatory body. to optimise the risk adjusted returns on the diversied portfolio.
The credit quality of the portfolio will be maintained and monitored
13. Any other domestic or any other international instrument as using the in-house research capabilities as well as the inputs from
may be permitted under the Regulations or any other regulatory the independent credit rating agencies. The bottom-up approach for
body from time to time. credit issuer and security selection will be complemented by a top-
14. Derivatives (which includes but is not limited to interest rate down view for overall duration and credit allocation decisions.
derivatives, currency derivatives, credit derivatives, forward rate Investments in derivatives:
agreements, stock and index futures or such other derivatives
as are or may be permitted under the Regulations and RBI from Investment in derivatives will be made in accordance with the
time to time). investment objective and the strategy of the Scheme and in accordance
with the applicable Regulations, for efcient portfolio management
For the purpose of further diversication and liquidity, the Scheme including for the purpose of hedging and portfolio balancing and
may invest in other schemes managed by the same AMC or by the optimizing returns to the extent permitted under and in accordance
asset management company of any other mutual fund without with the applicable Regulations. However, investments in interest
charging any fees on such investments, provided that aggregate rate swaps shall be done only for the purposes of hedging and shall
inter-scheme investment made in all schemes managed by the same be in terms of requirements specied by SEBI and/or RBI from time
AMC or in schemes managed by the AMC of any other mutual fund to time. Hedging does not mean maximization of returns but only
shall not exceed 5% of the net asset value of the Mutual Fund and all attempts to reduce systemic or market risk that may be inherent in
norms, as may, from time to time be laid down by SEBI in this regard, the investment. The manner in which derivative investments may be
are complied with. Such investments must also be commensurate utilised and the benets thereof have been explained in this Scheme
with the investment objective as set out in paragraph Investment Information Document. The various risks associated with investing
Objective. in derivatives have been explained in paragraph Risk associated
Currently, the Scheme is permitted to invest only in stock and/or with investing in derivatives above. Any investments in derivatives
index futures. Investments in other equity derivative instruments will be undertaken after considering the risks as set out in the said
may be done by the Scheme only once the Trustees are comfortable paragraph.
that the systems for dealing, back ofce and accounting are in place Investments in foreign securities:
for derivative instruments other than stock and/or index futures.
However, in terms of SEBI Regulations, the Scheme cannot write The Scheme may also invest in foreign securities for diversication as
options or purchase instruments with embedded options. Before permitted under the applicable laws, including the SEBI Regulations.
commencing the use of other equity derivative instruments, the The investments of the Scheme in foreign securities will be restricted
Trustees will submit a separate conrmation to SEBI that the AMC to 25% of the net assets of the Scheme. The various risks associated
has the necessary systems for dealing, back ofce and accounting in with investing in foreign securities have been explained at paragraph
place for using other equity derivative instruments. Risk associated with investing in foreign securities/overseas
investments/offshore securities above. Any investments in foreign
53
securities will only be undertaken after considering the risks as set out mitigation measure. A detailed nancial risk assessment of the
at paragraph Risks associated with investing in foreign securities/ issuer/originator will be carried out by identifying the nancial
overseas investments/offshore securities above. The Scheme may, risks specic to the issuer/originator including assessment of the
where necessary, appoint other intermediaries of repute as advisors, issuers nancial statements.
custodian/sub-custodians etc. for managing and administering Also the following critical evaluation parameters would be considered
such investments in overseas securities. The appointment of such by the Fund Manager/the credit research team:
intermediaries shall be in accordance with the applicable Regulations
and payments will be within the permissible ceilings on expenses. High default track record/frequent alteration of redemption
conditions/covenants
Risk Control
High leverage ratios of the ultimate borrower (for single-sell
Investments in equity and equity related instruments and debt and downs) both on a standalone basis as well on a consolidated
money market instruments carry various risks such as inability to level/group level
sell securities, trading volumes and settlement periods, interest rate
risk, liquidity risk, default risk, reinvestment risk etc. Whilst such risks Higher proportion of reschedulement of underlying assets of the
cannot be eliminated, they may be mitigated by diversication and pool or loan, as the case may be
hedging. Higher proportion of overdue assets of the pool or the underlying
loan, as the case may be
Investments in securitised debt:
Poor corporate governance
The various asset classes which are generally available for securitisation
in India are: Insufcient track record of servicing of the pool or the loan, as
the case may be.
Commercial Vehicles
After the evaluation of the aforesaid parameters at the time of
Construction equipments investment, the monitoring of investments in securitised debt is done
Auto and two wheeler pools on regular intervals by the credit team and in case of any major event,
Mortgage pools the assessment of the critical evaluation parameters is done again.
Personal loan, credit cards and other retail loans The underlying assets in securitised debt may assume different forms
Micro nance loans and the general types of receivables include auto nance, credit
cards, home loans or any such receipts. Credit risks relating to such
Corporate loans/receivables receivables depend upon various factors, including macro-economic
As and when new asset classes of securitised debt are introduced, factors of these industries and economies. Further, specic factors
the investments in such instruments will be evaluated on a case by like the nature and adequacy of property mortgaged against these
case basis. borrowings, the nature of loan agreement/mortgage deed in case
The dedicated credit research team which supports the Fund of home loans, adequacy of documentation in case of auto nance
Manager will generally adopt a bottom-up approach while assessing and home loans, capacity of a borrower to meet his obligations on
the originator and will consider various factors for the purpose of borrowings in case of credit cards and intentions of the borrower
identication of the securitised debt to which the Scheme could take also inuence the risks relating to asset borrowings underlying
exposure which will include prole of the issuer/originator, nature of securitised debt. Additionally, the nature of the asset borrowings
asset class, analysis of underlying loan portfolio, seasoning of loans, underlying the securitised debt also inuences the underlying risk, for
geographical distribution of loans, coverage provided by credit- instance while residential mortgages tend to have lower default rates,
cum-liquidity enhancements, pre-payment risks (if any), assessment repossession and recovery is easier in case of commercial vehicles.
of credit risk associated with the underlying borrower and other Credit rating agencies take into account a series of such factors and
associated risks. follow an elaborate system involving stipulation of margins, over-
collateralisation and guarantees to provide a rating for securitised
Investments in securitised debt will be done in accordance with the debt.
overall investment objective and the risk prole of the Scheme and
will primarily be for the purposes of achieving portfolio diversication Risks associated with investments in securitised debt:
and optimising returns. Securitisation enables end investors to obtain Risk due to prepayment: In case of securitised debt, changes in
exposure to large number of smaller size retail loans, which can help market interest rates and pre-payments may not change the absolute
diversify idiosyncratic risk. Carefully created portfolio of good quality amount of receivables for the investors but may have an impact on
loans, combined with adequate credit enhancements can, from the re-investment of the periodic cash ows that an investor receives
time to time, provide good risk-adjusted investment opportunities on securitised papers.
for the investing scheme. It must be noted that the securitised debt
In the event of pre-payment of the underlying debt, investors may be
instruments are relatively less liquid in the secondary market, but the
exposed to changes in tenor and yield.
Scheme has an exit load which will provide adequate exibility to the
Scheme to prudently manage liquidity risks while investing in such Liquidity Risk: Presently, despite recent legal developments
instruments. The various disclosures with respect to securitised debt permitting the listing of securitised debt instruments, the secondary
made in this Scheme Information Document will help the investors to market for securitised debt in India is not very liquid. Even if a more
assess and understand the risks which the Scheme will be subject to liquid market develops in the future, secondary transactions in such
as a result of investments in securitised debt. instruments may be at a discount to initial issue price due to changes
The issuer/originator will be evaluated based on various parameters in the interest rate structure.
including but not limited to - Limited Recourse and Credit Risk: Certicates issued on
track record - the Fund Manager will generally consider investing investment in securitised debt represent a benecial interest in the
in securitised debt wherein the originators/its parents normally underlying receivables and there is no obligation on the issuer, seller
have a track record of at least 2 years.In conjunction with the or the originator in that regard. Defaults on the underlying loan can
track record, other relevant factors which will be considered are adversely affect the pay outs to the investors and thereby, adversely
level of credit enhancement, support from the parent and the affect the NAV of the Scheme. While it is possible to repossess and sell
ownership structure of the securitization vehicle. the underlying asset, various factors can delay or prevent repossession
and the price obtained on sale of such assets may be low.
the willingness and ability to pay For transactions with recourse
to the originator, internal credit assessment of the originator Bankruptcy Risk: If the originator of securitised debt instruments in
would play a crucial role in determining the willingness and which the Scheme invests is subject to bankruptcy proceedings and
ability to pay. For transactions without recourse to the originator, the court in such proceedings concludes that the sale of the assets
credit enhancement facilities in the form of cash collateral, such from originator to the trust was not a true sale, then the Scheme
as xed deposits, bank guarantee etc. could be obtained as a risk could experience losses or delays in the payments due. Normally, care
54
is taken in structuring the securitization transaction so as to minimize mortgages/home loan. The various factors which will be usually
the risk of the sale to the trust not being construed as a true sale. considered while making investments in such type of securities
include issuer prole of the issuer, quality of underlying portfolio,
seasoning of loans, coverage provided by credit-cum-liquidity
normally deposit all payments received from the obligors into a
enhancements and prepayment risks.
collection account. However, there could be a time gap between
collection by a servicer and depositing the same into the collection C) Single loan securitization, where the underlying asset comprises
account. In this interim period, collections from the loan agreements of loans issued by a bank/non-banking nance company.
by the servicer may not be segregated from other funds of the The factor which will be usually considered while making
servicer. If the servicer fails to remit such funds due to investors, investments in such type of securities include assessment of
investors in the Scheme may be exposed to a potential loss. credit risk associated with the underlying borrower as well as
the originator. The credit research team will perform a detailed
Risk Mitigation:
review of the underlying borrower prior to making investments.
Investments in securitised debt will be done based on the assessment
The Fund Manager will invest in securitised debt which are rated
of the originator and the securitised debt which is carried out by
investment grade and above by a credit rating agency recognised
the credit research team based on the in-house research capabilities
by SEBI.
as well as the inputs from the independent credit rating agencies.
Further, the AMC has appointed investment committee for the While the risks mentioned above cannot be eliminated completely,
debt/xed income schemes which meets periodically to review the they may be minimized by considering the diversication of the
investments made by the Scheme including securitised debt. underlying assets and credit and liquidity enhancements. Further,
investments in securitised debt will be done in accordance with the
In order to mitigate the risk at the issuer/originator level the credit
investment restrictions specied under the Regulations/this Scheme
team will consider various factors which will include- size and reach
Information Document which would help in mitigating certain
of the issuer/originator;
risks. Currently, as per the Regulations, the Scheme cannot invest
collection process; more than 15% of its net assets in debt instruments (irrespective of
the infrastructure and follow up mechanism; residual maturity) issued by a single issuer which are rated not below
investment grade by a credit rating agency authorised to carry out
the quality of information disseminated by the issuer/originator; such activity under the Act. Such investment limit may be extended
and to 20% of the net assets of the Scheme with the prior approval of
the credit enhancement for different types of issuer/originator. the Board of Trustees and the Board of the AMC.
The examples of securitized assets which may be considered for In addition, a detailed review and assessment of the ratings of
investment by the Scheme and the various parameters which will be the securitised debt will also be carried out which could include
considered include; interactions with the issuer/originator and the rating agency.
A) Asset backed securities issued by banks or non-banking nance The rating agency would normally take in to consideration the
companies. Underlying assets may include receivables from following factors while rating a securitised debt:
loans against cars, commercial vehicles, construction equipment
or unsecured loans such as personal loans, consumer durable Credit risk at the asset/originator/portfolio/pool level
loans. The various factors which will be usually considered while Various market risks like interest rate risk, macro economic risks
making investments in such type of securities include prole of Counterparty risk
the issuer, analysis of underlying loan portfolio nature of asset
Legal risks
class, seasoning of loans, geographical distribution of loans and
coverage provided by credit-cum-liquidity enhancements. Assessment of risks related to business for example outlook for
the economy, outlook for the industry and factors specic to the
B) Mortgage backed securities issued by banks or housing issuer/originator.
nance companies, where underlying assets are comprised of
The framework which will generally be applied by the Fund Manager while evaluating the investment decision with respect to securitised debt
will be as follows:
Characteristics/Type of Mortgage Commercial Car 2 wheelers Micro Personal Single loan Others
Pool Loan Vehicle and Finance Loans Sell Downs
Construction Pools
Equipment
Approximate Average matu- 6 months to 3 months to 60 3 months to 3 months to 36 1 month to 3 months to 1 month to
rity (in Months) 120 months months 60 months months 12 months 12 months 120 months
Collateral margin (includ- In excess of In excess of 5% In excess of In excess of 5% In excess of In excess of Case by case
ing cash, guarantees, excess 3% 5% 10% 10% basis
interest spread, subordinate As and when new asset
tranche) classes of securitised debt are
Average Loan to Value Ratio 95% or lower 90% or lower 90% or 90% or lower Unsecured Unsecured Case by case introduced, the investments
lower basis in such instruments will be
evaluated on a case by case
Average seasoning of the Minimum 3 Minimum 3 Minimum 3 Minimum 3 Minimum 2 Minimum 3 Case by case basis.
Pool months months months months months months basis
Maximum single exposure < 2.5% < 1% < 1% < 1% <0.5% <0.5% Not Appli-
range * cable
Average single exposure < 1% < 0.5% < 0.5% < 0.5% < 0.25% < 0.25% Not Appli-
range %* cable
*denotes % of a single ticket/loan size to the overall assets in the securitised pool.
Note: The information illustrated in the table above is based on current scenario relating to securitised debt market and is subject to change
depending upon the change in the related factors.
55
In addition to the framework stated in the table above, in order to of credit enhancement shall be conducted and ratings shall be
mitigate the risks associated with the underlying assets where the monitored accordingly.
diversication is less, at the time of investment the credit team could
consider various factors including but not limited to- For legal and technical assistance with regard to the documentation
of securitised debt instruments, the team can make use of resources
Size of the loan - the size of each loan is generally analysed on a within the internal legal team and if required take help of our external
sample basis and an analysis of the static pool of the originator is legal counsel as well.
undertaken to ensure that the same matches with the static pool
characteristics. It also indicates whether there is high reliance on (f) Benchmark
very small ticket size borrower which could result in delayed and The benchmark against which the performance of the Scheme will be
expensive recoveries. measured will be 70% - S&P BSE-200 Index and 30% - CRISIL Short
Average original maturity of the pool of underlying assets - Term Bond Fund Index.
the analysis of average maturity of the pool is undertaken to S&P BSE-200 is a broad based index and its composition is
evaluate whether the tenor of the loans are generally in line representative of the Schemes investment universe. As such, it is a
with the average loans in the respective industry and repayment suitable benchmark for comparing the performance of the Scheme.
capacity of the borrower.
CRISIL Short-Term Bond Fund Index is an index to track the return of
Loan to value ratio, average seasoning of the pool of underlying short-term funds based on their asset allocation pattern on a rolling
assets - these parameters would be evaluated based on the asset three-month average
class as mentioned in the table above.
The customized benchmark will be used to have meaningful
Default rate distribution - the credit team generally ensures that comparison with the performance of the Scheme, which would
all the contracts in the pool are current to ensure zero default generally be investing in equity and equity related instruments and
rate distribution. debt and money markets instruments.
Geographical distribution - the analysis of geographical (g) How has the Scheme Performed?
distribution of the pool is undertaken to ensure prevention of
concentration risk. Returns as on December 15, 2014
Credit enhancement facility - credit enhancement facilities in the Compounded Annualised L&T India Benchmark^
form of cash collateral, such as xed deposits, bank guarantee Returns Prudence Fund
etc. could be obtained as a risk mitigation measure. Returns for last 1 year 31.95% 16.88%
Liquid facility - these parameters will be evaluated based on the Returns for last 3 years 25.95% 17.33%
asset class as mentioned in the table above. Returns for last 5 years NA NA
Structure of the pool of underlying assets - The structure of the (February 07, 2011)
pool of underlying assets would be either single asset class or Returns for last 1 year (Direct Plan) 33.17% 16.88%
combination of various asset classes as mentioned in the table
above. We could add new asset class depending upon the
01, 2013 (Direct Plan)
securitisation structure and changes in market acceptability of
asset classes. Absolute Returns
50 45.83 47.22
Under normal market conditions, the minimum retention period of 40
the debt by the originator prior to securitisation and the minimum 30 25.67 25.67
21.86 23.01
retention percentage by originator of debts to be securitised which
20 14.59 14.59
will be considered by the Fund Manager will be 2- 3 months and
10 5.25 8.48 6.38
3% -10% respectively, depending on the asset class. However, in 2.60 FY 11-12
case standard guidelines are issued by the Reserve Bank of India 0
FY 10-11* -2.52 -4.34 FY 12-13 FY 13-14 FY 14-15 FY 113-14 FY 114-15
on securitisation, then the minimum retention period of the debt -10 Direc
Direc
by the originator prior to securitisation and the minimum retention L&T India Prudence Fund Benchmark^
percentage by originator of debts to be securitised shall be as
*from inception (February 07, 2011) to March 31, 2011
specied in the RBI guidelines. ^70% - S&P BSE-200 Index and 30% - CRISIL Short Term Bond Fund Index
There is a dedicated credit research team which supports the Fund
Manager in taking investments decisions. NAVs of Growth Option are used for calculation of returns. Returns
Investments by the Scheme in any security are done after detailed less than one year are absolute returns.
analysis by the credit research team and in accordance with the
investment objectives and the asset allocation pattern of a Scheme. All Past performance may or may not be sustained in the future.
investments are made on an arms length basis without consideration
^L&TIPF is benchmarked to a custom benchmark created by assigning
of any investments (existing/potential) in the Schemes made by any
70% weight to S&P BSE-200 Index and 30% CRISIL Short Term Bond
party related/involved in the transaction. The robust credit process
Fund Index
ensures that there is no conict of interests when a Scheme invests
in securitised debt of an originator and the originator in turn makes (xi) L&T INDIA EQUITY AND GOLD FUND
investments in that particular Scheme.
The resources for and mechanisms of individual risk assessment with
the AMC for monitoring investment in securitized debt are as follows: An open-ended equity growth fund.
Team dedicated to credit analysis. Currently, the AMC has credit (b) Investment objective
analysts, who are responsible for credit research and monitoring, The investment objective of the Scheme is to seek to generate long-
for all exposures including securitised debt. Depending upon term capital appreciation from a diversied portfolio of predominantly
the asset class that is securitized a dedicated analyst would be equity and equity related securities and to generate reasonable
responsible for each individual securitised debt investment. returns through a portfolio of debt and money market instruments.
Ratings are monitored for any movement Based on the The Scheme will also additionally invest in domestic Gold ETFs.
cashow report and analyst view, periodic review of utilization There is no assurance that the objective of the Scheme will be realised
56
(c) Asset allocation pattern 6. Convertible debentures.

Under normal circumstances, it is anticipated that the asset allocation 7. Money market instruments (which includes but is not limited
for the Scheme shall be as follows: to commercial papers, commercial bills, treasury bills, usance
Instruments Indicative allocations Normal Risk year, certicates of deposit, bills rediscounting, CBLO, repo,
(% of net assets) Allocations (% Profile call money and any other like instruments as are or may be
Maximum Minimum of net assets) permitted under the Regulations and RBI from time to time.)
Equity and 90% 65% 70% Medium 8. Deposits of scheduled commercial banks as permitted under the
Equity related to High extant Regulations.
securities 9. Securitised debt (asset backed securities, mortgage backed
Gold ETFs @ 25% 10% 20% Medium securities, pass through certicates, collateralised debt
to High obligations or any other instruments as may be prevailing and
Debt and 10% 0% 10% Low to permissible under the Regulations from time to time).
Money Market Medium 10. Foreign Securities.
Instruments 11. Debt/xed income schemes launched by mutual funds registered
including with SEBI (subject to limit specied under the Regulations).
units of debt/
xed income 12. Overseas mutual fund units which are permissible under the
schemes Regulations or by any other regulatory body.
launched by 13. Any other domestic or any other international instrument as
mutual funds may be permitted under the Regulations or any other regulatory
registered with body from time to time.
SEBI * 14. Derivatives (which includes but is not limited to interest rate
@Investments shall be made in Gold ETFs launched/registered in India derivatives, currency derivatives, credit derivatives, forward rate
and it shall be within the limits specied under the Regulations from agreements, stock and index futures or such other derivatives
time to time. as are or may be permitted under the Regulations and RBI from
time to time).
*includes investments in securitized debt up to 10% of net assets
Additionally, the Scheme will also make investments in Gold ETFs
launched/registered in India.
invest in foreign securities up to 25% of its net assets.
However, before commencing investments in foreign debt/xed
income securities, the AMC shall comply with the requirements
asset management company of any other mutual fund without
specied in its circular dated September 26, 2007 including
charging any fees on such investments, provided that aggregate
appointment of a dedicated fund manager for such investments.
The Scheme may invest in derivatives up to 100% of its net assets AMC or in schemes managed by the AMC of any other mutual fund
for efcient portfolio management including for the purpose of shall not exceed 5% of the net asset value of the Mutual Fund and all
hedging and portfolio balancing and optimizing returns to the extent norms, as may, from time to time be laid down by SEBI in this regard,
permitted under and in accordance with the applicable Regulation. are complied with. Such investments must also be commensurate
The cumulative gross exposure through Equity, Debt and Derivative with the investment objective as set out in paragraph Investment
positions will not exceed 100% of the net assets of the Scheme. Objective.
For details regarding % investment under scrip lending please refer Currently, the Scheme is permitted to invest only in stock and/or
paragraph Scrip Lending by the Mutual Fund. index futures. Investments in other equity derivative instruments
Due to market conditions, the AMC may invest beyond the range set may be done by the Scheme only once the Trustees are comfortable
out above. Such deviations shall normally be for a short term purpose that the systems for dealing, back ofce and accounting are in place
only, for defensive considerations and the intention being at all times for derivative instruments other than stock and/or index futures.
to protect the interests of the Unit Holders. In the event of deviations, However, in terms of SEBI Regulations, the Scheme cannot write
rebalancing will normally be carried out within 30 Business Days. options or purchase instruments with embedded options. Before
commencing the use of other equity derivative instruments, the
(d) Where will the Scheme invest? Trustees will submit a separate conrmation to SEBI that the AMC
The corpus of the Scheme will be predominantly invested in equity has the necessary systems for dealing, back ofce and accounting in
and equity related securities and a portion of the net assets will be place for using other equity derivative instruments.
invested in debt and money market instruments. The above list is only indicative and the Mutual Fund/AMC reserve the
Subject to the Regulations and prevailing laws as applicable, the right to change the same in the interest of the investors depending on
portfolio of the Scheme will consist of permissible securities, most the market conditions, market opportunities, applicable regulations
suitable to meet the investment objectives of the Scheme. The and political and economic factors, but subject to the investment
following is the list of securities where the Scheme is likely to invest. objective as set out in paragraph Investment Objective.
1. Equity and equity related securities including equity warrants (e) Investment Strategy
and compulsorily convertible instruments. Investments in equity and equity related instruments:
2. Securities issued or guaranteed by Central Government, State The Fund Manager(s) will focus primarily on bottom-up stock picking
Governments or local governments and/or repos/reverse repos/ as opposed to a top-down approach. The Fund Manager(s) will
ready forward contracts in such government securities as are or generally aim to identify stocks which as per the Fund Managers
may be permitted under the Regulations and RBI from time to belief are sound, but which are mispriced. The Fund Manager(s)
time (including but not limited to coupon bearing bonds, zero does this by analyzing a companys business model and nancial
coupon bonds and treasury bills). parameters, valuations and business expectations.
3. Securities issued (including debt obligations) by domestic Investments in debt and money market instruments:
not be guaranteed by Central or State Government. The portfolio will be constructed and managed to generate returns to
match the investment objective and to maintain adequate liquidity to
4. Corporate bonds of public sector or private sector undertakings. accommodate funds movement. Capital appreciation opportunities
5. Debt obligation of banks (public or private sector) and nancial could be explored by extending credit and duration exposure.
institutions.
57
The fund management team will take an active view of the interest cannot be eliminated, they may be mitigated by diversication and
rate movement supported by quantitative research, to include various hedging.
parameters of the Indian economy, as well as developments in global Investments in securitised debt:
markets. Investment views/decisions will be a combination of credit
analysis of individual exposures and analysis of macro economic The various asset classes which are generally available for securitisation
factors to estimate the direction of interest rates and level of liquidity in India are:
and will be taken, inter alia, on the basis of the following parameters: Commercial Vehicles
1. Prevailing interest rate scenario Construction equipments
2. Returns offered relative to alternative investment opportunities. Auto and two wheeler pools
3. Quality of the security/instrument (including the nancial health Mortgage pools
of the issuer) Personal loan, credit cards and other retail loans
4. Maturity prole of the instrument Micro nance loans
5. Liquidity of the security Corporate loans/receivables
6. Any other factors considered relevant in the opinion of the fund As and when new asset classes of securitised debt are introduced,
management team. the investments in such instruments will be evaluated on a case by
The fund management team, supported by credit research group will case basis.
generally adopt a bottom-up approach for securities identication to The dedicated credit research team which supports the Fund
optimise the risk adjusted returns on the diversied portfolio. The Manager will generally adopt a bottom-up approach while assessing
credit quality of the portfolio will be maintained and monitored the originator and will consider various factors for the purpose of
using the in-house research capabilities as well as the inputs from identication of the securitised debt to which the Scheme could take
the independent credit rating agencies. The bottom-up approach for exposure which will include prole of the issuer/originator, nature of
credit issuer and security selection will be complemented by a top- asset class, analysis of underlying loan portfolio, seasoning of loans,
down view for overall duration and credit allocation decisions. geographical distribution of loans, coverage provided by credit-
Investments in Gold ETFs: cum-liquidity enhancements, pre-payment risks (if any), assessment
The Scheme will also invest in Gold ETFs launched/registered in India of credit risk associated with the underlying borrower and other
to the extent permitted under the applicable laws, including the associated risks.
SEBI Regulations and guidelines specied by RBI. Investment in Gold Investments in securitised debt will be done in accordance with the
ETFs will be made in accordance with the investment objective and overall investment objective and the risk prole of the Scheme and
the strategy of the Scheme for the purposes of efcient portfolio will primarily be for the purposes of achieving portfolio diversication
management and optimizing return. and optimising returns. Securitisation enables end investors to obtain
Investments in derivatives: exposure to large number of smaller size retail loans, which can help
diversify idiosyncratic risk. Carefully created portfolio of good quality
Investment in derivatives will be made in accordance with the loans, combined with adequate credit enhancements can, from
investment objective and the strategy of the Scheme and in accordance time to time, provide good risk-adjusted investment opportunities
with the applicable Regulations, for efcient portfolio management for the investing scheme. It must be noted that the securitised debt
including for the purpose of hedging and portfolio balancing and instruments are relatively less liquid in the secondary market, but the
optimizing returns to the extent permitted under and in accordance Scheme has an exit load which will provide adequate exibility to the
with the applicable Regulations. However, investments in interest Scheme to prudently manage liquidity risks while investing in such
rate swaps shall be done only for the purposes of hedging and shall instruments. The various disclosures with respect to securitised debt
be in terms of requirements specied by SEBI and/or RBI from time made in this Scheme Information Document will help the investors to
to time. Hedging does not mean maximization of returns but only assess and understand the risks which the Scheme will be subject to
attempts to reduce systemic or market risk that may be inherent in as a result of investments in securitised debt.
the investment. The manner in which derivative investments may be
utilised and the benets thereof have been explained in this Scheme The issuer/originator will be evaluated based on various parameters
Information Document. The various risks associated with investing including but not limited to -
in derivatives have been explained in paragraph Risk associated track record - the Fund Manager will generally consider investing
with investing in derivatives above. Any investments in derivatives in securitised debt wherein the originators/its parents normally
will be undertaken after considering the risks as set out in the said have a track record of at least 2 years.In conjunction with the
paragraph. track record, other relevant factors which will be considered are
Investments in foreign securities: level of credit enhancement, support from the parent and the
ownership structure of the securitization vehicle.
The Scheme will also invest in foreign securities for diversication as
permitted under the applicable laws, including the SEBI Regulations. the willingness and ability to pay For transactions with recourse
The investments of the Scheme in foreign securities will be restricted to the originator, internal credit assessment of the originator
to 25% of the net assets of the Scheme. The various risks associated would play a crucial role in determining the willingness and
with investing in foreign securities have been explained at paragraph ability to pay. For transactions without recourse to the originator,
Risk associated with investing in foreign securities/overseas credit enhancement facilities in the form of cash collateral, such
investments/offshore securities above. Any investments in foreign as xed deposits, bank guarantee etc. could be obtained as a risk
securities will only be undertaken after considering the risks as set out mitigation measure. A detailed nancial risk assessment of the
at paragraph Risks associated with investing in foreign securities/ issuer/originator will be carried out by identifying the nancial
overseas investments/offshore securities above. The Scheme may, risks specic to the issuer/originator including assessment of the
where necessary, appoint other intermediaries of repute as advisors, issuers nancial statements.
custodian/sub-custodians etc. for managing and administering Also the following critical evaluation parameters would be considered
such investments in overseas securities. The appointment of such by the Fund Manager/the credit research team:
intermediaries shall be in accordance with the applicable Regulations High default track record/frequent alteration of redemption
and payments will be within the permissible ceilings on expenses. conditions/covenants
Risk Control High leverage ratios of the ultimate borrower (for single-sell
Investments in equity and equity related instruments and debt and downs) both on a standalone basis as well on a consolidated
money market instruments carry various risks such as inability to level/group level
sell securities, trading volumes and settlement periods, interest rate Higher proportion of reschedulement of underlying assets of the
risk, liquidity risk, default risk, reinvestment risk etc. Whilst such risks pool or loan, as the case may be
58
Higher proportion of overdue assets of the pool or the underlying as well as the inputs from the independent credit rating agencies.
loan, as the case may be Further, the AMC has appointed investment committee for the
Poor corporate governance debt/xed income schemes which meets periodically to review the
investments made by the Scheme including securitised debt.
Insufcient track record of servicing of the pool or the loan, as
the case may be. In order to mitigate the risk at the issuer/originator level the credit
team will consider various factors which will include-
After the evaluation of the aforesaid parameters at the time of
investment, the monitoring of investments in securitised debt is done size and reach of the issuer/originator;
on regular intervals by the credit team and in case of any major event, collection process;
the assessment of the critical evaluation parameters is done again. the infrastructure and follow up mechanism;
The underlying assets in securitised debt may assume different forms the quality of information disseminated by the issuer/originator;
and the general types of receivables include auto nance, credit and
receivables depend upon various factors, including macro-economic the credit enhancement for different types of issuer/originator.
factors of these industries and economies. Further, specic factors The examples of securitized assets which may be considered for
like the nature and adequacy of property mortgaged against these investment by the Scheme and the various parameters which will be
borrowings, the nature of loan agreement/mortgage deed in case considered include;
of home loans, adequacy of documentation in case of auto nance A) Asset backed securities issued by banks or non-banking
and home loans, capacity of a borrower to meet his obligations on nance companies. Underlying assets may include receivables from
borrowings in case of credit cards and intentions of the borrower also loans against cars, commercial vehicles, construction equipment or
inuence the risks relating to asset borrowings underlying securitised unsecured loans such as personal loans, consumer durable loans.
debt. Additionally, the nature of the asset borrowings underlying The various factors which will be usually considered while making
the securitised debt also inuences the underlying risk, for instance investments in such type of securities include prole of the issuer,
while residential mortgages tend to have lower default rates, analysis of underlying loan portfolio nature of asset class, seasoning
repossession and recovery is easier in case of commercial vehicles. of loans, geographical distribution of loans and coverage provided by
Credit rating agencies take into account a series of such factors and credit-cum-liquidity enhancements.
follow an elaborate system involving stipulation of margins, over-
B) Mortgage backed securities issued by banks or housing nance
collateralisation and guarantees to provide a rating for securitised
companies, where underlying assets are comprised of mortgages/
debt.
home loan. The various factors which will be usually considered
Risks associated with investments in securitised debt: while making investments in such type of securities include issuer
Risk due to prepayment: In case of securitised debt, changes in prole of the issuer, quality of underlying portfolio, seasoning of
market interest rates and pre-payments may not change the absolute loans, coverage provided by credit-cum-liquidity enhancements and
amount of receivables for the investors but may have an impact on prepayment risks.
the re-investment of the periodic cash ows that an investor receives C) Single loan securitization, where the underlying asset comprises
on securitised papers. of loans issued by a bank/non-banking nance company. The factor
In the event of pre-payment of the underlying debt, investors may be which will be usually considered while making investments in such
exposed to changes in tenor and yield. type of securities include assessment of credit risk associated with
Liquidity Risk: Presently, despite recent legal developments the underlying borrower as well as the originator. The credit research
permitting the listing of securitised debt instruments, the secondary team will perform a detailed review of the underlying borrower prior
market for securitised debt in India is not very liquid. Even if a more to making investments.
liquid market develops in the future, secondary transactions in such The Fund Manager will invest in securitised debt which are rated
instruments may be at a discount to initial issue price due to changes investment grade and above by a credit rating agency recognised
in the interest rate structure. by SEBI.
Limited Recourse and Credit Risk: Certicates issued on While the risks mentioned above cannot be eliminated completely,
investment in securitised debt represent a benecial interest in the they may be minimized by considering the diversication of the
underlying receivables and there is no obligation on the issuer, seller underlying assets and credit and liquidity enhancements. Further,
or the originator in that regard. Defaults on the underlying loan can investments in securitised debt will be done in accordance with the
adversely affect the pay outs to the investors and thereby, adversely investment restrictions specied under the Regulations/this Scheme
affect the NAV of the Scheme. While it is possible to repossess Information Document which would help in mitigating certain
and sell the underlying asset, various factors can delay or prevent risks. Currently, as per the Regulations, the Scheme cannot invest
repossession and the price obtained on sale of such assets may be more than 15% of its net assets in debt instruments (irrespective of
low. residual maturity) issued by a single issuer which are rated not below
Bankruptcy Risk: If the originator of securitised debt instruments in investment grade by a credit rating agency authorised to carry out
which the Scheme invests is subject to bankruptcy proceedings and such activity under the Act. Such investment limit may be extended
the court in such proceedings concludes that the sale of the assets to 20% of the net assets of the Scheme with the prior approval of
from originator to the trust was not a true sale, then the Scheme the Board of Trustees and the Board of the AMC.
could experience losses or delays in the payments due. Normally, care In addition, a detailed review and assessment of the ratings of
is taken in structuring the securitization transaction so as to minimize the securitised debt will also be carried out which could include
the risk of the sale to the trust not being construed as a true sale. interactions with the issuer/originator and the rating agency.
Risk of Co-mingling: Servicers in a securitization transaction The rating agency would normally take in to consideration the
normally deposit all payments received from the obligors into a following factors while rating a securitised debt:
collection account. However, there could be a time gap between Credit risk at the asset/originator/portfolio/pool level
collection by a servicer and depositing the same into the collection
Various market risks like interest rate risk, macro economic risks
account. In this interim period, collections from the loan agreements
by the servicer may not be segregated from other funds of the Counterparty risk
servicer. If the Servicer fails to remit such funds due to investors, Legal risks
investors in the Scheme may be exposed to a potential loss. Assessment of risks related to business for example outlook for
Risk Mitigation: the economy, outlook for the industry and factors specic to the
Investments in securitised debt will be done based on the assessment issuer/originator.
of the originator and the securitised debt which is carried out by
the credit research team based on the in-house research capabilities
59
will be as follows:
Characteristics/Type of Mortgage Commercial Car 2 wheelers Micro Personal Single Others

Pool Loan Vehicle and Finance Loans loan Sell
Construction Pools Downs
Equipment
Approximate Average 6 months to 3 months to 3 months to 3 months to 36 1 month to 3 months 1 month
maturity (in Months) 120 months 60 months 60 months months 12 months to 12 to 120
months months
Collateral margin (including In excess of In excess of In excess of In excess of 5% In excess of In excess of Case by
cash, guarantees, excess 3% 5% 5% 10% 10% case basis
interest spread, subordinate As and when new asset
tranche) classes of securitised debt are
Average Loan to Value Ratio 95% or 90% or lower 90% or 90% or lower Unsecured Unsecured Case by introduced, the investments
lower lower case basis in such instruments will be
evaluated on a case by case
Average seasoning of the Minimum 3 Minimum 3 Minimum 3 Minimum 3 Minimum 2 Minimum Case by basis.
Pool months months months months months 3 months case basis
Maximum single exposure < 2.5% < 1% < 1% < 1% <0.5% <0.5% Not
range * Applicable
Average single exposure < 1% < 0.5% < 0.5% < 0.5% < 0.25% < 0.25% Not
range %* Applicable
In addition to the framework stated in the table above, in order to percentage by originator of debts to be securitised shall be as
mitigate the risks associated with the underlying assets where the specied in the RBI guidelines.
diversication is less, at the time of investment the credit team could There is a dedicated credit research team which supports the Fund
consider various factors including but not limited to- Manager in taking investments decisions.
Size of the loan - the size of each loan is generally analysed on a Investments by the Scheme in any security are done after detailed
sample basis and an analysis of the static pool of the originator is analysis by the credit research team and in accordance with the
undertaken to ensure that the same matches with the static pool investment objectives and the asset allocation pattern of a Scheme. All
characteristics. It also indicates whether there is high reliance on investments are made on an arms length basis without consideration
very small ticket size borrower which could result in delayed and of any investments (existing/potential) in the Schemes made by any
expensive recoveries. party related/involved in the transaction. The robust credit process
Average original maturity of the pool of underlying assets - ensures that there is no conict of interests when a Scheme invests
the analysis of average maturity of the pool is undertaken to in securitised debt of an originator and the originator in turn makes
evaluate whether the tenor of the loans are generally in line investments in that particular Scheme.
with the average loans in the respective industry and repayment The resources for and mechanisms of individual risk assessment with
capacity of the borrower. the AMC for monitoring investment in securitized debt are as follows:
Loan to value ratio, average seasoning of the pool of underlying Team dedicated to credit analysis. Currently, the AMC has credit
assets - these parameters would be evaluated based on the asset analysts, who are responsible for credit research and monitoring,
class as mentioned in the table above. for all exposures including securitised debt. Depending upon
Default rate distribution - the credit team generally ensures that the asset class that is securitized a dedicated analyst would be
all the contracts in the pool are current to ensure zero default responsible for each individual securitised debt investment.
rate distribution. Ratings are monitored for any movement Based on the
Geographical distribution - the analysis of geographical cashow report and analyst view, periodic review of utilization
distribution of the pool is undertaken to ensure prevention of of credit enhancement shall be conducted and ratings shall be
concentration risk. monitored accordingly.
Credit enhancement facility - credit enhancement facilities in the For legal and technical assistance with regard to the
form of cash collateral, such as xed deposits, bank guarantee documentation of securitised debt instruments, the team can
etc. could be obtained as a risk mitigation measure. make use of resources within the internal legal team and if
Liquid facility - these parameters will be evaluated based on the required take help of our external legal counsel as well.
asset class as mentioned in the table above. (f) Benchmark
Structure of the pool of underlying assets - The structure of the The benchmark against which the performance of the Scheme will be
pool of underlying assets would be either single asset class or measured will be 70% - S&P BSE-200 Index and 20% - Gold Prices
combination of various asset classes as mentioned in the table and 10% - CRISIL Short Term Bond Fund Index.
above. We could add new asset class depending upon the
S&P BSE-200 is a broad based index and its composition is
representative of the Schemes investment universe. As such, it is a
asset classes.
suitable benchmark for comparing the performance of the Scheme.
Under normal market conditions, the minimum retention period of
the debt by the originator prior to securitisation and the minimum CRISIL Short-Term Bond Fund Index is an index to track the return of
retention percentage by originator of debts to be securitised which short-term funds based on their asset allocation pattern on a rolling
will be considered by the Fund Manager will be 2- 3 months and three-month average.
3% -10% respectively, depending on the asset class. However, in The customized benchmark will be used to have meaningful
case standard guidelines are issued by the Reserve Bank of India comparison with the performance of the Scheme, which would
on securitisation, then the minimum retention period of the debt generally be investing in equity and equity related instruments and
by the originator prior to securitisation and the minimum retention debt and money markets instruments.
60
(g) How has the Scheme Performed? Due to market conditions, the AMC may invest beyond the range
set out above. Such deviations shall normally be for a short term
purpose only, for defensive considerations and the intention being at
all times to protect the interests of Unit Holders. Further, in the event
Compounded Annualised L&T India Equity Benchmark^
of adequate arbitrage opportunities not being available in the equity
Returns and Gold Fund
and derivative markets, 100% of the portfolio may be invested in
Returns for last 1 year 34.14% 15.44% short term debt and money market instruments (including units of
Returns for last 3 years 26.03% 14.99% liquid schemes of mutual funds). The portfolio in all cases will be
Returns for last 5 years - - rebalanced in accordance with the normal asset allocation table
stated above within 30 days. In cases where the rebalancing is not
Returns since inception 17.94% 10.77% carried out within 30 days, the reasons for not carrying out the
(February 07, 2011) rebalancing within the aforesaid period will be placed before the
Returns for last 1 year (Direct Plan) 35.31% 15.44% Trustees and Investment Committee for its consideration.
Returns since inception from 25.48% 11.72% (d) Where will the Scheme invest?
The Scheme shall predominantly invest in equity and equity related
Absolute Returns
49.92 51.24 instruments (including equity derivatives), debt and money market
50 instruments.
40
Subject to the Regulations, the corpus of the Scheme may be invested
30
20.60 21.85 21.64 21.85 in all or any one of (but not exclusively) the following securities:
20
10 5.82 7.62 6.16
11.76 11.76 Equity and equity related securities including equity warrants and
3.19
1.41 0.79 compulsorily convertible instruments.
0
FY 10-11* FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
Derivatives (which includes but is not limited to stock and index
Direct
Dire Plan Direct
D Plan
L&T India Equity and Gold Fund (G) Benchmark^ futures or such other derivatives as are or may be permitted under
*from inception (February 07, 2011) to March 31, 2011 the Regulations and/or RBI from time to time).
^ 70% - S&P BSE-200 Index, 20% - Gold Prices and 10%-CRISIL Short Term Bond Fund Index
Securities issued or guaranteed by Central Government, State
NAVs of Growth Option are used for calculation of returns. Returns Governments or local governments and/or repos/ reverse repos/
have been calculated on the face value of Rs. 10 per unit. Returns for ready forward contracts in such government securities as are or
less than one year are absolute returns. may be permitted under the Regulations and/or RBI from time to
time (including but not limited to coupon bearing bonds, zero
Past performance may or may not be sustained in the future
coupon bonds and treasury bills).
^L&TIEGF is benchmarked to a custom benchmark assigning 70%
Securities issued (including debt issuances) by domestic
to S&P BSE-200 Index, 20% to Gold prices and 10% to CRISIL Short
Term Bond Fund Index.
(xii) L&T ARBITRAGE OPPORUNITIES FUND
Corporate bonds of public sector or private sector undertakings.
Debt issuances of banks (public or private sector) and nancial
An open-ended equity scheme institutions.
(b) Investment objective Convertible debentures.
The investment objective of the Scheme is to seek to generate Money market instruments (which includes but is not limited to
reasonable returns by predominantly investing in arbitrage commercial papers, commercial bills, treasury bills, usance bills,
opportunities in the cash and derivatives segments of the equity government securities having unexpired maturity upto one year,
markets and by investing balance in debt and money market certi cates of deposit, bills rediscounting, CBLO, repo, call money
instruments. and any other like instruments as are or may be permitted under
the Regulations and RBI from time to time.)
and the Scheme does not assure or guarantee any returns. Deposits of scheduled commercial banks as permitted under the
extant Regulations.
Foreign Securities
for the Scheme shall be as follows: For the purpose of further diversication and liquidity, the Scheme
Instruments Indicative allocations Risk Profile may invest in other schemes managed by the same AMC or by the
(% of net assets)
Maximum Minimum inter-scheme investment made in all schemes managed by the same
Equity and equity related 90 65 Medium to AMC or in schemes managed by the AMC of any other mutual
securities and equity High fund shall not exceed 5% of the net asset value of the Fund and all
derivatives^ norms, as may, from time to time be laid down by SEBI in this regard,
Debt and money market 35 10 Low are complied with. Such investments must also be commensurate
instruments including units of
with the investment objective as set out in paragraph Investment
Objective.
liquid schemes launched by
mutual fund For applicable regulatory investment limits, please refer paragraph
^ The Scheme may invest in Foreign Securities upto 10% of its
net assets subject to the Eligible Investment Amount. Investment The Scheme may invest in various derivatives instruments including
in Foreign Securities shall be subject to the investment restrictions futures (index and stock), options (index and stock) and forward
specied by SEBI/RBI from time to time. contracts which are available for investment in India from time to
time and which are permissible as per the applicable Regulations.
The Scheme may invest upto 90% of its net assets in equity
The Scheme may also invest in derivative instruments in international
derivatives.
markets as and when they are permissible as per the applicable
The Scheme does not propose to engage in short selling and scrip Regulations. Investment in such instruments will be made in
lending, repo in corporate debt securities, credit default swaps or accordance with the investment objective and the strategy of the
make investments in equity linked debentures. Scheme and in accordance with the applicable Regulations, including
The Scheme does not propose to invest in securitised debt. for the purposes of hedging, portfolio balancing and optimizing
61
returns. For details and limits applicable to investment in derivatives (xiii) L&T BUSINESS CYCLES FUND
please refer paragraph Investments in Derivatives.
The Scheme shall invest in Foreign Securities in accordance with
requirements speci ed by SEBI and/or RBI from time to time. An open-ended equity scheme
The Mutual Fund/AMC, may if permitted by SEBI and/or RBI, reserve (b) Investment objective
the right, in the interest of the investors depending on the market The investment objective of the Scheme is to seek to generate long-
conditions, market opportunities and political and economic factors term capital appreciation from a diversied portfolio of predominantly
to invest in securities not stated above, subject to the investment equity and equity related securities, including equity derivatives, in the
objective as set out in paragraph Investment Objective. Indian market with focus on riding business cycles through dynamic
(e) Investment Strategy allocation between various sectors and stocks at different stages of
The investment strategy would be aimed at meeting the investment business cycles in the economy.
objective of the Scheme. The investment strategy includes identifying The Scheme could also additionally invest in Foreign Securities.
and investing into arbitrage opportunities between spot/cash and
futures prices of individual stocks. The Scheme may also invest in There is no assurance that the objective of the Scheme will be realised
debt and money market securities instruments. and the Scheme does not assure or guarantee any returns.
The Scheme will deploy Cash and Carry Arbitrage strategy wherein (c) Asset allocation pattern
the Fund Manager will evaluate the difference between price of an
individual stock in the futures market and in the spot/ cash market.
for the Scheme shall be as follows:
If the price of a stock in the futures market is higher than in the
spot/cash market, after considering the associated costs and taxes, Instruments Indicative allocations Risk Profile
the Scheme may buy the stock in the spot/ cash market and sell the (% of net assets)
same in equal quantity in the futures market simultaneously. Similarly, Maximum Minimum
the Scheme may at a later date, unwind the trade by selling cash Equity and equity related 100 65 High
position and buying in the futures markets. The Fund Manager after securities*(including Indi-
careful analysis may also decide to roll over his position, if the market anand foreign equity secu-
conditions are favourable. rities as permitted by SEBI/
Further, the portfolio of the Scheme will be constructed in accordance RBI^)
with the investment restrictions specied under the Regulations Debt and Money Market 35 0 Low to Me-
which would help in mitigating certain risks relating to investments Instruments dium
(f) Benchmark Due to market conditions, the AMC may invest beyond the range set
The Benchmark for the Scheme will be CRISIL Liquid Fund Index. out above. Such deviations shall normally be for a short term purpose
The Scheme intends to capitalize on the arbitrage opportunities to protect the interests of Unit Holders. In the event of deviations,
between the cash and derivatives segment of the equity market to rebalancing will be carried out within 30 Days.
deliver short to medium term returns that are better than the yield on
short term money market instruments. Since CRISIL Liquid Fund Index * Includes investments in equity derivatives up to 25% of the net
tracks the performance of short term money market instruments it is assets of the Scheme.
an appropriate benchmark for the Scheme. The cumulative gross exposure through equity, debt and derivative
The AMC/Board of AMC and Trustee will review the performance of positions will not exceed 100% of the net assets of a Scheme.
the Scheme in comparison to the benchmark. The Trustees reserve
^ The Scheme may invest in Foreign Securities upto 10% of its
the right to change the benchmark for evaluation of performance
net assets subject to the Eligible Investment Amount. Investment
of the Scheme from time to time in conformity with the Investment
in Foreign Securities shall be subject to the investment restrictions
speci ed by SEBI/RBI from time to time.
to time. The Scheme does not propose to invest in securitised debt.
g) How has the Scheme Performed? The Scheme does not propose to engage in short selling, securities
Returns as on December 15, 2014 lending and repo in corporate bonds.
Absolute Returns* L&T Arbitrage CRISIL Liquid The Scheme may invest in equity derivatives instruments to the extent
Opportunities Fund Fund Index permitted under and in accordance with the applicable Regulations,
Returns Since Inception 7.65% 8.01% including for the purposes of hedging, portfolio balancing and
(June 30, 2014) optimizing returns. For details and limits applicable to investment in
derivatives please refer paragraph Investments in Derivatives.
June 30, 2014 (Direct Plan) (d) Where will the Scheme invest?
9.00
8.01
8.24
8.01 The Scheme shall predominantly invest in equity and equity related
8.00 7.65
securities, including equity derivatives. The Scheme could also
6.00
additionally invest in Foreign Securities.
4.00
2.00
0.00
FY 14-15* FY 14-15*
Direct Plan Equity and equity related securities including equity warrants
L&T Arbitrage Opportunities Fund CRISIL Liquid Fund Index and compulsorily convertible instruments.
*from June 30, 2014
* Since the Scheme has not completed one year from the date of allotment, absolute returns have been shown Securities issued or guaranteed by Central Government, State
NAVs of Growth Option are used for calculation of returns. Returns have Governments or local governments and/or repos/ reverse repos/
been calculated on the face value of Rs. 10 per unit. Since the Scheme ready forward contracts in such government securities as are or
has not completed one year from date of allotment, absolute returns have may be permitted under the Regulations and/or RBI from time
been shown. to time (including but not limited to coupon bearing bonds, zero
62
Securities issued (including debt issuances) by domestic business cycle is a critical determinant of equity sector performance
government agencies and statutory bodies, which may or may over the intermediate term and the relative performance of equity
not be guaranteed by Central or State Government market sectors typically tends to rotate as the overall economy shifts
from one stage of the business cycle to the next, with different
sectors assuming performance leadership in different economic
Debt issuances of banks (public or private sector) and nancial phases. For example, during the expansionary phase in the domestic
institutions economy from FY 2004-FY 2008, most of the cyclical stocks such as
those in capital goods and consumer durables sectors outperformed
Convertible debentures
the stocks in the non-cyclical sectors. However, when the economic
Money market instruments (which includes but is not limited growth slowed down from FY 2009 to FY 2014, stocks in defensive
to commercial papers, commercial bills, treasury bills, usance sectors such as consumer staples and healthcare outperformed the
bills, government securities having unexpired maturity upto one cyclical stocks.
The Scheme would aim to deploy the business cycles approach to
investing by identifying such economic trends and investing in the
sectors and stocks that are likely to outperform at any given stage
Deposits of scheduled commercial banks as permitted under the of business cycle in the economy. For example, during period of
extant Regulations. expansion, the Scheme would aim to predominantly invest in stocks
of companies in the cyclical sectors as they tend to outperform the
broader market during expansionary phase.
futures or such other derivatives as are or may be permitted
under the Regulations and RBI from time to time). Similarly, during period of contraction the Scheme would look to
invest in defensive sectors stocks or sectors that are less sensitive to
Foreign Securities
changes in overall economic activity.
The fund managers would combine a clear macro view with bottom-
up stock selection approach for managing this Scheme. The selection
of stocks at the primary level will be based on the stage of the domestic
economic cycle. The fund managers could use various indicators such
as corporate prot growth trends, inventory levels, credit growth,
AMC or in schemes managed by the AMC of any other mutual
capacity utilization levels and other relevant factors to determine the
fund shall not exceed 5% of the net asset value of the Fund and all
stage of the economic cycle. Based on the views formed on the stage
norms, as may, from time to time be laid down by SEBI in this regard,
of the economic cycle, the fund managers would look to own stocks
are complied with. Such investments must also be commensurate
that they expect to outperform over the next few years. The stock
with the investment objective as set out in paragraph Investment
selection would lay emphasis on company fundamentals, valuation,
Objective.
competitive positioning and management quality among other
For applicable regulatory investment limits, please refer paragraph factors. The fund managers will favour companies that offer the best
Investment Restrictions. value relative to their respective long-term growth prospects, returns
on capital and management quality. When assessing a company,
The Scheme may invest in various derivatives instruments including
the fund managers will focus on understanding how each of these
futures (index and stock), options (index and stock) and forward
factors will change over time.
contracts which are available for investment in India from time to
time and which are permissible as per the applicable Regulations. Investments in Foreign Securities shall be subject to the investment
The Scheme may also invest in derivative instruments in international restrictions specied by SEBI/RBI from time to time. The fund
markets as and when they are permissible as per the applicable managers will consider all relevant risk before making any investment
Regulations. Investment in such instruments will be made in in Foreign Securities.
accordance with the investment objective and the strategy of the
Further, the portfolio of the Scheme will be constructed in accordance
Scheme and in accordance with the applicable Regulations, including
for the purposes of hedging, portfolio balancing and optimizing
returns. For details and limits applicable to investment in derivatives
please refer paragraph Investments in Derivatives.
The Scheme may invest in equity derivatives instruments to the extent
requirements specied by SEBI and/or RBI from time to time.
The Fund/AMC, may if permitted by SEBI and/or RBI, reserve the right, optimizing returns. Hedging does not mean maximization of returns
in the interest of the investors depending on the market conditions, but only attempts to reduce systemic or market risk that may be
market opportunities and political and economic factors to invest in inherent in the investment.
securities not stated above, subject to the investment objective as set
(f) Benchmark
out in paragraph Investment Objective.
The Benchmark for the Scheme will be S&P BSE-200 Index.
(e) Investment Strategy
S&P BSE-200 is a broad based index and its composition broadly
The Scheme will be a diversied equity fund which will invest
represents the Schemes investment universe. As such, it is a suitable
predominantly in equity and equity related securities with focus on
benchmark for comparing the performance of the Scheme.
riding business cycles through dynamic allocation between various
sectors and stocks at different stages of business cycles in the The AMC/Board of AMC and Trustee will review the performance of
economy. the Scheme in comparison to the benchmark. The Trustees reserve
the right to change the benchmark for evaluation of performance
Business cycles in an economy are typically characterized by the
of the Scheme from time to time in conformity with the Investment
uctuations in economic activity measured by real GDP growth
and other macroeconomic variables. A business cycle is basically
dened in terms of periods of expansion and contraction. During
to time.
expansion, an economy experiences an increase in economic activity
as evidenced by real GDP growth, industrial production, etc whereas
during contraction, the pace of economic activity slows down. The
63
(g) How has the Scheme Performed? in short term deposits of the Scheduled Commercial Banks, subject
to the guidelines issued by SEBI vide its circular dated April 16, 2007,
as may be amended from time to time.
Absolute Returns* L&T Business S&P The cumulative gross investments in securities under the Scheme
Cycles Fund BSE-200 which includes Debt, Money Market Instruments, Government
Returns Since Inception 22.64% 10.00% Securities and Equity and Equity Related Instruments including
(August 20, 2014) Securitized debt and Derivatives shall not exceed 100% of net assets
Returns since inception from 23.30% 10.00% of the Scheme.
August 20,2014 (Direct Plan) However, following will not be considered while calculating the gross
25.00 22.64 23.30 exposure:
20.00
15.00
a) Security-wise hedged position and
10.01 10.00
10.00 b) Exposure in Cash or cash equivalents with residual maturity of less
5.00 than 91 days.
0.00
FY 14-15*
The exposure to derivatives will be calculated on notional value of the
FY 14-15*
Direct Plan derivative contracts.
L&T Business Cycles Fund S&P BSE-200
*from August 20, 2014 The aforesaid asset allocation pattern is not absolute and can vary
* Since the Scheme has not completed one year from the date of allotment, absolute returns have been shown depending upon the AMCs perception of the debt, equity and
money markets as well as the general view on interest rates. The
NAVs of Growth Option are used for calculation of returns. Returns have
asset allocation pattern indicated above may thus be altered only on
been calculated on the face value of Rs. 10 per unit. Since the Scheme
defensive considerations (including in the event of adequate arbitrage
has not completed one year from date of allotment, absolute returns have
opportunities not being available in the equity and derivative markets)
been shown.
and the intention being at all times to protect the interests of Unit
Past performance may or may not be sustained in the future. Holders for a short period not exceeding 1 month.
(xiv) L&T EQUITY SAVINGS FUND Instruments Indicative allocations Risk Profile
(a) Type of the Scheme (% of net assets)
Maximum Minimum
An open-ended equity scheme
A. Equity and equity related 90 20 High
(b) Investment objective instruments
The investment objective of the Scheme is to generate regular income A1. Equity and equity derivatives 70 0 Medium to
by predominantly investing in arbitrage opportunities in the cash and (arbitrage opportunities) High
derivatives segments of the equity markets and debt and money A2. Net long equity 30 20 High
market instruments and to generate long-term capital appreciation B. Debt, Money Market 80 10 Low
through unhedged exposure to equity and equity related instruments. Instruments and Government
Securities (including CBLO/
reverse repos, Credit
Under normal circumstances, it is anticipated that the asset allocation default swaps, equity linked
shall be as follows: debentures, margin money and
securitized debt)
Instruments Indicative allocations Risk Profile
In cases where there rebalancing is not carried out within 1 month,
(% of net assets)
the reasons for not carrying out the rebalancing within the aforesaid
Maximum Minimum period will be placed before the Investment Committee for its
A. Equity and equity related 90 65 High consideration.
instruments
A1. Equity and equity derivatives 70 35 Medium to
(arbitrage opportunities) High The Scheme shall predominantly invest in equity and equity related
instruments (including equity derivatives), debt and money market
A2. Net long equity* 30 20 High
instruments.
B. Debt, Money Market 35 10 Low
Instruments and Government Subject to the Regulations, the corpus of the Scheme may be invested
Securities (including CBLO/ reverse in all or any one of (but not exclusively) the following securities:
repos, Credit default swaps, equity Equity and equity related securities including equity warrants
linked debentures, margin money and compulsorily convertible instruments.
and securitized debt)
* The unhedged equity exposure shall be limited to 30% of the futures or such other derivatives as are or may be permitted
portfolio value. Unhedged equity exposure means exposure to equity under the Regulations and/or RBI from time to time)
shares alone without a corresponding equity derivative exposure.
Securities issued or guaranteed by Central Government, State
The Scheme may invest upto 25% of its net assets in Securitized debt. Governments or local governments and/or repos/reverse repos/
The Scheme will not invest in foreign securities. ready forward contracts in such government securities as are or
may be permitted under the Regulations and/or RBI from time
The Scheme may invest upto 70% of its net assets in equity derivatives.
to time (including but not limited to coupon bearing bonds, zero
The Scheme does not propose to engage in short selling, securities coupon bonds and treasury bills)
lending and repo in corporate bonds.
Securities issued (including debt issuances) by domestic
The Scheme shall have derivatives exposure as per the SEBI/RBI government agencies and statutory bodies, which may or may
Guidelines issued from time to time. Further, the Scheme may not be guaranteed by Central or State Government
undertake interest rate derivatives transactions for the purpose
Corporate bonds of public sector or private sector undertakings
of hedging and portfolio rebalancing (within the permissible limits
specied by RBI/SEBI from time to time). Debt issuances of banks (public or private sector) and nancial
institutions
Pending deployment of the funds in securities in terms of investment
objective of the Scheme, the AMC may park the funds of the Scheme Convertible debentures
64
Money market instruments (which includes but is not limited 7. Any other factors considered relevant in the opinion of the Fund
to commercial papers, commercial bills, treasury bills, usance Management team.
bills, government securities having unexpired maturity up to
one year, certicates of deposit, bills rediscounting, CBLO, repo,
Securitized debt (asset backed securities, mortgage backed
securities, pass through certicates, collateralized debt (f) Benchmark
obligations or any other instruments as may be prevailing and The Benchmark Index for the Scheme is CRISIL MIP Blended Fund
permissible under the Regulations from time to time.) Index.
Deposits of scheduled commercial banks as permitted under the CRISIL MIP Blended Fund Index is dedicated to benchmark the
extant Regulations. performance of MIP funds. It is framed using the returns on the
For applicable regulatory investment limits, please refer paragraph following indices:
Investments Restrictions. CNX Nifty Index 15%
The Scheme shall have derivatives exposure as per the SEBI/RBI CRISIL Composite Bond Fund Index 85%
Guidelines issued from time to time. Further, the Scheme may
undertake interest rate derivatives transactions for the purpose of Thus, CRISIL MIP Blended Fund Index is ideal to track the return on
hedging and portfolio rebalancing (within the permissible limits a MIP Portfolio that includes both, equity as well as debt market
specied by RBI/SEBI from time to time). For details and limits please instruments.
refer paragraph Investments in Derivatives. However, investors are requested to note that the Schemes
(e) Investment Strategy performance may not be strictly comparable with the performance
of the Index due to the inherent differences in the construction of
Investment strategy for hedged equity portion of the portfolio
the portfolios.
The investment strategy includes identifying and investing into
The Board of AMC and Trustee Company will review the performance
arbitrage opportunities between spot/cash and futures prices of
of the Scheme in comparison to the benchmark.
individual stocks. The Scheme will deploy Cash and Carry Arbitrage
strategy wherein the Fund Manager will evaluate the difference The Trustees reserve the right to change the benchmark for evaluation
between price of an individual stock in the futures market and in of performance of the Scheme from time to time in conformity with
the spot/cash market. If the price of a stock in the futures market is the Investment objectives and appropriateness of the benchmark
higher than in the spot/cash market, after considering the associated subject to SEBI Regulations, and other prevailing guidelines, as
costs and taxes, the Scheme may buy the stock in the spot/cash amended from time to time.
market and sell the same in equal quantity in the futures market
simultaneously. Similarly, the Scheme may at a later date, unwind the
trade by selling cash position and buying in the futures markets. The Returns as on December 15, 2014
Fund Manager after careful analysis may also decide to roll over his
position, if the market conditions are favorable. Compounded Annualised Returns L&T Equity CRISIL MIP
Saving Fund^ Blended
Investment strategy for unhedged equity portion of the Fund Index
portfolio Returns for last 1 year 16.11% 12.98%
The unhedged equity portion of the portfolio will be primarily Returns for last 3 years 12.03% 10.78%
invested in equity securities without any sector, style or market cap Returns for last 5 years - -
bias with the aim of generating long term capital appreciation. The Returns since inception 10.42% 10.28%
fund managers will use a bottom-up investment approach for stock (October 18, 2011)
picking, with an emphasis on rst-hand research. They will favour Returns for last 1 year (Direct Plan) 16.95% 12.98%
companies that offer the best value relative to their respective
long-term growth prospects, returns on capital and management
01, 2013 (Direct Plan)
quality. When assessing a company, the fund managers will focus
Absolute Returns
on understanding how each of these factors will change over time. 25.00
21.54 22.45
Investment strategy for debt and money market portion of 20.00 16.54 16.54
the portfolio 15.00
The investments in debt and money market instruments would be 10.00 9.06 7.14 6.44 7.81
7.07 6.44
aimed at maintaining a balance between safety, liquidity and return 4.60
5.00 2.35
on investments. With a view to maintain low to medium risk, the
0.00
Scheme would focus on short to medium-term securities. The debt FY 11-12* FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
and money market portion of the portfolio shall be actively managed Direct Plan Direct Plan
with an endeavor to generate superior risk adjusted returns. The L&T Equity Savings Fund
Fund Manager shall formulate a view of the interest rate movement CRISIL MIP Blended Fund Index
based on various parameters of the Indian economy, as well as * from inception (October 18, 2011) to March 31, 2012
developments in global markets. Investment views/decisions inter
alia may be taken on the basis of the following parameters: NAVs of Growth Option are used for calculation of returns. Returns have
been calculated on the face value of Rs. 10 per unit. Returns for less than
1. Returns offered relative to alternative investment opportunities.
one year are absolute returns.
2. Liquidity of the security
3. Prevailing interest rate scenario
^Thare has been a change to the fundamental attributes of L&T MIP -
4. Quality of the security/instrument (including the nancial health Wealth Builder Fund w.e.f. January 9, 2015 and consequently is now an
of the issuer) equity fund. Performance shown above is of L&T MIP - Wealth Builder
5. Maturity prole of the instrument Fund.
6. Credit Rating for the instrument
65
(xv) L&T GLOBAL REAL ASSETS FUND Thus, the portfolio of the Scheme will be made of shares/units issued
(a) Type of the Scheme by the Underlying Scheme. However, to meet liquidity requirements,
the Scheme may invest in money market instruments.
An open-ended fund of funds scheme.
(b) Investment objective bills, treasury bills, Government securities having an unexpired
The investment objective of the Scheme is to aim to achieve long- maturity upto one year, certicate of deposit, usance bills, bills
term capital growth from a portfolio which will be primarily invested rediscounting, CBLO, repo and any other like instruments as specied
in Fidelity Funds - Global Real Asset Securities Fund, an offshore fund by RBI from time to time.
launched by Fidelity Funds (an open ended investment company For the purpose of further diversication and liquidity, the Scheme
incorporated in Luxembourg) and similar to an Indian mutual fund may invest in other schemes managed by the same AMC or by the
scheme. asset management company of any other mutual fund.
There is no assurance that the objective of the Scheme will be realised The Scheme shall invest in foreign securities in accordance with
and the Scheme does not assure or guarantee any returns. requirements specied by SEBI and RBI from time to time.
(c) Asset allocation pattern All investments in the Scheme shall be made in accordance with the
The Scheme shall invest in Fidelity Funds - Global Real Asset Securities regulations and guidelines issued by SEBI/RBI/any other regulatory
Fund, an offshore fund launched by Fidelity Funds (an open-ended authority.
investment company incorporated in Luxembourg) and similar to (e) Investment Strategy
an Indian mutual fund scheme. The investment objective of the
Underlying Scheme is to achieve long-term capital growth from The Scheme will invest in the Underlying Scheme which in turn will
a portfolio primarily invested in equity securities of companies primarily invest (at least 70%) in equity securities of companies across
across the world that provide exposure to commodities, property, the world that provide exposure to commodities, property, industrials,
industrials, utilities, energy, materials and infrastructure. Up to 20% utilities, energy, materials and infrastructure. The fund manager of
of the portfolio can consist of investments in Exchange Traded Funds, the Underlying Scheme is free to select any company regardless of
Exchange Traded Commodities qualifying as transferable securities, size, industry or location.
bonds, warrants and convertibles. The aim of the Underlying Scheme is to provide investors with long-
Under normal circumstances, it is anticipated that the asset allocation term capital growth from diversied portfolio of securities.
for the Scheme shall be as follows: (f) Benchmark
Instruments Indicative allocations Risk Profile The Schemes performance will be benchmarked against a custom
(% of net assets) benchmark which is a blend of the following indices - MSCI ACWI
Industrials, MSCI ACWI Real Estate, MSCI ACWI Utilities, MSCI
Maximum Minimum Materials and MSCI Energy. The weight assigned to each individual
Shares/units of the Underlying 100% 80% High index while calculating the custom benchmark is 20%, 20%, 10%,
Scheme*/Foreign Securities 20% and 30% respectively.
Money Market Instruments and/ 20% 0% Low to The benchmark used is same as the one which is used for
or liquid/cash schemes of mutual Medium benchmarking the Underlying Scheme.
funds registered with SEBI
*The Underlying Scheme may have equity exposure through
investments in shares, depositary receipts, investment trusts, stapled Returns as on December 15, 2014
securities, warrants and other participation rights. Subject to the
foregoing, the Underlying Scheme may have equity exposure, to a Compounded Annualised L&T Global Real Benchmark^
limited extent, through investment in convertible securities, index and Returns Assets Fund
participation notes and equity linked notes. The Underlying Scheme Returns for last 1 year 1.65% 2.29%
may also invest in Exchange Traded Funds subject to the maximum Returns for last 3 years 11.75% 13.36%
limit specied under the Regulations from time to time.
The Scheme shall invest at least 65% of its net assets in shares/units Returns since inception 13.04% 13.10%
of the Underlying Scheme. (February 11, 2010)
The corpus of the assets of the Scheme shall be predominantly Returns for last 1 year (Direct Plan) 2.47% 2.29%
invested in shares/units of the Underlying Scheme. However, due to Returns since inception from 9.59% 11.36%
market conditions, the AMC may invest beyond the range set out January 01, 2013 (Direct Plan)
above. Such deviations shall normally be for a short term purpose
only, for defensive considerations and the intention being at all times Absolute Returns
to protect the interests of the Unit Holders. In the event of deviations, 25.00 22.10
19.89
rebalancing will normally be carried out within 10 Business Days. In 20.00
16.09
15.22
17.32
16.30
13.49
case the rebalancing is not carried out within 10 Business Days, the 15.00 11.30
10.00
Investment Committee will be informed about the same and the 5.00 4.17
6.08
reasons for the delay in rebalancing will be recorded in writing. 0.00

1.12 0.42 1.12
-0.40
-5
(d) Where will the Scheme invest? FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14
Direct Plan
FY 14-15
Direct Plan
L&T Global Real Assets Fund Benchmark**
The Scheme will primarily invest in the shares/units of the Underlying **A custom benchmark which is a blend of the following indices-MSCI ACWI Industrials, MSCI ACWI Real Estate,
MSCI ACWI Utilities, MSCI Materials and MSCI Energy. The weights assigned to each individual index while
Scheme which will in turn invest in various securities in accordance calculating the custom benchmark are 20%, 20%, 10%, 20% and 30% respectively.
with the terms of prospectus/offer document of the Underlying

Scheme.
NAVs of Growth Option are used for calculation of returns. Returns
Fidelity Funds - Global Real Asset Securities Fund would primarily have been calculated on the face value of Rs. 10 per unit.
invest in equity securities of companies across the world that provides
Returns for less than one year are absolute returns.
exposure to commodities, property, industrials, utilities, energy,
materials and infrastructure. The fund manager of the Underlying Past performance may or may not be sustained in the future.
Scheme is free to select any company regardless of size, industry or
^L&TGRAF is benchmarked to a custom benchmark which is a
location.
blend of the following indices - MSCI ACWI Industrial, MSCI ACWI
66
Real Estate, MSCI ACWI Utilities, MSCI Materials and MSCI Energy. Bills of Exchange/Promissory Notes;
The weight assigned to each individual index while calculating the
Securitized Debt;
custom benchmark is 20%, 20%, 10%, 20% and 30% respectively.
Privately placed debentures;
(xvi) L&T TRIPLE ACE BOND FUND
Interest rate strips;
An open-ended pure income scheme
Agreements and such other derivative instruments permitted by
The objective of the Scheme is to generate regular and stable income SEBI/RBI;
for the unitholders of the Scheme. The corpus of the scheme would
be invested primarily in debt market securities such as non-convertible
debentures, bonds issued by corporates, bank and government,
commercial paper, certicate of deposits and other money market The securities mentioned above could be listed, unlisted, privately
instruments. The Scheme would invest predominantly in securities placed, secured, unsecured, rated or unrated and of any maturity.
rated by the Credit Rating and Information Services of India Limited
The securities may be acquired through initial public offerings (IPOs),
(CRISIL), or any other rating agency.
secondary market operations,private placement, rights offers or
c) Asset Allocation Pattern negotiated deals. All investments in securities whether privately
placed or otherwise will be in line with SEBI guidelines as applicable
At least 80% of the investments will be in debt and government
securities. The balance will be invested in money market instruments
of high quality. The corpus of the Scheme would be invested primarily
applicable.
in debt market securities, such as non-convertible debentures, bonds
issued by corporates, banks and government, commercial paper, When investments are made in Government Securities, such securities
certicates of deposit and other money market instruments. The may be supported by the ability to borrow from the treasury or
Scheme would invest predominantly in securities rated by the Credit supported only by sovereign guarantee or of the State Government
Rating and Information Services of India Ltd. (CRISIL), or any other or supported by GOI/State Government in some other way.
rating agency. Asset allocation pattern will include investments in
securitized debt also.
exceptional circumstances on defensive consideration modify/alter
All investments will be governed by SEBI guidelines. the investment pattern/asset allocation the intent being to protect
the Net Asset Value of the Scheme and the interests of Unit Holders
Under normal circumstances, the asset allocation of the Scheme will
without seeking consent of the Unit Holders.
be as under:
The investment objectives and policies of the Scheme are in
Type of security Maximum Minimum Risk conformity with the provisions of the constitutional documents of
Allocation Allocation Profile the Fund.
of the of the
e) What are the investment strategies?
Corpus Corpus
Debt & Government 100% 80% Low to The composition of the portfolio would be designed in such a manner
Securities (including cash/ Medium so as to achieve the maximum return, while minimizing the overall
call money) risk. The choice of the instruments would also be in accordance with
this objective. It may be understood that there is a trade-off between
Money market instruments 20% 0% Low to risk and return in investments. The return on a security usually
(including cash/call money) Medium increases with an increase in risk. Given the trade-off, the priority of
d) Where will the Scheme invest? the Scheme is to minimise the risk, even while trying to achieve the
maximum returns. Since the securities with the highest credit rating
Subject to the Regulations, the corpus of the Scheme may be invested should have the least risk, the investments is made predominantly in
in all or any one of (but not exclusively) the following securities: corporate securities (bonds, debentures & commercial papers) with
Securities created and issued by the Central and State a credit rating of AAA ascribed by CRISIL or an equivalent credit
Governments and/or repos/reverse repos/in such Government rating assigned by other agencies. The Scheme may also invest in
Securities as may be permitted by RBI (including but not limited privately placed debt of such AAA rated companies.
to coupon bearing bonds, zero coupon bonds and treasury The Scheme would invest mainly in the rated corporate securities.
bills); However, the absence of the desirable depth in the secondary market
Securities guaranteed by the Central, State Governments and for corporate securities may restrict the pace of investments through
local bodies (including but not limited to coupon bearing the secondary market. Therefore, the funds of the Scheme could be
bonds, zero coupon bonds and treasury bills); invested in money market instruments like government securities,
call money, commercial paper etc. The Scheme would invest in
Debt obligations of domestic government agencies and bonds/debentures or any other xed income securities at least to an
statutory bodies, which may or may not carry a Central/State extent of 80% of the corpus. The balance will be invested in money
Government guarantee; market instruments of high quality.
Corporate debt of both public and private sector undertakings; The overall portfolio structuring would aim at controlling risk at
Obligations of banks (both public and private sector) and moderate level. Security specic risk will be minimised by investing
development nancial institutions; only in those companies that have been thoroughly researched in-
house. Risk will also be managed through broad diversication of the
Money market instruments as permitted by SEBI/RBI, having portfolio within the framework of the Schemes investment objective
maturities of up to one year and more than one year, in call and policies.
market as may be provided by the RBI to meet the liquidity The AMC will follow a structured investment process in order to
requirements; identify the best securities for investment and has developed an
internal research framework for consistently examining all securities
Certicate of Deposit (CDs); which will focus on the following key factors:
Commercial Paper (CPs); Management quality, strategy and vision
67
Business dynamics However, following will not be considered while calculating the
Financial strength of the Company
a) Exposure due to hedging positions and
Free cash ow generation
b) Exposure in Cash or cash equivalents with residual maturity of less
Returns on capital employed and returns on equity
than 91 days.
Credit rating
Please refer to Policy on Offshore Investments by the Schemes, the derivative contracts. Further, exposure in Derivatives would be
Investments in Derivatives and Guidelines for Investments in in accordance with conditions as may be stipulated by SEBI/RBI from
Securitized Debt. time to time.
f) Benchmark i) Change in Investment Pattern
The Benchmark Index for the Scheme is CRISIL Composite Bond Fund Subject to the SEBI (Mutual Funds) Regulations, as amended from time
Index. to time the asset allocation pattern indicated above may change from
The Composite Bond Index is an index to track the return on a
of high levels of repurchase or redemptions relative to fund size, or
composite portfolio that includes CBLO, certicate of deposit,
upon considerations that optimise returns of the Scheme through
commercial paper, government securities and AAA and AA rated
investment opportunities or upon various defensive considerations
instruments. This index is a realistic estimate for a mutual fund
including market conditions, market opportunities, applicable
scheme like L&T Triple Ace Bond Fund that tend to invest in all of
regulations and political and economic factors. It must be clearly
the above mentioned debt instruments to maximize returns at a
particular level of risk.
However, investors are requested to note that the Schemes upon the perception of the AMC, the intention being at all times
performance may not be strictly comparable with the performance to seek to protect the interests of the Unitholders. Such changes in
of the Index due to the inherent differences in the construction of the investment pattern will be for short term and only for defensive
the portfolios. considerations. In addition, as part of the investment process, the
Investment Committee of the AMC will conduct a periodic review
of the asset allocation and may suggest rebalancing of the portfolio.
Such changes in the investment pattern will be for short term and
The Trustees reserve the right to change the benchmark for evaluation defensive considerations.
of performance of the Scheme from time to time in conformity with
(xvii) L&T ULTRA SHORT TERM FUND
the Investment objectives and appropriateness of the benchmark
subject to SEBI Regulations, and other prevailing guidelines, as a) Type of the Scheme
amended from time to time.
An open-ended pure income scheme
g) How has the Scheme performed?
The investment objective is to generate reasonable and stable income
Compounded Annualised L&T Triple Ace CRISIL Composite and provide liquidity to the Unit Holder. To achieve this objective the
Returns Bond Fund Bond Fund Index Scheme will invest predominantly in a well diversied and highly
liquid portfolio of money market instruments, government securities
and corporate debt. The Scheme will not invest in equities or equity
Returns for last 3 years 8.38% 9.10% related instruments.
c) Asset Allocation Pattern
Returns since inception 7.39% NA
(March 31, 1997) The Scheme would invest in money market instruments, bonds issued
Returns for last 1 year 11.19% 12.20% by Government and corporate, debentures and other debt securities
(Direct Plan) (including securitized debt) upto 100% of the corpus.
Returns since inception from 8.24% 8.91% Asset allocation pattern above will include investments in securitized
January 01, 2013 (Direct Plan) debt also.
Absolute Returns Under normal circumstances, the asset allocation of the Scheme will
16.00
14.67 14.67
be as under:
14.00 12.95 13.74
12.00
Type of Security Maximum Minimum Risk
10.63
9.24
Allocation of Allocation of Profile
10.00
7.68
the Corpus the Corpus
8.00 6.84
Debt Securities 100% 0% Low to
6.00 5.06
4.45 4.32 4.30 4.32 Medium
4.00 3.78
2.00
Money Market 100% 0% Low to
instruments Medium
0.00
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15 (including cash/call
Direct Plan Direct Plan money)
L&T Triple Ace Bond Fund CRISIL Composite Bond Fund Index
The Scheme can invest up to 100% in money market instruments,
NAVs of Growth Option are used for calculation of returns. Returns however this is not a liquid scheme, and the Fund Manager shall
have been calculated on the face value of Rs. 10 per unit. Returns for have the liberty to invest in securities having maturity of more than
less than one year are absolute returns. 91 days.
Past performance may or may not be sustained in the future. d) Where will the Scheme Invest?
h) Investment Norms Subject to the Regulations, the corpus of the Scheme may be invested
The cumulative gross exposure through Debt and Derivative positions in all or any one of (but not exclusively) the following securities:
shall not exceed 100% of net assets of the Scheme.
68
Securities created and issued by the Central and State appropriate to benchmark the performance of the Scheme against
Governments and/or repos/reverse repos/in such Government CRISIL Liquid Fund Index.
However, investors are requested to note that the Schemes
to coupon bearing bonds, zero coupon bonds and treasury
performance may not be strictly comparable with the performance
bills);
of the Index due to the inherent differences in the construction of
Securities guaranteed by the Central, State Governments and the portfolios.
local bodies (including but not limited to coupon bearing bonds,
zero coupon bonds and treasury bills);
Debt obligations of domestic government agencies and
The Trustees reserve the right to change the benchmark for evaluation
statutory bodies, which may or may not carry a Central/State
of performance of the Scheme from time to time in conformity with
Government guarantee;
Corporate debt of both public and private sector undertakings; subject to SEBI Regulations, and other prevailing guidelines, as
Obligations of banks (both public and private sector) and
development nancial institutions; g) How has the Scheme performed?
Money market instruments as permitted by SEBI/RBI, having Returns as on December 15, 2014
money market or in alternative investment for the call money Compounded Annualised L&T Ultra Short L&T Ultra Short CRISIL Liquid
market as may be provided by the RBI to meet the liquidity Returns Term Fund- Term Fund Fund Index
requirements; Regular Plan
Certicate of Deposit (CDs); Returns for the last 1 year 8.59% 8.77% 8.78%
Returns for last 3 years 8.67% 9.23% 8.85%
Commercial Paper (CPs);
Returns for last 5 years 8.50% 8.96% 8.42%
Bills of Exchange/Promissory Notes; Returns since inception Regular 8.20% 7.40% -
Securitized Debt; Plan (November 27, 1997) and
L&T Ultra Short Term Fund
Privately placed debentures; (April 10, 2003)
Interest rate strips; Returns for last 1 year (Direct 9.15% NA 8.78%
Plan)
Returns for Direct Plan (from 9.49% NA 9.06%
Derivative instruments like Interest Rate Swaps, Forward Rate January 01, 2013)
Agreements and such other derivative instruments permitted by Absolute Returns
SEBI/RBI; 12.00
9.39 9.66 9.39 9.70 9.46
10.00 8.44 8.68 8.17 8.94 8.78 9.05 9.06 9.92 9.46 9.43 9.06
Any other instruments/securities as may be permitted by RBI/ 8.00 6.19 6.55 6.21
6.00
4.00
e) What are the investment strategies? 2.00
0.00
FY 11-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
In line with the investment objective, the investments are being made Direct Plan Direct Plan
L&T Ultra Short Term Fund-Regular Plan L&T Ultra Short Term Fund
in xed income securities including money market instruments with CRISIL Liquid Fund Index
low to moderate risk. The Investment Manager would apply multiple, NAVs of Growth Option are used for calculation of returns. Returns
objective criteria for selection of securities in the portfolio. These have been calculated on the face value of Rs. 10 per unit. Returns for
criteria would include yield, credit rating, tenure, liquidity and value less than one year are absolute returns.
added features of the instrument.
The composition of the portfolio is designed in such a manner so as
to achieve the maximum return, while minimizing the overall risk. h) Investment Norms
The choice of the instruments is in accordance with the objective of The cumulative gross exposure through Debt and Derivative positions
the Scheme. shall not exceed 100% of net assets of the Scheme.
It may be understood that there is a trade-off between risk and return However, following will not be considered while calculating the
in investments. The return on a security usually increases with an cumulative gross exposure:
increase in risk. Given the trade-off, the priority of the Scheme is to
minimize the risk, even while trying to achieve the maximum returns. a) Exposure due to hedging positions and
The Scheme would invest in bonds issued by Government and b) Exposure in Cash or cash equivalents with residual maturity of less
corporate, money market instruments, debentures and other than 91 days.
debt securities. The Scheme may invest 100% in money market The exposure to Derivatives will be calculated on notional value of
instruments of high quality. the derivative contracts. Further, exposure in Derivatives would be
All investment made will be governed by the SEBI guidelines, as in accordance with conditions as may be stipulated by SEBI/RBI from
amended from time to time. The Benchmark will be CRISIL Liquid time to time.
Fund Index. i) Change in Investment Pattern
Please refer to Policy on Offshore Investments by the Schemes, Subject to the SEBI (Mutual Funds) Regulations, as amended from
Investments in Derivatives and Guidelines for Investments in time to time the asset allocation pattern indicated above may
Securitized Debt. change from time to time, depending on liquidity considerations
f) Benchmark or on account of high levels of repurchase or redemptions relative
to fund size, or upon considerations that optimise returns of the
The Benchmark Index for the Scheme is CRISIL Liquid Fund Index. Scheme through investment opportunities or upon various defensive
The CRISIL Liquid Fund Index tracks returns on a portfolio that considerations including market conditions, market opportunities,
includes CBLO, certicate of deposit and commercial paper which applicable regulations and political and economic factors. It must
are the key constituents of liquid funds. The Index is the nearest be clearly understood that the percentages stated above are only
reection of the portfolio allocation of the Scheme, hence, it is felt indicative and not absolute. These proportions may vary substantially
69
depending upon the perception of the AMC, the intention being at f) Benchmark
all times to seek to protect the interests of the Unitholders. Such The Benchmark Index for the Scheme is I-Sec Composite Index.
for defensive considerations. In addition, as part of the investment The Scheme invests in Indian government Securities with varied
process, the Investment Committee of the AMC will conduct a maturity, and hence I-Sec Li-Bex Index is the ideal benchmark.
periodic review of the asset allocation and may suggest rebalancing However, investors are requested to note that the Schemes
of the portfolio. Such changes in the investment pattern will be for performance may not be strictly comparable with the performance
short term and defensive considerations. of the Index due to the inherent differences in the construction of
(xviii) L&T GILT FUND the portfolios.
a) Type of the Scheme The Board of AMC and Trustee Company will review the performance
An open-ended dedicated gilt (government securities) scheme
b) Investment Objective of performance of the Scheme from time to time in conformity with
The investment objective of the Scheme will be to generate returns
subject to SEBI Regulations, and other prevailing guidelines, as
from a portfolio from investments in Government Securities.
Type of security Normal Allocation Risk Profile Returns as on December 15, 2014
(% of Net Assets)
Compounded Annualised Returns L&T Gilt I-SEC Composite
Government Securities 80% 100% Low
Fund Index
including Treasury Bills
Money market instruments 0% 20% Low to High
(including CBLO/reverse
repos) Returns for last 5 years 10.46% 8.55%
Returns since inception (March 29, 2000) 8.60% NA
d) Where will the Scheme Invest?
The Scheme will invest in high quality securities issued by (Central/ Returns since inception from January 12.54% 9.23%
State) Government(s) that can be purchased at a reasonable price, 01, 2013 (Direct Plan)
as determined from time to time. The investment team of the AMC Absolute Returns
will study the macro economic conditions, including the political,
20.00 18.90
economic environment and factors affecting liquidity and interest 18.42
18.00 15.72 15.72
rates. The AMC would use this analysis to attempt to predict the likely 15.55
16.00
direction of interest rates and position the portfolio appropriately to
14.00
take advantage of the same. 11.64
12.00
The government securities market is the largest and the most liquid 10.00 8.85
8.31
market in India. The AMC believes that the various measures being 8.00 6.41 6.79
initiated by RBI and the priority being accorded to the development 6.00 5.29
4.47
of this market will lead to further deepening and widening of this 4.00 3.91 3.91
market. The central and state governments raise large sums from 2.00
the market every year to meet their revenue and capital expenditure. 0.00
Banks, Non-banking nance companies, insurance companies FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
and provident funds are required by various statutes to invest in
L&T Gilt Fund I-sec Composite Index
government securities and therefore are big investors in this market.
The government securities market is expected to remain the most NAVs of Growth Option are used for calculation of returns. Returns
liquid market and provides an avenue for investment where safety have been calculated on the face value of Rs. 10 per unit. Returns for
is of paramount importance. The Scheme will give an opportunity to less than one year are absolute returns.
the retail investors to invest in the government securities. The Scheme
may invest in any other instruments/securities as may be permitted by
RBI/SEBI or such other regulatory bodies from time to time. h) Investment Norms
e) Investment Strategy The cumulative gross exposure through Debt and Derivative positions
The Fund Management team endeavors to meet the investment shall not exceed 100% of net assets of the Scheme.
objective whilst maintaining a balance between safety, liquidity and However, following will not be considered while calculating the
the protability aspect of various investments. The Scheme shall be cumulative gross exposure:
actively managed and the Fund Management team shall formulate
active view of the interest rate movement by monitoring various a) Exposure due to hedging positions and
parameters of the Indian economy, as well as developments in global b) Exposure in Cash or cash equivalents with residual maturity of
markets. Investment views/decisions interalia may be taken on the less than 91 days.
basis of the following parameters:
1. Prevailing interest rate scenario the derivative contracts. Further, exposure in Derivatives would be
2. Returns offered relative to alternative investment opportunities. in accordance with conditions as may be stipulated by SEBI/RBI from
time to time.
of the issuer) i) Change in Investment Pattern
4. Maturity prole of the instrument Subject to the SEBI (Mutual Funds) Regulations, as amended from time
5. Liquidity of the security to time the asset allocation pattern indicated above may change from
6. Any other factors considered relevant in the opinion of the Fund of high levels of repurchase or redemptions relative to fund size, or
Please refer to Investments in Derivatives and Guidelines for upon considerations that optimise returns of the Scheme through
Investments in Securitized Debt.
70
investment opportunities or upon various defensive considerations Debt obligations of domestic government agencies and
including market conditions, market opportunities, applicable statutory bodies, which may or may not carry a Central/State
regulations and political and economic factors. It must be clearly Government guarantee;
Corporate debt of both public and private sector undertakings;
upon the perception of the AMC, the intention being at all times Obligations of banks (both public and private sector) and
to seek to protect the interests of the Unitholders. Such changes in development nancial institutions;
Money market instruments as permitted by SEBI/RBI, having
maturities of up to 91 days, in call money market or in alternative
investment for the call money market as may be provided by the
of the asset allocation and may suggest rebalancing of the portfolio.
RBI to meet the liquidity requirements;
Such changes in the investment pattern will be for short term and
defensive considerations. Certicate of Deposit (CDs);
(xix) L&T LIQUID FUND Commercial Paper (CPs);
a) Type of the Scheme Bills of Exchange/Promissory Notes;
An open-ended high liquidity income fund Securitized Debt;
b) Investment Objective Privately placed debentures;
The investment objective is to generate reasonable returns while Convertible & non-convertible part of convertible securities;
maintaining safety and providing the investor superior liquidity.
To achieve this objective, investments will be predominantly made
in a well-diversied and highly liquid portfolio of money market Any other domestic xed income securities;
instruments, government securities and corporate debt.
c) Asset Allocation Pattern Agreements and such other derivative instruments permitted by
SEBI/RBI, from time to time;
The asset allocation pattern under normal circumstances is expected
to be as follows: Any other instruments/securities as may be permitted by RBI/
Type of Security Minimum Maximum Risk
Allocation of Allocation of Profile e) What are the investment strategies?
the Corpus the Corpus The Fund Management team endeavors to meet the investment
Debt securities 0% 100% Low to objective whilst maintaining a balance between safety, liquidity
Medium and the protability aspect of various investments. The aim of the
Securitized Debt 0% 100% Low to investment strategy is to generate stable returns both in the short
Medium term and long term with a low risk, particularly minimal interest rate
Money Market 20% 100% Low to risk strategy. The Scheme shall be actively managed and the Fund
instruments (including Medium Management team shall formulate an active view of the interest rate
cash/call money) movement by monitoring various parameters of the Indian economy,
Pursuant to SEBI Circular no. SEBI/IMD/CIR No. 13/150975/09 dated as well as developments in global markets. Investments in debt
January 19, 2009, the Scheme shall not invest in/purchase debt and instruments carry various risks like interest rate risk, liquidity risk,
money market securities having maturity more than 91 days. default risk, reinvestment risk etc. Whilst these cannot be done away
with, they may be minimized by diversication and effective use of
Explanation:
hedging techniques. The Scheme may invest in short term deposits
In case of securities where the principal is to be repaid in a of scheduled commercial banks and in accordance with SEBI circulars
single payout, the maturity of the securities shall mean residual issued from time to time. The Scheme may also enter into repurchase
maturity. In case the principal is to be repaid in more than one and reverse repurchase obligations in all securities held by it as per
payout then the maturity of the securities shall be calculated on the guidelines and regulations applicable to such transactions.
the basis of weighted average maturity of security.
Investment views/decisions interalia may be taken on the basis of the
In case of securities with put and call options (daily or otherwise) following parameters:
the residual maturity of the securities shall not be greater than
91 days.
In case the maturity of the security falls on a non-business day
of the issuer)
then settlement of securities will take place on the next business
day. 3. Maturity prole of the instrument
Inter-scheme transfers of securities held in other schemes shall 4. Returns offered relative to alternative investment opportunities.
be permitted in the Liquid Schemes, provided the residual
maturity of securities so transferred does not exceed 91 days.
6. Any other factors considered relevant in the opinion of the Fund
Management team.
The Scheme may also use derivatives to reduce the volatility of the
portfolio and/or to enhance the portfolio returns. The Scheme may
Securities created and issued by the Central and State try to identify securities that yield relative value over others for similar
Governments and/or repos/reverse repos/in such Government risk and liquidity level. Various analytical tools like yield curve analysis,
Securities as may be permitted by RBI (including but not limited spreads between asset classes, horizon returns, forward implied
to coupon bearing bonds, zero coupon bonds and treasury interest rates, may be deployed to evaluate various investment
bills); options. Debt securities (in the form of oating rate bond/notes,
nonconvertible debentures, bonds, secured premium notes, zero
Securities guaranteed by the Central, State Governments and
coupon bonds, deep discount bonds, securitized debt, pass through
local bodies (including but not limited to coupon bearing bonds,
certicates, asset backed securities, mortgage backed securities and
any other domestic xed income/debt securities including structured
obligations etc.)
71
Please refer to Policy on Offshore Investments by the Schemes, The exposure to Derivatives will be calculated on notional value of
Investments in Derivatives and Guidelines for Investments in the derivative contracts. Further, exposure in Derivatives would be
Securitized Debt. in accordance with conditions as may be stipulated by SEBI/RBI from
time to time.
f) Benchmark
The Benchmark Index for the Scheme is CRISIL Liquid Fund Index. i) Change in Investment Pattern
The CRISIL Liquid Fund Index tracks returns on a portfolio that includes Subject to the SEBI (Mutual Funds) Regulations, as amended from time
CBLO, certicate of deposit and commercial paper which are the key to time the asset allocation pattern indicated above may change from
constituents of liquid funds. The Index is the nearest reection of time to time, depending on liquidity considerations or on account
the portfolio allocation of the Scheme, hence, it is felt appropriate of high levels of repurchase or redemptions relative to fund size, or
to benchmark the performance of this Scheme against CRISIL Liquid upon considerations that optimise returns of the Scheme through
Fund Index. investment opportunities or upon various defensive considerations
However, investors are requested to note that the Schemes regulations and political and economic factors. It must be clearly
performance may not be strictly comparable with the performance understood that the percentages stated above are only indicative and
of the Index due to the inherent differences in the construction of not absolute. These proportions may vary substantially depending
the portfolios. upon the perception of the AMC, the intention being at all times
The Board of AMC and Trustee Company will review the performance to seek to protect the interests of the Unitholders. Such changes in
of the Scheme in comparison to the benchmark. the investment pattern will be for short term and only for defensive
The Trustees reserve the right to change the benchmark for evaluation Investment Committee of the AMC will conduct a periodic review
of performance of the Scheme from time to time in conformity with of the asset allocation and may suggest rebalancing of the portfolio.
the Investment objectives and appropriateness of the benchmark Such changes in the investment pattern will be for short term and
subject to SEBI Regulations, and other prevailing guidelines, as defensive considerations.
(xx) L&T MONTHLY INCOME PLAN
(Monthly Income is not assured and is subject to the availability of
Returns as on December 15, 2014 distributable surplus)
Compounded Annualised L&T Liquid L&T Liquid L&T Liquid CRISIL Liquid a) Type of the Scheme
Returns Fund - Retail Fund - Fund Fund Index
Plan Institutional An open-ended income scheme with no assured returns
Plus Plan
Returns for the last 1 year 8.45% 8.79% 8.91% 8.83%
Returns for last 3 years 8.08% 8.84% 9.11% 8.85% The primary investment objective is to generate monthly income
Returns for last 5 years through investments in a range of Debt, Equity and Money Market
7.96% 8.62% 8.83% 8.42%
Instruments. Income will be distributed only if the same is earned by
Returns since inception 7.03% 7.16% 7.97% - the Scheme and there can be no assurance that the objective of the
Retail Plan (October 04, 2000),
Scheme will be realized.
Institutional Plus Plan (April
10, 2003), L&T Liquid Fund c) Asset Allocation Pattern
(October 3, 2006)
Returns for last 1 year (Direct 8.97% NA NA 8.83% Type of Security Maximum Minimum Normal Risk Profile
Plan) Allocation of Allocation of Allocation of
Returns since inception from 9.14% NA NA 9.06% the Corpus the Corpus the Corpus
January 01, 2013 (Direct Plan) Debt, Money Markets 100% 80% 90% Low to
Absolute Returns & Government Medium
12.00 Securities
10.00 8.95
9.30 9.00 9.32 8.83
8.99 8.98
9.36 9.04 8.98
(including cash/call
8.60 9.31 9.43 8.44 8.32
8.00 7.97
8.17 8.02 9.54 9.54
money)
6.04 6.22 6.33 6.21
6.00
4.00 Equity & Equity related 20% 0% 5% Medium to

2.00
instruments High
0.00
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15 Securitized Debt 40% 0% 5% Low to
L&T Liquid Fund - Regular Plan
L&T Liquid Fund - Institutional Plus Plan
CRISIL Liquid Fund Index
CRISIL Liquid Fund Index
Medium
L&T Liquid Fund
NAVs of Growth Option are used for calculation of returns. Returns Subject to the Regulations, the corpus of the Scheme may be invested
have been calculated on the face value of Rs. 10 per unit. Returns for in all or any one of (but not exclusively) the following securities:
Equity and equity related securities including preference shares,
Past performance may or may not be sustained in the future. convertible bonds and debentures and warrants carrying the
h) Investment Norms right to obtain equity shares;
The cumulative gross exposure through Debt and Derivative positions
However, following will not be considered while calculating the to coupon bearing bonds, zero coupon bonds and treasury bills);
cumulative gross exposure: Securities guaranteed by the Central, State Governments and
a) Exposure due to hedging positions and local bodies (including but not limited to coupon bearing bonds,
than 91 days. Debt obligations of domestic government agencies and statutory
bodies, which may or may not carry a Central/State Government
guarantee;
72
Corporate debt of both public and private sector undertakings; Free cash ow generation
Structured Obligations of banks (both public and private sector) Returns on capital employed and returns on equity
and development nancial institutions;
Intangible assets such as brands, distribution etc.
Money market instruments as permitted by SEBI/RBI, having
Valuation in relation to the history of the stock as well as its peer
group.
market as may be provided by the RBI to meet the liquidity Any other factors considered relevant in the opinion of the Fund
requirements; Management team.
Certicate of Deposit (CDs); The Scheme may also use derivatives to reduce the volatility of the
portfolio and/or to enhance the portfolio returns. The Scheme may
try to identify securities that yield relative value over others for similar
Bills of Exchange/Promissory Notes; risk and liquidity level. Various analytical tools like yield curve analysis,
spreads between asset classes, horizon returns, forward implied
Securitized Debt;
interest rates, may be deployed to evaluate various investment
Privately placed debentures; options. Investments in debt instruments carry various risks like
interest rate risk, liquidity risk, default risk, reinvestment risk etc.
Convertible & non-convertible part of convertible securities;
Whilst these cannot be done away with, they may be minimized by
Interest rate strips; diversication and effective use of hedging techniques.
Any other domestic xed income securities; Other than investing in overseas securities, the Scheme may use
techniques and instruments such as futures and options, warrants
etc. to hedge the risk of uctuations in the value of the investment
portfolio. The Scheme may enter into derivatives transactions in a
The securities mentioned above could be listed, unlisted, privately recognized stock exchange for the purpose of hedging and portfolio
placed, secured, unsecured, rated or unrated and of any maturity. balancing in accordance with the guidelines issued by SEBI. These
The securities may be acquired through initial public offerings (IPOs), derivative instruments will include interest rate swaps, forward
secondary market operations, private placement, rights offers or rate agreements, interest rate futures, index and stock futures and
negotiated deals. All investments in securities whether privately options or any other derivative instruments that are permissible or
placed or otherwise will be in line with SEBI guidelines as applicable may be permissible in future under applicable regulations.
Using Index Futures to increase percentage investments in equities:
applicable. This strategy will be used for the purpose of generating returns
on idle cash, pending its investment in equities. The Scheme is
When investments are made in Government Securities, such securities
open-ended in nature and subject to daily inows. There may be
may be supported by the ability to borrow from the treasury or
a time lag between the inow of funds and their deployment in
supported only by sovereign guarantee or of the State Government
equities. If so desired, the Investment Manager would be able to
or supported by GOI/State Government in some other way.
take immediate exposure to equities via index futures. The position in
e) What are the investment strategies? index futures may be reversed in a phased manner, as the funds are
deployed in the equity markets.
The overall portfolio structuring would aim at controlling risk at
moderate level. Stock specic risk will be minimized by investing Example:
only in those companies that have been thoroughly researched in-
The Scheme has a corpus of Rs.100 crore and there is an inow of
house. Risk will also be managed through broad diversication of
Rs.5 crore in a day. The Investment Manager may buy index futures
the portfolios within the framework of the Schemes investment
contracts of a value of Rs.5 crore. Later as the money is deployed
objective and policies.
in the underlying equities, the value of the index futures contracts
The Fund Management team endeavours to meet the investment can be suitably reduced. The value of the futures contracts is directly
objective whilst maintaining a balance between safety, liquidity and related to the movement in the index. Therefore, by immediately
return on investments. With a view to maintain low to medium investing in index futures, the opportunity loss of holding cash in a
risk, the Scheme may focus on short to medium-term securities. rising market can be minimized.
The Scheme shall be actively managed and the Fund Management
Using Index Futures to decrease percentage investments in equities:
team may endeavor to generate superior returns whilst moderating
credit and interest rate risk. The Fund Manager shall formulate a Similarly, in the case of a pending outow of funds or where a
view of the interest rate movement based on various parameters negative view is taken on the market, the Investment Manager, in
of the Indian economy, as well as developments in global markets. order to reduce exposure in equities may sell the index forward by
Investment views/decisions inter alia may be taken on the basis of the taking a short position in index Futures. This position can be unwound
following parameters: over a period in time by simultaneously selling the equity shares from
the investment portfolio of the Scheme. Since the price of the futures
Returns offered relative to alternative investment opportunities.
contracts is expected to be positively correlated with the index, the
Liquidity of the security value of a short position will move in the direction opposite to the
movement in the index. The strategy of taking a short position in the
Prevailing interest rate scenario
index future is a hedging strategy and reduces the market risk and
Quality of the security/instrument (including the nancial health volatility of the portfolio.
of the issuer)
Example:
Maturity prole of the instrument
Assume a scheme has an equity exposure of Rs. 50 crore. If the Fund
Management quality, strategy and vision Manager wishes to reduce the equity exposure to Rs. 40 crore in a
short time, he would sell index futures contracts of a value of Rs. 10
Business dynamics
crore.
Financial strength of the company
73
Portfolio Event Equity Derivative Total Risks:

Portfolio Gain/(Loss) Portfolio The table shows that the portfolio value will not fall below Rs.47
Gain/(Loss) (Rs. in crore) Gain/(Loss) crore, while the scheme benets from any increase in stock
(Rs. in crore) (Rs. in crore) prices. The table assumes perfect correlation between the equity
Without Hedge 10% fall in (5) Nil (5) portfolio and the index. However, this may not be the case.
Rs. 50 crore equity equity prices Therefore, the minimum portfolio value cannot be assured, but
exposure the loss is expected to be lower in a portfolio with a put option
With Hedge 10% fall in (5) 1 (4) on the index, as compared to a normal portfolio.
Rs. 50 crore equity equity prices The put option would lead to a gain based on the difference
exposure between the strike price and the index level at expiration date,
Without Hedge 10% rise in 5 Nil 5 if positive. However, in case the option is reversed before the
Rs. 50 crore equity equity prices expiration date, the market price received on the sale of the
exposure option may be different from the price calculated.
With Hedge 10% rise in 5 (1) 4 While options markets can be more liquid than the underlying
Rs. 50 crore equity equity prices cash market, there can be no assurance that ready liquidity
exposure would exist at all points in time for the scheme to purchase or
close out a specic options contracts.
20% Hedge contract value of Rs.10 crore
In the case of purchase of a stock put, the strategy is a perfect
Risks: hedge on the expiration date of the put option. On other days,
The strategy of taking a short position in index futures is a there may be (temporary) imperfect correlation between the
hedging strategy and reduces the market risk. The short position share price and the put option, which can potentially take the
is negatively correlated with the market. However, there is no stock value below the minimum under the hedge.
assurance that the stocks in the portfolio and the index behave Please refer to Policy on Offshore Investments by the Schemes,
in the same manner and thus this strategy may not be a perfect Investments in Derivatives and Guidelines for Investments in
hedge. Securitized Debt.
The short position will have as much loss as a gain in the f) Benchmark
underlying index. E.g., if the index appreciates by 10% the
future value falls by 10%. However, this is true only for The Benchmark Index for the Scheme is CRISIL MIP Blended Fund
futures contracts held till maturity. In the event that a futures Index.
contract is closed out before its expiry, the quoted price of the CRISIL MIP Blended Fund Index is dedicated to benchmark the
futures contract may be different from the gain/loss due to the performance of MIP funds. It is framed using the returns on the
movement of the underlying index. This is called the basis risk. following indices:
While futures markets are typically more liquid than the CNX Nifty Index 15%
underlying cash market, there can be no assurance that ready CRISIL Composite Bond Fund Index 85%
liquidity would exist at all points in time, for the Scheme to
purchase or close out a specic futures contract. Thus, CRISIL MIP Blended Fund Index is ideal to track the return on
a MIP Portfolio that includes both, equity as well as debt market
Portfolio Protection Using Index Put And Stock Put Options instruments.
The purchase of an index put option gives the scheme the option of However, investors are requested to note that the Schemes
selling the index to the writer of the put at a predetermined level of performance may not be strictly comparable with the performance
the index, called the strike price. If the index falls below this level, the of the Index due to the inherent differences in the construction of
scheme benets from the rise in the value of the put option. Similarly, the portfolios.
as a stock hedging strategy, the purchase of a put option on the
underlying stock would give the scheme the option to sell the stock The Board of AMC and Trustee Company will review the performance
to the writer of the option at the predetermined strike price. This of the Scheme in comparison to the benchmark.
would lead to a capping of the loss in value of a stock. The contract The Trustees reserve the right to change the benchmark for evaluation
value of options on individual stocks will be limited to 5% of the net of performance of the Scheme from time to time in conformity with
assets of the Scheme. the Investment objectives and appropriateness of the benchmark
Example: subject to SEBI Regulations, and other prevailing guidelines, as
Let us assume a scheme with a corpus of Rs.50 crore. Let us also
assume an index level of 1000. The scheme is fully invested (Rs.50 g) How has the Scheme performed?
crore) in equities. The scheme purchases a put option on the index Returns as on December 15, 2014
with a strike price of 950 for an assumed cost of Rs.50 lacs. The
following table illustrates the portfolio returns: Compounded Annualised L&T Monthly CRISIL MIP
Returns Income Plan Blended Fund
% Index Equity Option Cost of the Portfolio % Index
change Value Portfolio Value Put Option Value returns Returns for last 1 year 13.45% 12.98%
in index Value Rs. in Rs. in Rs. in crore Rs. in from
crore crore C crore portfolio
A B (A+B+C)
10 1100 55.0 0 (0.5) 54.5 9 (July 31, 2003)
5 1050 52.5 0 (0.5) 52.0 4 Returns for last 1 year (Direct Plan) 14.20% 12.98%
(5) 950 47.5 0 (0.5) 47 (6) Returns since inception from 9.81% 10.04%
(10) 900 45.0 2.5 (0.5) 47 (6) January 01, 2013 (Direct Plan)
(15) 850 42.5 5 (0.5) 47 (6)
A similar put option can be purchased on any individual stock and the
downside can be capped.
74
Absolute Returns Type of Security Maximum Minimum Risk Profile

19.56
20.00 18.75 Allocation of Allocation of
18.00 16.54 16.54 the Corpus the Corpus
16.00
14.00
(%) (%)
12.00
9.06
Floating Rate 100% 65% Low to
10.00
8.00
7.79 Securities and Medium
6.17 6.44
6.00 4.93
5.34 5.24 6.44 5.27
Money Market
4.52
4.00 Instruments
2.00
0.00 Debt Instruments 35% 0% Low to
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
Direct Plan Direct Plan including Floating Medium
L&t Monthly Income Plan CRISIL MIP Blended Fund Index Rate Securities
NAVs of Growth Option are used for calculation of returns. Returns The Scheme may invest upto 100% of its net assets in securitized
have been calculated on the face value of Rs. 10 per unit. Returns for debt.
The Scheme may take exposure in derivatives, either exchange traded
Past performance may or may not be sustained in the future. or OTC, upto 100% of Net Assets as permitted by SEBI regulations,
h) Investment Norms as amended from time to time.
The cumulative gross exposure through Equity,Debt and Derivative The gross investments in Debt and Money Market Instruments
positions shall not exceed 100% of net assets of the Scheme. including Securitized Debt and Derivatives shall not exceed 100% of
net assets of the Scheme.
However, following will not be considered while calculating the
cumulative gross exposure: The exposure in Derivatives shall be subject to limit and in accordance
with the conditions as may be stipulated by SEBI/RBI from time to
a) Exposure due to hedging positions and time. Further, exposure in Derivatives will be calculated on notional
b) Exposure in Cash or cash equivalents with residual maturity of less value of the derivative contracts.
than 91 days. d) Where will the Scheme Invest?
The exposure to Derivatives will be calculated on notional value of Subject to the Regulations, the corpus of the Scheme may be invested
the derivative contracts. Further, exposure in Derivatives would be in all or any one of (but not exclusively) the following securities:
time to time. Securities created and issued by the Central and State
i) Change in Investment Pattern Securities as may be permitted by RBI (including but not limited
Subject to the SEBI (Mutual Funds) Regulations, as amended from to coupon bearing bonds, zero coupon bonds and treasury
time to time the asset allocation pattern indicated above may bills);
change from time to time, depending on liquidity considerations Securities guaranteed by the Central, State Governments and
or on account of high levels of repurchase or redemptions relative local bodies (including but not limited to coupon bearing bonds,
to fund size, or upon considerations that optimise returns of the zero coupon bonds and treasury bills);
Scheme through investment opportunities or upon various defensive
Debt obligations of domestic government agencies and
considerations including market conditions, market opportunities,
applicable regulations and political and economic factors. It must
Government guarantee;
indicative and not absolute. These proportions may vary substantially Corporate debt of both public and private sector undertakings;
depending upon the perception of the AMC, the intention being Obligations of banks (both public and private sector) and
at all times to seek to protect the interests of the Unitholders. Such development nancial institutions;
for defensive considerations. In addition, as part of the investment Money market instruments as permitted by SEBI/RBI, having
process, the Investment Committee of the AMC will conduct a maturities of up to one year and more than one year, in call
periodic review of the asset allocation and may suggest rebalancing money market or in alternative investment for the call money
of the portfolio. Such changes in the investment pattern will be for market as may be provided by the RBI to meet the liquidity
short term and defensive considerations. requirements;
(xxi) L&T FLOATING RATE FUND
Bills of Exchange/Promissory Notes;
An open-ended income scheme
Securitized Debt;
The primary objective of the Scheme is to generate regular income
through investment in a portfolio comprising substantially of oating
rate debt/money market instruments, xed rate debt/money market Any other domestic xed income securities;
instruments swapped for oating rate returns, and xed rate debt Derivative instruments like Interest Rate Swaps, Forward Rate
securities, Government securities and money market instruments. Agreements and such other derivative instruments permitted by
c) Asset Allocation Pattern SEBI/RBI;
Under normal circumstances, the asset allocation of the Scheme will Any other instruments/securities as may be permitted by RBI/
be as under: SEBI or such other regulatory bodies from time to time.
e) What are the Investment strategies?
In line with the investment objective of the Scheme, the investments
would be made predominately in a portfolio comprising substantially
of oating rate debt/money market instruments, xed rate debt/
money market instruments swapped for oating rate returns, and
xed rate debt securities, Government securities and money market
instruments.
75
The Investment Manager would apply multiple objective criteria for g) How has the scheme performed?
selection of securities in the portfolio. These criteria would include
yield, credit rating, tenure, liquidity and value added features of the
instrument. Compounded Annualised L&T Floating CRISIL Liquid
The aim of the investment strategy is to generate reasonable returns Returns Rate Fund Fund Index
with investment in securities predominantly with short term maturity/ Returns for last 1 year 8.30% 8.78%
reset period and with a low risk, particularly minimal interest rate Returns for last 3 years 9.09% 8.85%
risk. The domestic debt markets are maturing rapidly with liquidity Returns for last 5 years 8.86% 8.42%
emerging in various debt segments through the introduction of
new instruments and investors. The development of the derivatives (August 11, 2005)
markets, particularly Swaps and Forward Rate Agreements (FRAs)
have made the environment more dynamic and have provided the
opportunity to manage interest rate more actively. The aim of the Returns since inception from 8.81% 9.06%
Investment Manager will be to allocate the assets of the Scheme January 01, 2013 (Direct Plan)
between various xed interest rate securities and oating interest rate Absolute Returns
12.00
securities and use derivatives like Swaps and FRAs effectively with the 10.01 9.46
10.00 9.54 9.11 9.27 9.46
objective of achieving reasonable returns. 8.44 8.46 9.06 8.66 9.06
8.17
8.00
6.42 6.21
In the absence of oating rate securities, the same can be created 6.00
synthetically with a combination of derivatives like Interest Rate 4.00
Swaps and FRAs and xed interest rate securities. The xed income
2.00
derivatives market has developed considerably during the last 5
0.00
years in India. The Scheme intends to use derivatives as permitted FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
by RBI/SEBI for hedging interest rate risk. The actual percentage L&T Floating Rate Fund CRISIL Liquid Fund Index
of investments in various oating and xed interest rate securities

and the position of derivatives will be decided after considering NAVs of Growth Option are used for calculation of returns. Returns
the prevailing market conditions, economic environment (including have been calculated on the face value of Rs. 10 per unit. Returns for
interest rates and ination), the performance of the corporate sector less than one year are absolute returns.
and general liquidity as well as other considerations in the economy Past performance may or may not be sustained in the future.
and markets.
h) Investment Norms
Investment decisions are made by the Fund Manager of the
Scheme. The Investment committee which also includes the Fund The cumulative gross exposure through Debt and Derivative positions
Managers reviews all investments on a regular basis and also records shall not exceed 100% of net assets of the Scheme.
justication for the investments made and periodically reviews the However, following will not be considered while calculating the
investments decisions and policies with the Chief Executive Ofcer. cumulative gross exposure:
The Board of Directors of the AMC and the Trustee Company review
a) Exposure due to hedging positions and
mutual funds. b) Exposure in Cash or cash equivalents with residual maturity of less
than 91 days.
Please refer to Policy on Offshore Investments by the Schemes,
Investments in Derivatives and Guidelines for Investments in The exposure to Derivatives will be calculated on notional value of
Securitized Debt. the derivative contracts. Further, exposure in Derivatives would be
f) Benchmark time to time.
The Benchmark Index for the Schemes is CRISIL Liquid Fund Index. i) Change in Investment Pattern
The CRISIL Liquid Fund Index tracks returns on a portfolio that Subject to the SEBI (Mutual Funds) Regulations, as amended from time
includes CBLO, certicate of deposit and commercial paper which are to time the asset allocation pattern indicated above may change from
the key constituents of liquid funds. time to time, depending on liquidity considerations or on account
The Index is the nearest reection of the portfolio allocation of the of high levels of repurchase or redemptions relative to fund size, or
Scheme hence, it is felt appropriate to benchmark the performance upon considerations that optimise returns of the Scheme through
of this Scheme against CRISIL Liquid Fund Index. investment opportunities or upon various defensive considerations
However, investors are requested to note that the Schemes regulations and political and economic factors. It must be clearly
performance may not be strictly comparable with the performance understood that the percentages stated above are only indicative and
of the Index due to the inherent differences in the construction of not absolute. These proportions may vary substantially depending
the portfolios. upon the perception of the AMC, the intention being at all times
to seek to protect the interests of the Unitholders. Such changes in
The Trustees reserve the right to change the benchmark for evaluation Investment Committee of the AMC will conduct a periodic review
of performance of the Scheme from time to time in conformity with of the asset allocation and may suggest rebalancing of the portfolio.
the Investment objectives and appropriateness of the benchmark Such changes in the investment pattern will be for short term and
subject to SEBI Regulations, and other prevailing guidelines, as defensive considerations.
amended from time to time. (xxii) L&T FLEXI BOND FUND
The investment objective of the Scheme is to generate reasonable
returns through a diversied portfolio of xed income securities.
76
There is no assurance that the objective of the Scheme will be realised to commercial papers, commercial bills, treasury bills, usance
and the Scheme does not assure or guarantee any returns. bills, government securities having unexpired maturity upto one
The Scheme may invest in derivatives up to 100% of the net assets
of the Scheme for the purpose of hedging and portfolio balancing
purposes.
Deposits of scheduled commercial banks as permitted under the
Hedging does not mean maximization of returns but only attempts extant Regulations.
to reduce systemic or market risk that may be inherent in the
investment. Securitised debt (asset backed securities, mortgage backed
securities, pass through certicates, collateralised debt
(c) Asset allocation pattern obligations or any other instruments as may be prevailing and
Under normal circumstances, it is anticipated that the asset allocation permissible under the Regulations from time to time).
shall be as follows: Derivatives (which includes but is not limited to interest rate
derivatives, currency derivatives, credit derivatives and forward
Instruments Indicative allocations Risk Profile rate agreements or such other derivatives as are or may be
(% of net assets) permitted under the Regulations and RBI from time to time).
Maximum Minimum Any international xed income securities as are or may be
Debt Instruments 100% 0% Medium to permitted under the Regulations, RBI and other applicable law
including securitized debt Low from time to time.
Money Market 100% 0% Medium to Overseas mutual fund units which are permissible under the
instruments Low Regulations or by any other regulatory body.
The Scheme may, subject to applicable regulations from time to time, Any other domestic or international instrument as may be
invest in offshore securities up to 25% of net assets of the Scheme. permitted under the Regulations or any other regulatory body
from time to time.
of the Scheme for the purpose of hedging and portfolio balancing For the purpose of further diversication and liquidity, the Scheme
purposes. may invest in other debt schemes managed by the same AMC or by
the asset management company of any other mutual fund without
Please refer paragraph Overview of Debt Markets to understand charging any fees on such investments, provided that aggregate
the debt markets and the instruments available in the debt markets. inter-scheme investment made in all schemes managed by the same
(d) Where will the Scheme invest? AMC or in schemes managed by the AMC of any other mutual fund
The Scheme will invest the entire corpus in debt and money market
securities. There will be no investment in equity and equity related For applicable regulatory investment limits please refer paragraph
products. Investment Restrictions.
The Scheme may also invest in permitted offshore instruments for All investments in the Scheme shall be made in accordance with the
diversication in accordance with the requirements stipulated by regulations and guidelines issued by SEBI/RBI/any other regulatory
SEBI/RBI from time to time. authority.
The Scheme may also invest in derivatives for the purpose of hedging
and portfolio balancing purposes. For details and limits applicable The portfolio will be constructed and actively managed to generate
to investment in derivatives please refer paragraph Investments in returns to match the investment objective and to maintain adequate
Derivatives. liquidity to accommodate funds movement. Capital appreciation
opportunities could be explored by extending credit and duration
Subject to regulations and prevailing laws as applicable, the portfolio exposure subject. The fund management team will take an active
will consist of permissible domestic or international xed income view of the interest rate movement supported by quantitative
instruments, most suitable to meet the investment objectives. The research, to include various parameters of the Indian economy, as
instruments listed below could be listed, unlisted, privately placed, well as developments in global markets. Investment views/decisions
secured, unsecured, rated or unrated acquired through primary or will be a combination of credit analysis of individual exposures and
secondary market through stock exchanges, over the counter or analysis of macro economic factors to estimate the direction of
any other dealing mechanisms. The following investment categories interest rates and level of liquidity and will be taken, inter alia, on the
are likely to cover most of the available investment universe. The basis of the following parameters:
investments could be coupon bearing (xed or oating), zero coupon
discounted instruments, instruments with put and/or call options or 1. Prevailing interest rate scenario
any other type. Weights in the portfolio may not have any correlation 2. Returns offered relative to alternative investment opportunities.
to the order of listing. 3. Quality of the security/instrument (including the nancial health
Securities issued or guaranteed by Central Government, State of the issuer)
Governments or local governments and/or repos/reverse repos/ 4. Maturity prole of the instrument
may be permitted under the Regulations and RBI from time to
time (including but not limited to coupon bearing bonds, zero 6. Any other factors considered relevant in the opinion of the fund
coupon bonds and treasury bills). management team.
Securities issued (including debt obligations) by domestic The fund management team, supported by credit research group will
government agencies and statutory bodies, which may or may generally adopt a bottom-up approach for securities identication
not be guaranteed by Central or State Government. to optimise the risk adjusted returns on the diversied portfolio.
using the in-house research capabilities as well as the inputs from the
Debt obligation of banks (public or private sector) and nancial independent credit rating agencies.
institutions.
Investments in debt instruments carry various risks such as interest
Convertible debentures. (The Scheme may have some exposure rate risk, liquidity risk, default risk, reinvestment risk etc. Whilst such
to equity or equity related instruments to the extent of risks cannot be eliminated, they may be minimized by diversication
conversion of these debentures into equity or equity related and effective use of hedging.
instruments.)
The Scheme may invest in derivatives upto 100% of the net assets
Money market instruments (which includes but is not limited of the Scheme for the purpose of hedging and portfolio balancing
77
purposes. Hedging does not mean maximization of returns but only (c) Asset allocation pattern
attempts to reduce systemic or market risk that may be inherent in
the investment. Under normal circumstances, it is anticipated that the asset allocation
The Scheme may also invest in permitted offshore instruments for
diversication. Instruments Indicative allocation Risk
(f) Benchmark (% of net assets) Profile
The performance of the Scheme will be benchmarked against the Maximum Minimum
CRISIL Composite Bond Fund Index. Certicates of deposit 100% 65% Medium
L&TFBF can invest in government and corporate debt and money issued by banks, bank xed to Low
market instruments across the maturity spectrum and therefore the deposits, treasury bills,
CRISIL Composite Bond Fund Index which tracks the returns on the CBLO, Repo/reverse repo
constituents like the Call Index, the CP Index, the AAA Index, AA Commercial papers and 35% 0% Medium
Index and the Gilt Fund Index is an appropriate choice of benchmark other debt instruments to Low
for the Scheme. including securitised debt
(g) How has the Scheme Performed? In case of exposure to rated money market and debt instruments, the
Returns as on December 15, 2014 Fund Manager will invest in instruments that are rated AAA/A1+ or
equivalent to the extent of atleast 90% of investments in the rated
Compounded L&T Flexi Bond CRISIL L&T Flexi Bond CRISIL instruments.
Annualised Returns Fund - Retail Composite Fund** Composite
Plan bond Fund Bond Fund Due to market conditions, the AMC may invest beyond the range set
Index Index out above. Such deviations shall normally be for a short term purpose
Returns for last 1 year 12.95% 12.20% 13.30% 12.20%
Returns for last 3 years 9.50% 9.10% 9.98% 9.10% rebalancing will normally be carried out within 10 Business Days.
Returns for last 5 years 8.10% 8.04% NA 8.04% The Scheme may, subject to applicable regulations from time to time,
Returns since 7.37% 7.32% 9.11% 8.35% invest in offshore securities up to 25% of net assets of the Scheme.
inception Retail Plan
(August 30, 2006),
L&T Flexi Bond Fund
(September 27, 2010)
purposes.
Returns for last 1 year 13.76% 12.20% NA NA The portfolio of the Scheme will have the following characteristics:
(Direct Plan)
The Scheme will make investment in/purchase debt and money
Returns since 9.98% 8.91% NA NA market securities with maturity of upto 91 days only.
inception from January
01, 2013 (Direct Plan) Inter-scheme transfers will be permitted for debt and money
market securities with maturity of upto 91 days only.
Absolute Returns
18.00
16.06 Further, the term maturity shall mean:
16.00 15.59
15.13 14.67 14.67
14.00 In case of securities where the principal is to be repaid in a
12.00
9.86
10.41
9.24
single payout the maturity of the securities shall mean residual
10.00
8.00
8.03
8.57
7.68 maturity. In case the principal is to be repaid in more than one
6.00 5.06
5.73 payout then the maturity of the securities shall be calculated on
4.78 5.31 4.32 4.32
4.00 3.22 the basis of weighted average maturity of the security.
2.00
0.00
FY 11-12 FY 12-13 FY 13-14 FY 14-15
In case of securities with put and call options (daily or otherwise),
FY 10-11** FY 13-14 FY 14-15
L&T Flexi Bond Fund - Retail
ail L&T Flexi
xi Bond
Bon Fund**
Direct Plan
Dire Dire
Direct Plan
the residual maturity of the securities is not greater than 91 days.
CRISIL Composite Bond Fund Index
** There were no investors in L&TFBF-Growth option as on March 31, 2011.

In case the maturity of the security falls on a non-Business Day
then settlement of the securities will take place on the next
NAVs of Growth Option are used for calculation of returns. Returns Business Day.
less than one year are absolute returns. Please refer paragraph Overview of Debt Markets to understand
the debt markets and the instruments available in the debt markets.
(xxiii) L&T CASH FUND
The Scheme will invest the entire corpus in debt and money market
(a) Type of the Scheme securities. There will be no investment in equity and equity related
products.
An open-ended liquid scheme
diversication in accordance with the requirements stipulated by
The investment objective of the Scheme is to deliver reasonable SEBI/RBI from time to time.
returns with lower volatility and higher liquidity through a portfolio The Scheme may also invest in derivatives for the purpose of hedging
of debt and money market instruments. and portfolio balancing purposes. For details and limits applicable
There is no assurance that the objective of the Scheme will be realised to investment in derivatives please refer paragraph Investments in
and the Scheme does not assure or guarantee any returns. Derivatives.
The Scheme may invest in derivatives up to 100% of the net assets Subject to regulations and prevailing laws as applicable, the portfolio
of the Scheme for the purpose of hedging and portfolio balancing will consist of permissible domestic or international xed income
purposes. instruments, most suitable to meet the investment objectives. The
instruments listed below could be listed, unlisted, privately placed,
Hedging does not mean maximization of returns but only attempts to secured, unsecured, rated or unrated acquired through primary or
reduce systemic or market risk that may be inherent in the investment. secondary market through stock exchanges, over the counter or any
78
other dealing mechanisms. The following investment categories developments in global markets. Investment views/decisions will be
are likely to cover most of the available investment universe. The a combination of credit analysis of individual exposures and analysis
investments could be coupon bearing (xed or oating), zero coupon of macroeconomic factors to estimate the direction of interest rates
discounted instruments, instruments with put and/or call options or and level of liquidity and will be taken, inter alia, on the basis of the
any other type. Weights in the portfolio may not have any correlation following parameters:
to the order of listing.
1. Securities issued or guaranteed by Central Government, State
2. Returns offered relative to alternative investment opportunities
Governments or local governments and/or repos/reverse repos/
ready forward contracts in such government securities as are or 3. Quality of the security/instrument (including the nancial health
may be permitted under the Regulations and RBI from time to of the issuer)
2. Securities issued (including debt obligations) by domestic
government agencies and statutory bodies, which may or may 6. Any other factors considered relevant in the opinion of the fund
not be guaranteed by Central or State Government. management team.
3. Corporate bonds of public sector or private sector undertakings. The fund management team, supported by credit research group will
generally adopt a bottom-up approach for securities identication
to optimise the risk adjusted returns on the diversied portfolio.
institutions.
5. Money market instruments (which includes but is not limited using the in-house research capabilities as well as the inputs from the
to commercial papers, commercial bills, treasury bills, usance independent credit rating agencies.
rate risk, liquidity risk, default risk, reinvestment risk etc. Whilst such
risks cannot be eliminated, they may be minimized by diversication
permitted under the Regulations and RBI from time to time).
and effective use of hedging techniques.
extant Regulations.
7. Securitised debt (asset backed securities, mortgage backed purposes. Hedging does not mean maximization of returns but only
securities, pass through certicates, collateralised debt attempts to reduce systemic or market risk that may be inherent in
obligations or any other instruments as may be prevailing and the investment.
8. Derivatives (which includes but is not limited to interest rate diversication.
(f) Benchmark
rate agreements or such other derivatives as are or may be
permitted under the Regulations and RBI from time to time). The performance of the Scheme will be benchmarked against the
CRISIL Liquid Fund Index.
9. Any international xed income securities as are or may be
permitted under the Regulations, RBI and other applicable law L&TCF invests primarily in the money market and that is why the
from time to time. CRISIL Liquid Fund Index is an appropriate choice of benchmark for
the Scheme.
10. Overseas mutual fund units which are permissible under the
Regulations or by any other regulatory body. (g) How has the Scheme Performed?
11. Any other domestic or international instrument as may be Returns as on December 15, 2014
permitted under the Regulations or any other regulatory body
from time to time. Compounded L&T Cash L&T Cash L&T Cash CRISIL Liquid
Annualised Fund- Fund- Fund Fund Index
For the purpose of further diversication and liquidity, the Scheme Returns Retail Institutional
may invest in other debt schemes managed by the same AMC or by
the asset management company of any other mutual fund without Returns for last 7.98% 8.13% 7.98% 8.83%
charging any fees on such investments, provided that aggregate 1 year
AMC or in schemes managed by the AMC of any other mutual fund Returns for last 8.14% 8.48% 8.52% 8.85%
shall not exceed 5% of the net asset value of the Mutual Fund. 3 years
Returns for last 7.99% 8.37% 8.46% 8.42%
For applicable regulatory investment limits please refer paragraph 5 years
Returns since 7.31% 7.71% 7.81% 7.63%
All investments in the Scheme shall be made in accordance with the inception
regulations and guidelines issued by SEBI/RBI/any other regulatory (November 27,
authority. 2006)
(e) Investment Strategy Returns for last 1 8.77% NA NA 8.83%
year (Direct Plan)
The portfolio will be constructed and managed to generate returns Returns since 8.83% NA NA 9.06%
to match the investment objective and to maintain adequate liquidity inception from
to accommodate funds movement. As the interest rate risk of the January 01, 2013
portfolio is likely to be similar to that of the money market curve, (Direct Plan)
in line with the investment objective, a signicant proportion of the
total returns is likely to be in the form of income yield or accrual.
The fund management team, comprising credit research and
quantitative research, will take an active view on the key drivers
affecting the short term interest rate movement as well as liquidity.
This will include various parameters of the Indian economy, as well as
79
Absolute Returns The Scheme may also invest in derivatives for the purpose of hedging
12.00 and portfolio balancing purposes. For details and limits applicable
10.00
8.62
9.05 9.22 8.99 9.23 8.20 8.64 8.78
9.54
8.03 8.25 8.02
8.98 9.54 8.77 8.98
to investment in derivatives please refer paragraph Investments in
8.44 8.56 8.17 8.95
8.00
6.48 Derivatives.
6.00 5.89 6.32 6.21
4.00 Subject to regulations and prevailing laws as applicable, the portfolio

2.00
will consist of permissible domestic or international xed income
0.00
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14
Direct Plan
FY 14-15
Direct Plan
instruments, most suitable to meet the investment objectives. The
L&T Cash Fund - Retail Plan - Growth
L&T Cash Fund - Growth
L&T Cash Fund - Institutional
CRISIL Liquid Fund - Index
instruments listed below could be listed, unlisted, privately placed,
secured, unsecured, rated or unrated acquired through primary or
NAVs of Growth Option are used for calculation of returns. Returns secondary market through stock exchanges, over the counter or
have been calculated on the face value of Rs. 10 per unit. Returns for any other dealing mechanisms. The following investment categories
less than one year are absolute returns. are likely to cover most of the available investment universe. The
Past performance may or may not be sustained in the future. investments could be coupon bearing (xed or oating), zero coupon
discounted instruments, instruments with put and/or call options or
(xxiv) L&T LOW DURATION FUND any other type. Weights in the portfolio may not have any correlation
(a) Type of the Scheme to the order of listing.
An open-ended debt scheme
(b) Investment objective ready forward contracts in such government securities as are or
may be permitted under the Regulations and RBI from time to
The investment objective of the Scheme is to generate reasonable
returns and liquidity primarily through investment in money market
and short term debt instruments.
2. Securities issued (including debt obligations) by domestic
The Scheme may invest in derivatives up to 100% of the net assets 3. Corporate bonds of public sector or private sector undertakings.
purposes. 4. Debt obligation of banks (public or private sector) and nancial
institutions.
reduce systemic or market risk that may be inherent in the investment. 5. Convertible debentures. (Though the Scheme will not invest in
equity and equity related products, it may have some exposure to
(c) Asset allocation pattern equity or equity related instruments to the extent of conversion
Under normal circumstances, it is anticipated that the asset allocation of the convertible debentures into equity or equity related
shall be as follows: instruments.)
Instruments Indicative allocations Risk to commercial papers, commercial bills, treasury bills, usance
(% of net assets) Profile bills, government securities having unexpired maturity upto one
Maximum Minimum year, certicates of deposit, bills rediscounting, CBLO, repo, call
Money Market and Debt 100% 65% Low money and any other like instruments as are or may be permitted
instruments with average maturity under the Regulations and RBI from time to time.)
of not greater than 1 year. (Debt 7. Deposits of scheduled commercial banks as permitted under the
instruments may include securitized extant Regulations.
debt)*
8. Securitised debt (asset backed securities, mortgage backed
Debt Instruments with average 35% 0% Medium to securities, pass through certicates, collateralised debt
maturity more than 1 year. (Debt Low obligations or any other instruments as may be prevailing and
instruments may include securitized permissible under the Regulations from time to time).
debt)*
9. Derivatives (which includes but is not limited to interest rate
*The Scheme may invest in securitized debt upto 100% of its net derivatives, currency derivatives, credit derivatives and forward
assets. rate agreements or such other derivatives as are or may be
The Scheme may, subject to applicable regulations from time to time, permitted under the Regulations and RBI from time to time).
invest in offshore securities up to 25% of net assets of the Scheme. 10. Any international xed income securities as are or may be
The Scheme may invest in derivatives up to 100% of the net assets permitted under the Regulations, RBI and other applicable law
of the Scheme for the purpose of hedging and portfolio balancing from time to time.
purposes. 11. Overseas mutual fund units which are permissible under the
Due to market conditions, the AMC may invest beyond the range set Regulations or by any other regulatory body.
out above. Such deviations shall normally be for a short term purpose 12. Any other domestic or international instrument as may be
only, for defensive considerations and the intention being at all times permitted under the Regulations or any other regulatory body
to protect the interests of the Unit Holders. In the event of deviations, from time to time.
rebalancing will normally be carried out within 10 Business Days.
Please refer paragraph Overview of Debt Markets to understand may invest in other schemes managed by the same AMC or by the
the debt markets and the instruments available in the debt markets. asset management company of any other mutual fund without
(d) Where will the Scheme invest? charging any fees on such investments, provided that aggregate
The Scheme will invest the entire corpus in debt and money market AMC or in schemes managed by the AMC of any other mutual fund
securities. There will be no investment in equity and equity related shall not exceed 5% of the net asset value of the Mutual Fund.
products.
For applicable regulatory investment limits please refer paragraph
The Scheme may also invest in permitted offshore instruments for Investment Restrictions.
diversication in accordance with the requirements stipulated by
SEBI/RBI from time to time. All investments in the Scheme shall be made in accordance with the
80
regulations and guidelines issued by SEBI/RBI/any other regulatory Returns for last 1 8.75% 8.78% NA NA NA NA
authority. year (Direct Plan)
(e) Investment Strategy Returns since 8.77% 9.06% NA NA NA NA
inception from
The portfolio will be constructed and actively managed to generate January 01, 2013
returns to match the investment objective and to maintain adequate (Direct Plan)
liquidity to accommodate funds movement. As the interest rate risk Absolute Returns
of the portfolio is likely to be similar to that of the shorter end of the 10.00 9.16 9.46 9.46 9.17 9.06
maturity spectrum, in line with the investment objective, a signicant 8.44 8.88 8.44 8.73 8.17 8.46 8.38 8.738.51
9.06 8.63
8.00 7.83
proportion of the total returns is likely to be in the form of income 6.23 6.65 6.21
8.27
6.00
yield or accrual. Selective capital appreciation opportunities could 4.48
4.00
be explored by extending credit and duration exposure above that
offered by a cash fund. 2.00
0.00
The fund management team will take an active view of the interest FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14
13 FY 14-15
14
rate movement supported by quantitative research, to include various L&T Low Duration
n Fun
Fund-Retail L&TT Low Duration fund-Institutional
nd-In
L&T Low Duration Fund - Growth CRISIL Liquid Fund Index
parameters of the Indian economy, as well as developments in global
markets. Investment views/decisions will be a combination of credit NAVs of Growth Option are used for calculation of returns. Returns
analysis of individual exposures and analysis of macro economic have been calculated on the face value of Rs. 10 per unit. Returns for
factors to estimate the direction of interest rates and level of liquidity less than one year are absolute returns.
and will be taken, inter alia, on the basis of the following parameters:
(xxv) L&T INCOME OPPORTUNITIES FUND
2. Returns offered relative to alternative investment opportunities.
3. Quality of the security/instrument (including the nancial health a) Type of the Scheme
of the issuer) An open-ended income scheme
4. Maturity prole of the instrument b) Investment Objective
5. Liquidity of the security The Scheme seeks to generate regular returns and capital appreciation
6. Any other factors considered relevant in the opinion of the fund by investing in debt (including securitized debt), government and
management team. money market securities.
The fund management team, supported by credit research group will c) Asset Allocation Pattern
generally adopt a bottom-up approach for securities identication
An indication of the asset allocation pattern of the portfolio in the
to optimise the risk adjusted returns on the diversied portfolio.
scheme is as follows:
using the in-house research capabilities as well as the inputs from the Instruments Indicative allocations Risk Profile
independent credit rating agencies. (% of total assets)
Investments in debt instruments carry various risks such as interest Minimum Maximum High/
rate risk, liquidity risk, default risk, reinvestment risk etc. Whilst such Medium/Low
Debt instruments 0% 100% Low to Medium
including securitized
The Scheme may invest upto 100% of the net assets of the Scheme debt^
in derivatives for the purpose of hedging and portfolio balancing Money Market 0% 100% Low
purposes. Hedging does not mean maximization of returns but only Instruments
the investment. ^ The Scheme will predominantly invest in corporate debt instruments
The Scheme may also invest in permitted offshore instruments for The average maturity of the Portfolio of the Scheme shall not exceed
diversication. 3 years.
(f) Benchmark The Scheme shall not invest in foreign securities and stock lending.
The performance of the Scheme will be benchmarked against the The Scheme may undertake derivative transactions for the purpose
CRISIL Liquid Fund Index. of portfolio hedging and portfolio balancing, as permitted under the
regulations and guidelines issued by SEBI from time to time.
L&TLDF invests primarily in money market and short term debt
securities and therefore the CRISIL Liquid Fund Index is an appropriate d) Where will the Scheme Invest?
choice of benchmark for the Scheme.
(g) How has the Scheme Performed? Governments and/or repos/reverse repos/in such Government
to coupon bearing bonds, zero coupon bonds and treasury
Compounded L&T Low CRISIL L&T Low CRISIL L&T Low CRISIL bills);
Annualised Duration Liquid Fund Duration Liquid Fund Duration Liquid Securities guaranteed by the Central, State Governments and
Returns Fund-Retail Index Fund- Index Fund Fund local bodies (including but not limited to coupon bearing bonds,
Institutional Index zero coupon bonds and treasury bills);
Plan
Returns for last 8.01% 8.78% 8.28% 8.78% 8.11% 8.78% Debt obligations of domestic government agencies and
1 year statutory bodies, which may or may not carry a Central/State
Returns for last 8.11% 8.85% 8.49% 8.85% NA 8.85% Government guarantee;
3 years Corporate debt of both public and private sector undertakings;
Returns for last 8.01% 8.42% 8.42% 8.42% NA 8.42%
5 years Obligations of banks (both public and private sector) and
Returns since 7.47% 7.63% 7.87% 7.70% 8.39% 8.93% development nancial institutions;
inception
(September 20,
2007)
81
Money market instruments as permitted by SEBI/RBI, having subject to SEBI Regulations, and other prevailing guidelines, as
maturities of up to one year and more than one year, in call amended from time to time.
g) How has the scheme performed?
requirements; Returns as on December 15, 2014
Certicate of Deposit (CDs); Compounded L&T Income L&T Income CRISIL Short
Commercial Paper (CPs); Annualised Opportunities Opportunities Term Bond
Returns Fund- Retail Fund Fund Index
Bills of Exchange/Promissory Notes; Plan
Securitized Debt; Returns for the 10.67% 10.67% 9.80%
last 1 year
Returns for last 3 8.85% 8.71% 9.34%
Interest rate strips; years
Any other domestic xed income securities; Returns for last 5 8.82% 8.54% 8.39%
years
Agreements and such other derivative instruments permitted by Returns since 8.41% 8.11% 8.06%
SEBI/RBI; inception Retail
Plan (October 08,
Any other instruments/securities as may be permitted by RBI/ 2009)
SEBI or such other regulatory bodies from time to time. Returns for last 1 11.04% NA 9.80%
e) What are the investment strategies? year (Direct Plan)
Returns since 9.15% NA 9.34%
The Scheme seeks to generate regular returns and capital appreciation
inception from
by investing in debt (including securitized debt), government and
January 01,
money market securities.
2013(Direct Plan)
The actual percentage of investment in various xed income Absolute Returns
11.91
securities will be decided after considering the economic environment 12.00
10.00 9.34 9.83
11.56 11.56 10.40 10.40
8.87 9.05 8.78
(including interest rates and ination), the performance of the 8.00 6.86
8.28 8.39
6.53 6.51
6.53 8.78
6.40
corporate sector and general liquidity, prevailing political conditions 6.00 5.12
4.00
and other considerations in the economy and markets. Also the Fund 2.00
Manager will generally be guided by, but not restrained by, the ratings 0.00
FY 10-11 FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
announced by various rating agencies on the assets in the portfolio. L&T Income Opportunities Fund - Retail Plan L&T Income Opportunities Fund
CRISIL Short Term Bond Fund Index
All investments made by the Scheme will be made in accordance with

SEBI (Mutual Fund) Regulations, 1996. NAVs of Growth Option are used for calculation of returns. Returns
The overall portfolio structuring would aim at controlling risk at less than one year are absolute returns.
moderate level. Security specic risk will be minimised by investing
only on those companies that have been thoroughly researched in- Past performance may or may not be sustained in the future.
house. Risk will also be managed through broad diversication of the h) Investment Norms
portfolios within the framework of the Scheme investment objective
and policies. The cumulative gross exposure through Debt and Derivative positions
The AMC will follow a structured investment process in order to
identify the best securities for investment and has developed an However, following will not be considered while calculating the
internal research framework for consistently examining all securities. cumulative gross exposure:
The Scheme will invest in Non Convertible Debentures, which are a) Exposure due to hedging positions and
rated by at least one rating agency. b) Exposure in Cash or cash equivalents with residual maturity of less
Please refer to Investments in Derivatives and Guidelines for than 91 days.
Investments in Securitized Debt. The exposure to Derivatives will be calculated on notional value of
f) Benchmark the derivative contracts. Further, exposure in Derivatives would be
The Benchmark Index for the Scheme is CRISIL Short Term Bond Fund time to time.
Index.
i) Change in Investment Pattern
CRISIL Short Term Bond Fund Index tracks returns on a composite
portfolio that includes call instruments, commercial paper, government Subject to the SEBI (Mutual Funds) Regulations, as amended from time
securities as also AAA/AA rated corporate debt instruments. This to time the asset allocation pattern indicated above may change from
benchmark is therefore an appropriate and realistic indicator for a time to time, depending on liquidity considerations or on account
Mutual Fund Scheme which seeks to invest in all the instruments of high levels of repurchase or redemptions relative to fund size, or
mentioned above in order to generate returns at a particular level upon considerations that optimise returns of the Scheme through
of risk. Hence, CRISIL Short Term Bond Fund Index would be an investment opportunities or upon various defensive considerations
appropriate benchmark index for the Scheme. including market conditions, market opportunities, applicable
regulations and political and economic factors. It must be clearly
However, investors are requested to note that the Schemes understood that the percentages stated above are only indicative and
performance may not be strictly comparable with the performance not absolute. These proportions may vary substantially depending
of the Index due to the inherent differences in the construction of upon the perception of the AMC, the intention being at all times
the portfolios. to seek to protect the interests of the Unitholders. Such changes in
The Board of AMC and Trustee Company will review the performance the investment pattern will be for short term and only for defensive
of the Scheme in comparison to the benchmark. considerations. In addition, as part of the investment process, the
The Trustees reserve the right to change the benchmark for evaluation of the asset allocation and may suggest rebalancing of the portfolio.
of performance of the Scheme from time to time in conformity with Such changes in the investment pattern will be for short term and
the Investment objectives and appropriateness of the benchmark defensive considerations.
82
(xxvi) L&T SHORT TERM INCOME FUND Subject to regulations and prevailing laws as applicable, the portfolio
will consist of permissible domestic or international xed income
instruments, most suitable to meet the investment objectives. The
An open-ended income fund instruments listed below could be listed, unlisted, privately placed,
secured, unsecured, rated or unrated acquired through primary or
secondary market through stock exchanges, over the counter or
The investment objective of the Scheme is to generate reasonable any other dealing mechanisms. The following investment categories
returns and liquidity primarily through investment in xed income are likely to cover most of the available investment universe. The
securities and money market instruments. There is no assurance that investments could be coupon bearing (xed or oating), zero coupon
the objective of the Scheme will be realised and the Scheme does not discounted instruments, instruments with put and/or call options or
assure or guarantee any returns. any other type. Weights in the portfolio may not have any correlation
to the order of listing.
Instruments Indicative allocations Risk Profile may be permitted under the Regulations and RBI from time to
(% of net assets) time (including but not limited to coupon bearing bonds, zero
Maximum Minimum
Debt instruments and 100% 65% Low 2. Securities issued (including debt obligations) by domestic
money market instruments government agencies and statutory bodies, which may or may
with average maturity of not be guaranteed by Central or State Government.
less than or equal to two 3. Corporate bonds of public sector or private sector undertakings.
years*
Debt Instruments and 35% 0% Medium to institutions.
money market instruments Low
with average maturity of 5. Convertible debentures. (Though the Scheme will not invest
more than two years* in equity and equity related products, it may have some
exposure to equity or equity related instruments to the extent
*The Scheme may invest in securitized debt upto 50% of its net
of conversion of the convertible debentures into equity or equity
assets.
related instruments.)
invest in offshore securities up to 25% of net assets of the Scheme.
The Scheme may invest in derivatives up to 100% of the net assets bills, government securities having unexpired maturity upto one
of the Scheme for the purpose of hedging and portfolio balancing year, certicates of deposit, bills rediscounting, CBLO, repo,
purposes. call money and any other like instruments as are or may be
The cumulative gross exposure through equity, debt and derivative
positions will not exceed 100% of the net assets of the Scheme. 7. Deposits of scheduled commercial banks as permitted under the
extant Regulations.
The modied duration of the portfolio of the Scheme is likely to be
up to 3 years, while the maximum residual maturity of the portfolio 8. Securitised debt (asset backed securities, mortgage backed
will be up to 5 years. securities, pass through certicates, collateralised debt
To give an example of the strategy, the fund manager may choose
to achieve an overall risk prole in terms of modied duration by
alternatively choosing to invest entirely in 2-3 year corporate bonds or 9. Derivatives (which includes but is not limited to interest rate
employ other strategies such as a barbell strategy using combination derivatives, currency derivatives, credit derivatives and forward
of money market instruments and 5 year corporate bonds and as rate agreements or such other derivatives as are or may be
a result aim to achieve an overall modied duration lower than or permitted under the Regulations and RBI from time to time).
equal to 3 years. The objective to use the aforementioned exibility
10. Any international xed income securities as are or may be
would be ideally to add value through yield curve positioning and
permitted under the Regulations, RBI and other applicable law
views on corporate spread changes.
from time to time.,
Due to market conditions, the AMC may invest beyond the range set
11. Overseas mutual fund units which are permissible under the
Regulations or by any other regulatory body.
to protect the interests of the Unit Holders. In the event of deviations, 12. Any other domestic or international instrument as may be
rebalancing will normally be carried out within 10 Business Days. permitted under the Regulations or any other regulatory body
from time to time.
Please refer paragraph Overview of Debt Markets to understand
the debt markets and the instruments available in the debt markets. For the purpose of further diversication and liquidity, the Scheme
The Scheme will invest the entire corpus in debt and money market charging any fees on such investments, provided that aggregate
securities. There will be no investment in equity and equity related inter-scheme investment made in all schemes managed by the same
products. AMC or in schemes managed by the AMC of any other mutual fund
diversication in accordance with the requirements stipulated by For applicable regulatory investment limits please refer paragraph
SEBI/RBI from time to time. Investment Restrictions.
The Scheme may also invest in derivatives for the purpose of hedging All investments in the Scheme shall be made in accordance with the
and portfolio balancing purposes. For details and limits applicable regulations and guidelines issued by SEBI/RBI/any other regulatory
to investment in derivatives please refer paragraph Investments in authority.
Derivatives.
83
The above list is only indicative and the Mutual Fund/AMC reserve the exposure which will include prole of the issuer/originator, nature of
right to change the same in the interest of the investors depending on asset class, analysis of underlying loan portfolio, seasoning of loans,
the market conditions, market opportunities, applicable regulations geographical distribution of loans, coverage provided by credit-
and political and economic factors, but subject to the investment cum-liquidity enhancements, pre-payment risks (if any), assessment
objective as set out in paragraph Investment Objective. of credit risk associated with the underlying borrower and other
associated risks.
Investments in securitised debt will be done in accordance with the
The portfolio will be constructed and actively managed to generate
overall investment objective and the risk prole of the Scheme and
returns to match the investment objective and to maintain adequate
will primarily be for the purposes of achieving portfolio diversication
liquidity to accommodate funds movement.
and optimising returns. Securitisation enables end investors to
The fund management team will take an active view of the interest obtain exposure to large number of smaller size retail loans, which
rate movement supported by quantitative research, to include various can help diversify idiosyncratic risk. Carefully created portfolio of
parameters of the Indian economy, as well as developments in global good quality loans, combined with adequate credit enhancements
markets. Investment views/decisions will be a combination of credit can, from time to time, provide good risk-adjusted investment
analysis of individual exposures and analysis of macro economic opportunities for the investing scheme. It must be noted that the
factors to estimate the direction of interest rates and level of liquidity securitised debt instruments are relatively less liquid in the secondary
and will be taken, inter alia, on the basis of the following parameters: market, but the Scheme has an exit load (for investors exiting within
6 months) which will provide adequate exibility to the Scheme to
prudently manage liquidity risks while investing in such instruments.
2. Returns offered relative to alternative investment opportunities. The various disclosures with respect to securitised debt made in this
Scheme Information Document will help the investors to assess and
understand the risks which the Scheme will be subject to as a result
of the issuer)
of investments in securitised debt.
The issuer/originator will be evaluated based on various parameters
5. Liquidity of the security including but not limited to -
6. Any other factors considered relevant in the opinion of the fund track record the Fund Manager will generally consider investing
management team. in securitised debt wherein the originators/its parents normally
have a track record of at least 2 years.In conjunction with the
The fund management team, supported by credit research group will
track record, other relevant factors which will be considered are
generally adopt a bottom-up approach for securities identication to
level of credit enhancement, support from the parent and the
optimise the risk adjusted returns on the diversied portfolio. The
credit quality of the portfolio will be maintained and monitored
using the in-house research capabilities as well as the inputs from the the willingness and ability to pay For transactions with recourse
independent credit rating agencies. to the originator, internal credit assessment of the originator
would play a crucial role in determining the willingness and
ability to pay. For transactions without recourse to the originator,
rate risk, liquidity risk, default risk, reinvestment risk etc. Whilst such
credit enhancement facilities in the form of cash collateral, such
as xed deposits, bank guarantee etc. could be obtained as a risk
mitigation measure. A detailed nancial risk assessment of the
Further, the portfolio of the Scheme will be constructed in accordance issuer/originator will be carried out by identifying the nancial
with the investment restriction specied under the Regulations which risks specic to the issuer/originator including assessment of the
would help in mitigating certain risks relating to investments in issuers nancial statements.
securities market.
Also the following critical evaluation parameters would be
The Scheme may invest upto 100% of the net assets of the Scheme considered by the Fund Manager/the credit research team:
in derivatives for the purpose of hedging and portfolio balancing
High default track record/frequent alteration of redemption
purposes. Hedging does not mean maximization of returns but only
conditions/covenants
the investment. High leverage ratios of the ultimate borrower (for single-sell
downs) both on a standalone basis as well on a consolidated
level/group level
diversication.
Higher proportion of reschedulement of underlying assets of the
Investments in securitised debt
pool or loan, as the case may be
The various asset classes which are generally available for securitisation
Higher proportion of overdue assets of the pool or the underlying
in India are:
loan, as the case may be
Commercial Vehicles
Poor corporate governance
Construction equipments
Insufcient track record of servicing of the pool or the loan, as
Auto and two wheeler pools the case may be.
Mortgage pools After the evaluation of the aforesaid parameters at the of the time of
investment, the monitoring of investments in securitised debt is done
Personal loan, credit cards and other retail loans
on regular intervals by the credit team and in case of any major event,
Micro nance loans the assessment of the critical evaluation parameters is done again.
Corporate loans/receivables The underlying assets in securitised debt may assume different forms
and the general types of receivables include auto nance, credit
As and when new asset classes of securitised debt are introduced,
the investments in such instruments will be evaluated on a case by
receivables depend upon various factors, including macro-economic
case basis.
factors of these industries and economies. Further, specic factors
The dedicated credit research team which supports the Fund like the nature and adequacy of property mortgaged against these
Manager will generally adopt a bottom-up approach while assessing borrowings, the nature of loan agreement/mortgage deed in case
the originator and will consider various factors for the purpose of of home loans, adequacy of documentation in case of auto nance
identication of the securitised debt to which the Scheme could take
84
and home loans, capacity of a borrower to meet his obligations on the infrastructure and follow up mechanism;
borrowings in case of credit cards and intentions of the borrower also
the quality of information disseminated by the issuer/originator;
inuence the risks relating to asset borrowings underlying securitised
and
debt. Additionally, the nature of the asset borrowings underlying
the securitised debt also inuences the underlying risk, for instance the credit enhancement for different types of issuer/originator.
while residential mortgages tend to have lower default rates,
The examples of securitized assets which may be considered for
repossession and recovery is easier in case of commercial vehicles.
investment by the Scheme and the various parameters which will be
Credit rating agencies take into account a series of such factors and
considered include;
follow an elaborate system involving stipulation of margins, over-
collateralisation and guarantees to provide a rating for securitised A) Asset backed securities issued by banks or non-banking nance
debt. companies. Underlying assets may include receivables from
loans against cars, commercial vehicles, construction equipment
Risks associated with investments in securitised debt
or unsecured loans such as personal loans, consumer durable
Risk due to prepayment: In case of securitised debt, changes loans. The various factors which will be usually considered while
in market interest rates and pre-payments may not change the making investments in such type of securities include prole of
absolute amount of receivables for the investors but may have the issuer, analysis of underlying loan portfolio nature of asset
an impact on the re-investment of the periodic cash ows that class, seasoning of loans, geographical distribution of loans and
an investor receives on securitised papers. coverage provided by credit-cum-liquidity enhancements.
In the event of pre-payment of the underlying debt, investors B) Mortgage backed securities issued by banks or housing
may be exposed to changes in tenor and yield. nance companies, where underlying assets are comprised of
mortgages/home loan. The various factors which will be usually
Liquidity Risk: Presently, despite recent legal developments
considered while making investments in such type of securities
permitting the listing of securitised debt instruments, the
secondary market for securitised debt in India is not very liquid.
seasoning of loans, coverage provided by credit-cum-liquidity
Even if a more liquid market develops in the future, secondary
enhancements and prepayment risks.
transactions in such instruments may be at a discount to initial
issue price due to changes in the interest rate structure. C) Single loan securitization, where the underlying asset comprises
of loans issued by a bank/non-banking nance company.
Limited Recourse and Credit Risk: Certicates issued on
The factor which will be usually considered while making
investment in securitised debt represent a benecial interest
investments in such type of securities include assessment of
in the underlying receivables and there is no obligation on
credit risk associated with the underlying borrower as well as
the issuer, seller or the originator in that regard. Defaults on
the originator. The dedicated credit research team will perform
the underlying loan can adversely affect the pay outs to the
a detailed review of the underlying borrower prior to making
investors and thereby, adversely affect the NAV of the Scheme.
investments.
While it is possible to repossess and sell the underlying asset,
various factors can delay or prevent repossession and the price The Fund Manager will invest in securitised debt which are rated
obtained on sale of such assets may be low. investment grade and above by a credit rating agency recognised
by SEBI.
Bankruptcy Risk: If the originator of securitised debt
instruments in which the Scheme invests is subject to bankruptcy While the risks mentioned above cannot be eliminated completely,
proceedings and the court in such proceedings concludes that they may be minimized by considering the diversication of the
the sale of the assets from originator to the trust was not a underlying assets and credit and liquidity enhancements. Further,
true sale, then the Scheme could experience losses or delays investments in securitised debt will be done in accordance with the
in the payments due. Normally, care is taken in structuring the investment restrictions specied under the Regulations/this Scheme
securitization transaction so as to minimize the risk of the sale Information Document which would help in mitigating certain
to the trust not being construed as a true sale. risks. Currently, as per the Regulations, the Scheme cannot invest
more than 15% of its net assets in debt instruments (irrespective of
residual maturity) issued by a single issuer which are rated not below
normally deposit all payments received from the obligors into
investment grade by a credit rating agency authorised to carry out
a collection account. However, there could be a time gap
such activity under the Act. Such investment limit may be extended
between collection by a servicer and depositing the same into
to 20% of the net assets of the Scheme with the prior approval of
the collection account. In this interim period, collections from
the Board of Trustees and the Board of the AMC.
the loan agreements by the servicer may not be segregated
from other funds of the servicer. If the Servicer fails to remit such In addition, a detailed review and assessment of the ratings of
funds due to investors, investors in the Scheme may be exposed the securitised debt will also be carried out which could include
to a potential loss. interactions with the issuer/originator and the rating agency.
Risk Mitigation: Investments in securitised debt will be done The rating agency would normally take in to consideration the
based on the assessment of the originator and the securitised following factors while rating a securitised debt:
debt which is carried out by the credit research team based on Credit risk at the asset/originator/portfolio/pool level
the in-house research capabilities as well as the inputs from Various market risks like interest rate risk, macro economic risks
the independent credit rating agencies. Further, the AMC has
appointed investment committee for the debt/xed income Counterparty risk
schemes which meets periodically to review the investments Legal risks
made by the Scheme including securitised debt. assessment of risks related to business for example outlook for
the economy, outlook for the industry and factors specic to the
In order to mitigate the risk at the issuer/originator level the credit
issuer/originator.
team will consider various factors which will include-
size and reach of the issuer/originator;
collection process;
85
will be as follows:
Characteristics/Type of Mortgage Loan Commercial Car 2 wheelers Micro Finance Personal Loans Single loan Sell Others
Pool Vehicle and Pools Downs
Construction
Equipment
Approximate Average 6 months to 36 3 months to 36 3 months to 36 3 months to 36 1 month to 12 3 months to 12 1 month to 36 As and when new asset
maturity (in Months) months months months months months months months classes of securitised
Collateral margin (including In excess of 3% In excess of 5% In excess of 5% In excess of 5% In excess of 10% In excess of 10% Case by case debt are introduced,
cash, guarantees, excess basis the investments in
interest spread, subordinate such instruments will
tranche) be evaluated on a case
Average Loan to Value Ratio 95% or lower 90% or lower 90% or lower 90% or lower Unsecured Unsecured Case by case by case basis.
basis
Average seasoning of the Pool Minimum 3 Minimum 3 Minimum 3 Minimum 3 Minimum 2 Minimum 3 Case by case
months months months months months months basis
Maximum single exposure < 2.5% < 1% < 1% < 1% < 0.5% < 0.5% Not Applicable
range *
Average single exposure < 1% < 0.5% < 0.5% < 0.5% < 0.25% < 0.25% Not Applicable
range %*
In addition to the framework stated in the table above, in order to by the originator prior to securitisation and the minimum retention
mitigate the risks associated with the underlying assets where the percentage by originator of debts to be securitised shall be as
diversication is less, at the time of investment the credit team could specied in the RBI guidelines.
consider various factors including but not limited to-
There is a dedicated credit research team which supports the Fund
Size of the loan - the size of each loan is generally analysed on a Manager in taking investments decisions.
sample basis and an analysis of the static pool of the originator is
Investments by the Scheme in any security is done after detailed
undertaken to ensure that the same matches with the static pool
analysis by the credit research team and in accordance with the
characteristics. It also indicates whether there is high reliance on
investment objectives and the asset allocation pattern of a Scheme. All
very small ticket size borrower which could result in delayed and
investments are made on an arms length basis without consideration
expensive recoveries.
of any investments (existing/potential) in the Schemes made by any
Average original maturity of the pool of underlying assets - party related/involved in the transaction. The robust credit process
the analysis of average maturity of the pool is undertaken to ensures that there is no conict of interests when a Scheme invests
evaluate whether the tenor of the loans are generally in line in securitised debt of an originator and the originator in turn makes
with the average loans in the respective industry and repayment investments in that particular Scheme.
The resources for and mechanisms of individual risk assessment with
Loan to value ratio, average seasoning of the pool of underlying the AMC for monitoring investment in securitised debt are as follows:
assets - these parameters would be evaluated based on the asset
Team dedicated to credit analysis Currently, the AMC has credit
analysts, who are responsible for credit research and monitoring,
Default rate distribution - the credit team generally ensures that for all exposures including securitised debt. Depending upon
all the contracts in the pool are current to ensure zero default the asset class that is securitized a dedicated analyst would be
rate distribution. responsible for each individual securitised debt investment.
Geographical distribution - the analysis of geographical Ratings are monitored for any movement Based on the
distribution of the pool is undertaken to ensure prevention of cashow report and analyst view, periodic review of utilization
concentration risk. of credit enhancement shall be conducted and ratings shall be
monitored accordingly.
Credit enhancement facility - credit enhancement facilities in the
form of cash collateral, such as xed deposits, bank guarantee For legal and technical assistance with regard to the
etc. could be obtained as a risk mitigation measure. documentation of securitised debt instruments, the team can
make use of resources within the internal legal team and if
Liquid facility - these parameters will be evaluated based on the
required take help of our external legal counsel as well.
asset class as mentioned in the table above.
Investments in debt and money market instruments:
Structure of the pool of underlying assets - The structure of the
pool of underlying assets would be either single asset class or Investments in debt and money market instruments shall be made in
combination of various asset classes as mentioned in the table line with achieving the stated investment objectives and for managing
above. We could add new asset class depending upon the liquidity.
(f) Benchmark
asset classes.
The benchmark against which the performance of the Scheme will be
Under normal market conditions, the minimum retention period of
measured against the CRISIL Short Term Bond Fund Index.
the debt by the originator prior to securitisation and the minimum
retention percentage by originator of debts to be securitised which Crisil Short Term Bond Fund Index is a broad based index and its
will be considered by the Fund Manager will be 2- 3 months and composition is representative of the Schemes investment universe.
3% -10% respectively, depending on the asset class. However, in As such, it is a suitable benchmark for comparing the performance
case standard guidelines are issued by the Reserve Bank of India of the Scheme.
on securitisation, then the minimum retention period of the debt
86
(g) How has the Scheme Performed? Portfolio Turnover

Returns as on December 15, 2014 The portfolio may be churned in order to take advantage of
movements in the securities market and to maximize the average
Compounded Annualised L&T Short Term CRISIL Short Term returns on the portfolio while maintaining a desirable risk prole and
Returns Income Fund Bond Fund Index adequate liquidity. The Fund will attempt to balance the increased
Returns for last 1 year 9.19% 9.80% cost on account of higher portfolio turnover with the benets
Returns for last 3 years 9.03% 9.34% derived there from.
Returns for last 5 years NA 8.39% d) Where will the scheme invest?
Returns since inception 8.94% 8.89% Subject to the Regulations, the corpus of the Scheme may be invested
(December 4, 2010) in all or any one of (but not exclusively) the following securities.
Returns for last 1 year 9.47% 9.80% Securities created and issued by the Central and State
(Direct Plan) Governments and/or repos/reverse repos/in such Government
Returns since inception from 9.14% 9.34% Securities as may be permitted by RBI (including but not limited
January 01, 2013 (Direct Plan) to coupon bearing bonds, zero coupon bonds and treasury
Absolute Returns bills);
12.00
9.93
10.40 10.21 10.40 Securities guaranteed by the Central and State Governments
10.00 9.09 9.05 8.40 8.78 8.67 8.78
8.69 8.28 (including but not limited to coupon bearing bonds, zero
8.00
coupon bonds and treasury bills);
6.00
4.00 Obligations of banks (both public and private sector) including

2.62
2.00
2.01
term deposits with the banks as permitted by SEBI/RBI from time
0.00
FY 10-11* FY 11-12 FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
to time and development nancial institutions;
L&T Short Term Income Fund CRISIL Short Term Bond Fund Index Debt obligations of domestic Government agencies and
*from inception (December 4, 2010) to March 31, 2011
NAVs of Growth Option are used for calculation of returns. Returns Government guarantee;
have been calculated on the face value of Rs. 10 per unit. Returns for Corporate debt and securities (of both public and private sector
less than one year are absolute returns. undertakings) including Bonds, Debentures, Notes, Strips, Bills
Past performance may or may not be sustained in the future. Re-discounting (BRDS) etc;
(xxvii) L&T SHORT TERM OPPORTUNITIES FUND Money market instruments permitted by SEBI/RBI, in CCILs
CBLO market or in alternative investments for deployment of
a) Type of the scheme cash surpluses as may be provided by RBI to meet the liquidity
An open-ended debt scheme requirements;
b) Investment objective Certicate of Deposit (CDs);
The investment objective of the Scheme is to generate returns for Commercial Paper (CPs);
investors with a short-term investment horizon by investing in xed The non-convertible part of convertible securities;
income securities of shorter term maturity. Securitized Debt obligation;
c) Asset allocation Pattern PTCs (pass through certicates or pay-through security);
Instruments Indicative allocations Risk Overseas/foreign securities (as and when proposed after
Min% - Max% Profile obtaining necessary approvals/consents). Investment in such
(% of Net Assets) securities shall be within the permissible limits as specied by
Debt and Money Market 75% 100% Low SEBI/RBI from time to time;
Instruments with residual Derivative instruments like Forward Rate Agreements and such
maturity upto 2 years other derivative instruments permitted by SEBI/RBI from time to
Debt Instruments with 0% 25% Low to time;
residual maturity greater Medium Any other instruments/securities as may be permitted by RBI/
than 2 years and less than 5 SEBI or such other regulatory bodies from time to time.
years
The Scheme may invest in securitized debt up to 50% of the portfolio. placed, secured, unsecured, rated or unrated and of any maturity.
The Scheme shall have derivatives exposure as per the SEBI/RBI The securities may be acquired through initial public offerings (IPOs),
Guidelines issued from time to time. secondary market operations, private placement or rights offers.
All investments in securities whether privately placed or otherwise
Further, the Scheme may undertake Interest rate derivatives will be in line with SEBI guidelines as applicable and the investment
transactions for the purpose of hedging and portfolio rebalancing objectives and policies of the Scheme. Investment in unrated
(within the permissible limits specied by RBI/SEBI from time to time). securities will be in accordance with SEBI guidelines as applicable.
The average maturity of the Portfolio of the Scheme shall not exceed PTCs (pass through certicates or pay-through security) are pool of
2 years. xed-income securities backed by a package of assets. A servicing
Change in Investment Pattern intermediary collects the monthly payments from issuers and after
Subject to the SEBI Regulations, the asset allocation pattern deducting a fee, remits or passes them through to the holders of the
indicated above may change from time to time, keeping in view PTCs. They are an important nancing technique used to convert
market conditions, market opportunities, applicable regulations and cash generating assets into marketable securities for sale to investors.
political and economic factors. It must be clearly understood that the It involves pooling together of similar loans (eg, home mortgages)
percentages stated above are only indicative and not absolute. These into standardised bonds, or mortgage-backed bonds. These bonds
proportions can vary substantially depending upon the perception of use the interest paid on the underlying loans to pay interest to the
the Fund Manager; the intention being at all times to seek to protect bondholders. This process is called securitization.
the interests of the Unitholders. Such changes in the investment When investments are made in Government Securities, such securities
pattern will be for short term (not exceeding 1 month) and for may be supported by the ability to borrow from the treasury or
defensive considerations only.
87
supported only by sovereign guarantee or of the State Government g) How has the scheme performed?
or supported by GOI/State Government in some other way.
The Scheme may buy and sell securities on the basis of deliveries and
shall in all cases of purchases, take delivery of relevant securities and Compounded L&T Short Term CRISIL Short Term
in all cases of sale, deliver the securities. Provided that it may engage Annualised Returns Opportunities Fund Bond Fund Index
in short selling of securities in accordance with the framework relating Returns for last 1 year 9.42% 9.80%
to short selling and securities lending and borrowing specied by SEBI. Returns for last 3 years 9.30% 9.34%
Provided further that Scheme may enter into derivatives transactions Returns for last 5 years NA 8.39%
in a recognised stock exchange, subject to the framework specied
by SEBI.
(December 27, 2011)
The AMC may from time to time for a short term period, not Returns for last 1 year 9.97% 9.80%
exceeding 1 month, under exceptional circumstances on defensive (Direct Plan)
consideration modify/alter the investment pattern/asset allocation Returns since inception 9.45% 9.34%
the intent being to protect the Net Asset Value of the Scheme & the from January 01, 2013
interests of Unit Holders without seeking consent of the Unit Holders. (Direct Plan)
Further, the AMC may invest in the Scheme depending upon its cash Absolute Returns
10.75 10.40
ows and investment opportunities. In such an event, the Investment 12.00
9.87
9.05
10.19 10.40
10.00 8.24 8.78 8.55 8.78
Manager will not charge management fees on its investment for the 8.00
period it is retained in the Scheme. 6.00
4.00 2.24 2.13
2.00
e) What are the investment strategies? 0.00
FY 11-12* FY 12-13 FY 13-14 FY 14-15 FY 13-14 FY 14-15
The objective of the Scheme is to generate returns with moderate Direct Plan Direct Plan
level of risk by investing primarily in Debt Securities and Money L&T Short Term Opportunities Fund CRISIL Short term Bond Fund Index
*from inception (December 27, 2011) to March 31, 2012
Market Instruments of short term maturity, and accordingly, at least
65% of the portfolio would be invested in Debt and Money Market NAVs of Growth Option are used for calculation of returns. Returns
Instruments with residual maturity upto 24 months. The portfolio have been calculated on the face value of Rs. 10 per unit. Returns for
average maturity shall not exceed 3 years and construction of less than one year are absolute returns.
portfolio would be in a basket of short to medium term securities
of various tenors as per yield curve dynamics and interest rate view. Past performance may or may not be sustained in the future.
The Scheme shall follow an active duration management strategy. h) Investment Norms
The fund manager shall manage the fund based on the outlook on The cumulative gross exposure through Debt and Derivative positions
interest rates and liquidity etc. Efcient portfolio construction shall be shall not exceed 100% of net assets of the Scheme.
used to manage interest rate risk and credit risk across different asset
However, following will not be considered while calculating the
class and duration buckets, and optimize risk-adjusted returns. The
Scheme may use debt derivative instruments like interest rate swaps
like Overnight Indexed Swaps (OIS), forward rate agreements, a) Exposure due to hedging positions and
interest rate futures or such other derivative instruments as may be
permitted under the applicable regulations. Derivatives may be used
than 91 days.
for the purpose of hedging, and portfolio balancing and such other
purpose as may be permitted under the Regulations and Guidelines The exposure to Derivatives will be calculated on notional value of
from time to time. The fund manager/s shall actively monitor and the derivative contracts. Further, exposure in Derivatives would be
review markets and portfolios so that necessary rebalancing of the in accordance with conditions as may be stipulated by SEBI/RBI from
portfolios can be done. time to time.
f) Benchmark (xxviii) L&T RESURGENT INDIA CORPORATE BOND FUND
The Benchmark Index for the Scheme is CRISIL Short Term Bond Fund a) Type of the Scheme
Index.
CRISIL Short Term Bond Fund Index tracks returns on a composite
portfolio that includes call instruments, commercial paper, government b) Investment Objective
securities as also AAA/AA rated corporate debt instruments. This
The investment objective of the Scheme is to seek to generate
benchmark is therefore an appropriate and realistic indicator for a
income by investing primarily in debt and money market securities of
Mutual Fund Scheme which seeks to invest in all the instruments
mentioned above in order to generate returns at a particular level fundamentally strong corporates/companies in growth sectors which
of risk. Hence, CRISIL Short Term Bond Fund Index would be an are closely associated with the resurgence of domestic economy, with
appropriate benchmark index for the Scheme. a exibility to follow more conservative investment approach during
economic downturns.
However, investors are requested to note that the Schemes
performance may not be strictly comparable with the performance There is no assurance that the objective of the Scheme will be realised
of the Index due to the inherent differences in the construction of and the Scheme does not assure or guarantee any returns.
the portfolios.
of the Scheme in comparison to the benchmark. Under normal circumstances, the asset allocation of the Scheme will
be as under:
of performance of the Scheme from time to time in conformity with Instruments Indicativeallocations Risk
the Investment objectives and appropriateness of the benchmark (% of net assets) Profile
subject to SEBI Regulations, and other prevailing guidelines, as
amended from time to time. Maximum Minimum
Corporate debt instruments* 100 80 Low to
including securitized debt Medium
Money market instruments 20 0 Low to
Medium
88
*Corporate debt instruments would include all debt securities issued in permitted offshore instruments for diversi cation in accordance
by entities such as banks, companies, Public Sector Undertakings, with the requirements stipulated by SEBI/RBI from time to time. The
Municipal Corporations, body corporates, etc. Scheme may also invest in derivatives for the purpose of hedging
and portfolio balancing purposes. For details and limits applicable
The modied duration of the portfolio of the Scheme will be up to
to investment in derivatives please refer paragraph Investments in
6 years.
Derivatives.
The Scheme may invest in securitized debt upto 50% of its net assets.
Subject to regulations and prevailing laws as applicable, the portfolio
The Scheme shall invest in repos of corporate bonds up to 10% of will consist of permissible domestic or international debt instruments,
its net assets subject to guidelines issued by SEBI and / or RBI on most suitable to meet the investment objectives. The instruments
this including framing of guidelines by the Boards of the AMC and listed below could be listed, unlisted, privately placed, secured,
Trustees with respect to category of counterparty, credit rating of unsecured, rated or unrated acquired through primary or secondary
counterparty, tenor of collateral and applicable haircuts. market through stock exchanges, over the counter or any other
dealing mechanisms. The following investment categories are likely
The Scheme may invest in Foreign Securities up to 25% of net assets
to cover most of the available investment universe. The investments
of the Scheme subject to the Eligible Investment Amount. Investment
could be coupon bearing (xed or oating), zero coupon discounted
in Foreign Securities shall be subject to the investment restrictions
instruments, instruments with put and/or call options or any other
specied by SEBI / RBI from time to time and in accordance with the
type. Weights in the portfolio may not have any correlation to the
conditions prescribed under the regulations.
order of listing.
1. Securities issued (including debt issuances) by domestic
purposes in accordance with conditions as may be stipulated by SEBI/
RBI from time to time.
2. Corporate bonds (including subordinated bonds/perpetual
The cumulative gross exposure through repo transactions in corporate
bonds) of public sector or private sector undertakings.
debt securities along with debt and derivative positions will not
exceed 100% of the net assets of a Scheme. 3. Tier II/Tier I capital instruments of banks/Financial institutions/
non-banking nance companies.
The Scheme does propose to engage in short selling and securities
lending. 4. Repo in corporate bonds of public sector or private sector
undertakings.
The Scheme does not propose to invest in credit default swaps, ETF
and foreign securitised debt. 5. Debt issuances of banks (public or private sector) and nancial
institutions.
The Scheme shall not invest in Government Securities and State
Developmental Loans but may invest in money market instruments 6. Convertible debentures (though the Scheme will not invest in
including T-Bills, Repo, and Reverse Repos and CBLO within the limits equity and equity related products, it may have some exposure
mentioned in asset allocation pattern. to equity or equity related instruments to the extent of
conversion of the convertible debentures into equity or equity
Example on calculation of modified duration:
related instruments.)
Lets assume a 5-year bond with a face value of Rs 1000, coupon rate
of 8% per annum paid on a half-yearly basis and YTM of 10%. The
modied duration of this security can be calculated as follows:
bills, certi cates of deposit, bills rediscounting, CBLO, repo,
Sr. Coupon Face Total PV of cash Proportion call money and any other like instruments as are or may be
No. cash flow value cash flow of bond's permitted under the Regulations and RBI from time to time.)
(in Rs.) (in Rs.) flow (in (in Rs.) PV * time
Rs.)
extant Regulations.
1 40 0 40 38.10 0.020642
2 40 0 40 36.28 0.039317 9. Securitised debt (asset backed securities, mortgage backed
3 40 0 40 34.55 0.056167 securities, pass through certicates, collateralised debt
4 40 0 40 32.91 0.071324 obligations or any other instruments as may be prevailing and
5 40 0 40 31.34 0.084909 permissible under the Regulations from time to time).
6 40 0 40 29.85 0.097039
10. Derivatives (which includes but is not limited to interest rate
7 40 0 40 28.43 0.107821
8 40 0 40 27.07 0.117356
rate agreements or such other derivatives as are or may be
9 40 0 40 25.78 0.125739
permitted under the Regulations and RBI from time to time).
10 40 1000 1040 638.47 3.459481
Duration 4.18 11. Any international xed income securities as are or may be
Modied 4.18/(1+5%) permitted under the Regulations, RBI and other applicable law
duration = 3.98 from time to time.
Modied duration of a portfolio is the weighted average of the 12. Overseas mutual fund units which are permissible under the
modied duration of underlying securities in the portfolio. Regulations or by any other regulatory body.
Due to market conditions, the AMC may invest beyond the range set 13. Any other domestic or international instrument as may be
out above. Such deviations shall normally be for a short term purpose permitted under the Regulations or any other regulatory body
only, for defensive considerations and the intention being at all times from time to time.
rebalancing will be carried out within 30 calendar days. . For the purpose of further diversication and liquidity, the Scheme
d) Where will the Scheme Invest? asset management company of any other mutual fund without
The Scheme will invest the entire corpus in debt and money market charging any fees on such investments, provided that aggregate
securities. There will be no investment in equity and equity related inter-scheme investment made in all schemes managed by the same
products except convertible debentures. The Scheme may also invest AMC or in schemes managed by the AMC of any other mutual fund
89
shall not exceed 5% of the net asset value of the Mutual Fund. accommodate funds movement. The fund management team will
For applicable regulatory investment limits please refer paragraph take an active view of the interest rate movement supported by
Investment Restrictions. quantitative research, to include various parameters of the Indian
All investments in the Scheme shall be made in accordance with the economy, as well as developments in global markets. Investment
regulations and guidelines issued by SEBI/RBI/any other regulatory views/decisions will be a combination of credit analysis of individual
authority. exposures and analysis of macro-economic factors to estimate the
direction of interest rates and level of liquidity and will be taken, inter
Investments in Derivatives: alia, on the basis of the following parameters:
Investment in derivatives (for example: Forward Rate Agreements 1. Prevailing interest rate scenario
and Interest Rate Swaps with banks, PDs and FIs as per applicable RBI
Guidelines and interest rate derivatives through the Stock Exchanges) 2. Returns offered relative to alternative investment opportunities
will be made in accordance with the investment objective and the 3. Quality of the security/instrument (including the nancial health
strategy of the Scheme and in accordance with the applicable of the issuer)
Regulations, for efcient portfolio management including for the 4. Maturity prole of the instrument
purpose of hedging and portfolio balancing and optimizing returns
to the extent permitted under and in accordance with the applicable
Regulations. However, investments in interest rate swaps shall be 6. Any other factors considered relevant in the opinion of the fund
done only for the purposes of hedging and shall be in terms of management team.
requirements specied by SEBI and/or RBI from time to time. Hedging The fund management team, supported by credit research group will
does not mean maximization of returns but only attempts to reduce generally adopt a combination of top down and bottom-up approach
systemic or market risk that may be inherent in the investment. The for securities identication to optimise the risk adjusted returns on
manner in which derivative investments may be utilised and the the diversied portfolio. The credit quality of the portfolio will be
benets thereof have been explained in this Scheme Information maintained and monitored using the in-house research capabilities
Document. The various risks associated with investing in derivatives as well as the inputs from the independent credit rating agencies.
have been explained in paragraph Risk associated with investing Investments in debt instruments carry various risks such as interest
in derivatives. Any investments in derivatives will be undertaken rate risk, liquidity risk, default risk, reinvestment risk etc. Whilst such
after considering the risks as set out in the said paragraph. The risks cannot be eliminated, they may be minimized by diversication
applicable investment limits are stated in the paragraph Investment and effective use of hedging techniques. Further, the portfolio of
Restrictions. the Scheme will be constructed in accordance with the investment
For applicable regulatory investment limits, please refer paragraph restriction specied under the Regulations which would help in
Investment Restrictions. mitigating certain risks relating to investments in securities market.
The Scheme may invest upto 70% of the net assets of the Scheme
in derivatives for the purpose of hedging and portfolio balancing
requirements specied by SEBI and/or RBI from time to time.
purposes. Hedging does not mean maximization of returns but only
The Fund/AMC, may if permitted by SEBI and/or RBI, reserve the right, attempts to reduce systemic or market risk that may be inherent in
in the interest of the investors depending on the market conditions, the investment. The Scheme may also invest in permitted Foreign
market opportunities and political and economic factors to invest in Securities for diversication.
securities not stated above, subject to the investment objective as set
out in paragraph Investment Objective.
e) What are the investment strategies? which would help in mitigating certain risks relating to investments
The Scheme would primarily focus on investing in debt securities in securities market.
of fundamentally strong companies in growth sectors which are Investments in repo in corporate bonds:
closely associated with the resurgence of domestic economy, with
In accordance with the requirements of SEBI circulars bearing no.
a exibility to follow more conservative investment approach during
CIR/IMD/DF/19/2011 dated November 11, 2011 and no. CIR/
economic downturns.
IMD/DF/23/2012 dated November 15, 2012 the following broad
The fund manager(s) believes that India is at an inection point, and guidelines shall be followed by the Fund for participating in repo in
the economy has entered a strong, multi-year domestic growth phase corporate debt securities:
and with the help of the Scheme, the AMC proposes to provide xed
i. Category of counterparty to be considered for making
income investors a unique opportunity to participate in the India
investment:
growth revival story.
All entities eligible for transacting in corporate bond repos as
With the governments thrust on fast policy action and special
dened by SEBI and RBI shall be considered for repo transactions.
focus on infrastructure and allied sectors, we believe that the prime
beneciaries are likely to be companies in the following growth ii. Credit rating of counterparty to be considered for making
sectors a) infrastructure and allied sectors including banking and investment
nancials and b) core industries, manufacturing and consumer goods. The scheme shall participate in corporate bond repo transactions
Fundamentally strong companies in these growth sectors closely with only those counterparties who have a credit rating of AA
associated with resurgence in domestic economy provides huge and higher. In case there is no rating available, the investment
opportunity to invest in debt securities at current attractive yields. committee will decide the rating of the counterparty
The Scheme intends to capitalize on investment opportunities in the iii. Tenor of Repo and collateral
aforesaid sectors.
As a repo seller, the Scheme will borrow cash for a period not
The sectors mentioned above are only indicative and this could exceeding 6 months or as per extant regulations.There shall be
undergo a change based upon economic cycle. no restriction/limitation on the tenor of collateral.
The Scheme may actively use oating rate instruments and derivative As per RBI circular RBI/2012-13/365 IDMD.PCD. 09
instruments such as Interest Rate Futures, Interest Rate Swaps or /14.03.02/2012-13 dated 07/01/2013, all corporate bond repo
any other derivative instruments that are permissible or may be transaction will be subject to a minimum haircut given as given
permissible in future under applicable regulations including in order below:
to hedge or reduce the interest rate risk of the portfolio in accordance
1) AAA: 07.50%
with the investment objective of the Scheme.
2) AA+: 08.50%
The portfolio will be constructed and actively managed within the
specied modied duration range to generate returns to match 3) AA: 10.00%
the investment objective and to maintain adequate liquidity to
90
The haircut will be applicable on the prevailing market value of the issuer/originator will be carried out by identifying the nancial
said security on the prevailing on the date of trade. However, the risks speci c to the issuer/ originator including assessment of
fund manager may ask for a higher haircut (while lending) or give a the issuers nancial statements.
higher haircut (while borrowing) depending on the market prevailing Also the following critical evaluation parameters would be considered
liquidity situation. by the Fund Manager/the credit research function:
Investments in securitised debt: High default track record/frequent alteration of redemption
The various asset classes which are generally available for securitisation conditions/covenants
in India are: High leverage ratios of the ultimate borrower (for singlesell
Commercial Vehicles downs) both on a standalone basis as well on a consolidated
Construction equipments level/group level
Auto and two wheeler pools Higher proportion of reschedulement of underlying assets of the
pool or loan, as the case may be
Mortgage pools
Higher proportion of overdue assets of the pool or the underlying
Personal loan, credit cards and other retail loans loan, as the case may be
Micro nance loans Poor corporate governance
Corporate loans/receivables Insufcient track record of servicing of the pool or the loan, as
Project SPVs receivables the case may be.
As and when new asset classes of securitised debt/ structured After the evaluation of the aforesaid parameters at the of the time of
instruments are introduced, the investments in such instruments will investment, the monitoring of investments in securitised debt is done
be evaluated on a case by case basis. on regular intervals by the credit team and in case of any major event,
The dedicated credit research function which supports the Fund the assessment of the critical evaluation parameters is done again.
Manager will generally adopt a bottom-up approach while assessing The underlying assets in securitised debt may assume different forms
the originator and will consider various factors for the purpose of and the general types of receivables include auto nance, credit
identication of the securitized debt to which the Scheme could take cards, home loans or any such receipts. Credit risks relating to such
exposure which will include prole of the issuer/originator, nature of receivables depend upon various factors, including macro-economic
asset class, analysis of underlying loan portfolio, seasoning of loans, factors of these industries and economies. Further, specic factors
geographical distribution of loans, coverage provided by credit- like the nature and adequacy of property mortgaged against these
cum-liquidity enhancements, pre-payment risks (if any), assessment borrowings, the nature of loan agreement/mortgage deed in case
of credit risk associated with the underlying borrower and other of home loans, adequacy of documentation in case of auto nance
associated risks. For Project SPVs receivables, in addition to the pro and home loans, capacity of a borrower to meet his obligations on
le of issuer & its sponsor, credit function will also consider the track borrowings in case of credit cards and intentions of the borrower
record of underlying project cash ows, project viability, receivables also in uence the risks relating to asset borrowings underlying
visibility under various scenarios, counter party risk and structure of securitised debt. Additionally, the nature of the asset borrowings
the instrument in terms of available credit enhancements/guarantees/ underlying the securitized debt also in uences the underlying risk,
ring-fencing of cash ows. for instance while residential mortgages tend to have lower default
Investments in securitised debt will be done in accordance with the rates,repossession and recovery is easier in case of commercial
overall investment objective and the risk prole of the Scheme and vehicles. Credit rating agencies take into account a series of such
will primarily be for the purposes of achieving portfolio diversi cation factors and follow an elaborate system involving stipulation of
and optimising returns. Securitisation enables end investors to obtain margins, over-collateralisation and guarantees to provide a rating for
exposure to large number of smaller size retail loans, and also to securitised debt.
SPV receivables, strengthened by robust instrument structure, which Risks associated with investments in securitised debt:
can help diversify idiosyncratic risk. Carefully created portfolio of Risk due to prepayment: In case of securitised debt, changes in
good quality loans, combined with adequate credit enhancements market interest rates and pre-payments may not change the absolute
can, from time to time, provide good risk- adjusted investment amount of receivables for the investors but may have an impact on
opportunities for the investing scheme. It must be noted that the the re-investment of the periodic cash ows that an investor receives
securitised debt/structured instruments are relatively less liquid in on securitised papers.
the secondary market, however the liquidity risk can be prudently
managed. The various disclosures with respect to securitised debt In the event of pre-payment of the underlying debt, investors may be
made in this Scheme Information Document will help the investors to exposed to changes in tenor and yield.
assess and understand the risks which the Scheme will be subject to Liquidity Risk: Presently, despite recent legal developments
as a result of investments in securitised debt. permitting the listing of securitised debt instruments, the secondary
The credit research function conducts an internal assessment for market for securitised debt in India is not very liquid. Even if a more
various issuers based on the independent research and by following liquid market develops in the future, secondary transactions in such
L&Ts internal credit process taking into account issuers/originators instruments may be at a discount to initial issue price due to changes
historical track record, prevailing rating and nancial statements. in the interest rate structure.
The issuer/originator will be evaluated based on various parameters Limited Recourse and Credit Risk: Certi cates issued on
including but not limited to investment in securitised debt represent a benecial interest in the
underlying receivables and there is no obligation on the issuer, seller
track record-the Fund Manager will generally consider investing or the originator in that regard. Defaults on the underlying loan can
in securitised debt wherein the originators/ its parents normally adversely affect the pay outs to the investors and thereby, adversely
have a track record of at least 2 years. In conjunction with the affect the NAV of the Scheme. While it is possible to repossess and sell
track record, other relevant factors which will be considered are the underlying asset, various factors can delay or prevent repossession
level of credit enhancement, support from the parent and the and the price obtained on sale of such assets may be low.
Bankruptcy Risk: If the originator of securitised debt instruments in
the willingness and ability to pay For transactions with recourse which the Scheme invests is subject to bankruptcy proceedings and
to the originator, internal credit assessment of the originator the court in such proceedings concludes that the sale of the assets
would play a crucial role in determining the willingness and from originator to the trust was not a true sale, then the Scheme
ability to pay. For transactions without recourse to the originator, could experience losses or delays in the payments due. Normally, care
credit enhancement facilities in the form of cash collateral, such is taken in structuring the securitization transaction so as to minimize
as xed deposits, bank guarantee etc could be obtained as a risk the risk of the sale to the trust not being construed as a true sale.
mitigation measure. A detailed nancial risk assessment of the
91
Risk of Co-mingling: Servicers in a securitization transaction seasoning of loans, coverage provided by credit-cumliquidity
normally deposit all payments received from the obligors into a enhancements and prepayment risks.
collection account. However, there could be a time gap between C) Single loan securitization, where the underlying asset comprises
collection by a servicer and depositing the same into the collection of loans issued by a bank/non-banking nance company.
account. In this interim period, collections from the loan agreements The factor which will be usually considered while making
by the servicer may not be segregated from other funds of the investments in such type of securities include assessment of
servicer. If the Servicer fails to remit such funds due to investors, credit risk associated with the underlying borrower as well as
investors in the Scheme may be exposed to a potential loss. the originator. The dedicated credit research team will adhere
Risk mitigation: to L&Ts internal credit process and perform a detailed review of
the underlying borrower prior to making investments.
Investments in securitised debt will be done based on the assessment
of the originator and the securitised debt which is carried out by the D) Any other instrument that are introduced in the market from
credit research function based on the in-house research capabilities time to time.
as well as the inputs from the independent credit rating agencies and The Fund Manager will invest in securitised debt which are rated
by following L&Ts internal credit process. investment grade and above by a credit rating agency recognised
In order to mitigate the risk at the issuer/originator level the credit by SEBI.
team will consider various factors which will include- While the risks mentioned above cannot be eliminated completely,
size and reach of the issuer/originator; they may be minimized by considering the diversication of the
underlying assets and credit and liquidity enhancements. Further,
collection process;
investments in securitized debt will be done in accordance with the
the infrastructure and follow up mechanism; investment restrictions specied under the Regulations/this Scheme
the quality of information disseminated by the issuer/ originator; Information Document which would help in mitigating certain
the credit enhancement for different types of issuer/ originator; risks. Currently, as per the Regulations, the Scheme cannot invest
and more than 15% of its net assets in debt instruments (irrespective of
residual maturity) issued by a single issuer which are rated not below
track record of project SPV receivables, counterparty risk and investment grade by a credit rating agency authorised to carry out
project risk. such activity under the Act. Such investment limit may be extended
The examples of securitized assets which may be considered for to 20% of the net assets of the Scheme with the prior approval of
investment by the Scheme and the various parameters which will be the Board of Trustees and the Board of the AMC.
considered include; In addition, a detailed review and assessment of the ratings of
A) Asset backed securities issued by banks or nonbanking nance the securitised debt will also be carried out which could include
companies. Underlying assets may include receivables from interactions with the issuer/originator and the rating agency.
loans against cars, commercial vehicles, construction equipment The rating agency would normally take in to consideration the
or unsecured loans such as personal loans, consumer durable following factors while rating a securitised debt:
loans. The various factors which will be usually considered while
making investments in such type of securities include pro le of Credit risk at the asset/originator/portfolio/pool level
the issuer, analysis of underlying loan portfolio nature of asset Various market risks like interest rate risk, macroeconomic risks
class, seasoning of loans, geographical distribution of loans and
Counterparty risk
coverage provided by credit-cum-liquidity enhancements.
B) Mortgage backed securities issued by banks or housing Legal risks
nance companies, where underlying assets are comprised of assessment of risks related to business for example outlook for
mortgages/home loan. The various factors which will be usually the economy, outlook for the industry and factors specic to the
considered while making investments in such type of securities issuer/originator.
will be as follows:
Characteristics/ Mortgage Commercial CAR 2 wheelers Micro Personal Single loan Others
Type of Pool Loan Vehicle and Finance Loans Sell Downs
Construction Pools
Equipment
Approximate 3 months to 3 months to 3 months 3 months to 36 1month to 3 months to 1 month to As and when
Average maturity 120 months 60 months to 60 months 12 months 12 months 120 months new asset
(in Months) months classes of
Collateral margin In excess of In excess of In excess In excess of 5% In excess of In excess of Case by case securitised
(including cash, 3% 5% of 5% 10% 10% basis debt are
guarantees, excess introduced, the
interest spread, investments
subordinate in such
tranche) instruments
will be
evaluated on
a case by case
Average Loan to 95% or 90% or lower 90% or 90% or lower Unsecured Unsecured Case by case
basis.
Value Ratio lower lower basis
Maximum single < 2.5% < 1% < 1% < 1% <0.5% <0.5% Not Applicable
exposure range *
Average single < 1% < 0.5% < 0.5% < 0.5% < 0.25% < 0.25% Not Applicable
exposure range %*
*denotes % of a single ticket / loan size to the overall assets in the securitised pool.
92
In addition to the framework stated in the table above, in order to SECURITIES LENDING
mitigate the risks associated with the underlying assets where the
If permitted by SEBI under extant regulations/guidelines, the Scheme
diversication is less, at the time of investment the credit team could
may also engage in scrip lending as provided under Securities
consider various factors including but not limited to-
Lending Scheme 1997, and other applicable guidelines/regulations,
Size of the loan - the size of each loan is generally analysed on a as amended from time to time. Scrip lending means lending a security
sample basis and an analysis of the static pool of the originator is to another person or entity for a xed period of time, at a negotiated
undertaken to ensure that the same matches with the static pool compensation. The security lent will be returned by the borrower on
characteristics. It also indicates whether there is high reliance on expiry of the stipulated period.
very small ticket size borrower which could result in delayed and
The AMC will comply with the required reporting obligations and the
expensive recoveries.
Trustee will carry out the reviews required under SEBI/RBI guidelines.
Average original maturity of the pool of underlying assets - Further a maximum of 20% of net assets will be deployed in securities
the analysis of average maturity of the pool is undertaken to lending and the maximum single party exposure will be restricted to
evaluate whether the tenor of the loans are generally in line 5% of net assets outstanding at any point of time.
with the average loans in the respective industry and repayment
SHORT SELLING OF SECURITIES
If permitted by SEBI Regulations and in accordance with requirements
Loan to value ratio, average seasoning of the pool of underlying
under SEBI circular no. MRD/DoP/SE/Dep/Cir- 14 /2007 dated
assets - these parameters would be evaluated based on the asset
December 20, 2007, the Scheme may engage in short selling of
securities. Short sale of securities means selling of securities without
Default rate distribution - the credit team generally ensures that owning them. The AMC will comply with the guidelines issued by SEBI
all the contracts in the pool are current to ensure zero default in this behalf, including not indulging in naked short selling, reporting
rate distribution. obligations and the Trustee will carry out the reviews required under
said guidelines.
Geographical distribution - the analysis of geographical
distribution of the pool is undertaken to ensure prevention of f) Benchmark
concentration risk.
The Benchmark for the Scheme will be CRISIL Composite Bond Fund
Credit enhancement facility - credit enhancement facilities in the Index.
form of cash collateral, such as xed deposits,bank guarantee
CRISIL Composite Bond Fund Index is a broad based index and its
etc could be obtained as a risk mitigation measure.
composition broadly represents the Schemes investment universe. As
Liquid facility - these parameters will be evaluated based on the such, it is a suitable benchmark for comparing the performance of
asset class as mentioned in the table above. the Scheme
Structure of the pool of underlying assets - The structure of the The AMC/Board of AMC and Trustee will review the performance of
pool of underlying assets would be either single asset class or the Scheme in comparison to the benchmark. The Trustees reserve
combination of various asset classes as mentioned in the table the right to change the benchmark for evaluation of performance
above. We could add new asset class depending upon the of the Scheme from time to time in conformity with the Investment
securitisation structure and changes in market acceptability of objectives and appropriateness of the benchmark subject to SEBI
asset classes. Regulations, and other prevailing guidelines, as amended from time
to time.
The minimum retention period of the debt by the originator prior to
securitisation and the minimum retention percentage by originator (g) How has the Scheme performed?
of debts to be securitised shall be as specied in the RBI guidelines. Returns as on December 15, 2105
There is a dedicated credit research function which supports the Fund
Manager in taking investments decisions. Annualised Returns* L&T Resurgent CRISIL Composite
India Corporate Bond Fund Index
Investments by the Scheme in any security are done after detailed Bond Fund
analysis by the credit research team and in accordance with the Returns Since Inception 2.83% 1.76%
investment objectives and the asset allocation pattern of a scheme. All (February 02, 2015)
investments are made on an arms length basis without consideration Returns since inception 3.08% 1.76%
of any investments (existing / potential) in the schemes made by any from (February 02, 2015)
party related / involved in the transaction. The robust credit process (Direct Plan)
ensures that there is no conict of interests when a scheme invests Absolute Returns
in securitised debt of an originator and the originator in turn makes 8.00
3.08
1.76
investments in that particular scheme. 6.00
4.00
The resources for and mechanisms of individual risk assessment with 2.83 1.76
2.00
the AMC for monitoring investment in securitized debt are as follows:
0.00
FY 14-15* FY 14-15*
Team dedicated to credit analysis. Currently, the AMC has Direct Plan
credit analysts, who are responsible for credit research and L&T Resurgent India Corporate Bond Fund CRISIL Composite Bond Fund Index
*from February 02, 2015
monitoring, for all exposures including securitised debt.
* Since the Scheme has not completed one year from the date of allotment, absolute returns have been shown
Ratings are monitored for any movement Based on the NAVs of Growth Option are used for calculation of returns. Returns
cashow report and analyst view, periodic review of utilization have been calculated on the face value of Rs. 10 per unit. Returns for
of credit enhancement shall be conducted and ratings shall be less than one year are absolute returns.
monitored accordingly
For legal and technical assistance with regard to the
documentation of securitised debt instruments, the team can
make use of resources within the internal legal team and if
required take help of our external legal counsel as well.
93
(B) FUND MANAGERS

The Fund Managers who manage the investments of the Schemes forming part of this Scheme Information Document and their experience
and qualication are as follows:
Fund Schemes managed Fund Schemes managed

Manager(s) Manager(s)
Mr.S.N.Lahiri L&T Midcap Fund, L&T Equity Fund, L&T Tax Mr. Abhijeet L&T Equity Fund, L&T India Special Situations
Advantage Fund, L&T India Special Situations Dakshikar (for Fund, L&T India Large Cap Fund, L&T India
Fund, L&T Infrastructure Fund, L&T India investments in Value Fund, L&T Indo Asia Fund, L&T Global
Prudence Fund (investments in equity and equity Foreign Securities) Real Assets Fund, L&T India Prudence Fund,
related instruments), L&T India Equity and Gold L&T India Equity and Gold Fund, L&T Emerging
Fund (investments in equity and equity related Businesses Fund, L&T Arbitrage Opportunities
instruments) and L&T Emerging Businesses Fund Fund and L&T Business Cycles Fund
Mr. Venugopal L&T India Large Cap Fund, L&T India Value Mr. Jalpan Shah L&T Liquid Fund and L&T Ultra Short Term Fund
Manghat Fund, L&T Indo Asia Fund, L&T Monthly
Income Plan (investments in equity and equity Mr. Praveen L&T Equity Savings Fund (investments in equity
related instruments), L&T Equity Savings Fund Ayathan and equity related instruments) and L&T
(investments in equity and equity related Arbitrage Opportunities Fund
instruments), L&T Arbitrage Opportunities Fund
and L&T Business Cycles Fund
Mr. Shriram L&T Income Opportunities Fund, L&T Triple Ace

Ramanathan Bond Fund, L&T Short Term Income Fund, L&T
Liquid Fund, L&T FMP VII (July 1189D A), L&T
FMP - VII (March880D A), L&T FMP - VII (April
1124D A), L&T FMP Series VIII - Plan C, L&T
FMP Series VIII - Plan F, L&T FMP Series VIII
- Plan G, L&T FMP Series VIII - Plan I, L&T FMP
Series VIII - Plan J, L&T FMP Series IX Plan B,
L&T FMP Series IX Plan D, L&T FMP Series
IX Plan E, L&T FMP Series IX Plan G, L&T
FMP Series IX Plan H, L&T FMP Series IX
Plan J, L&T FMP Series X Plan B (1119 days),
L&T FMP Series X Plan E (1000 days), L&T FMP
Series X Plan H (1155 days), L&T FMP Series
X Plan M (1520 days), L&T FMP Series X
Plan O (1027 days), L&T FMP Series X Plan Q
(1511 days) L&T FMP Series X Plan R (1506
days) and L&T Resurgent India Corporate Bond
Fund
Mr. Vikram L&T Gilt Fund, L&T Flexi Bond Fund, L&T
Chopra Ultra Short Term Fund, L&T Cash Fund, L&T
Floating Rate Fund, L&T Low Duration Fund,
L&T India Equity and Gold Fund (investments
in debt and debt related instruments), L&T
India Prudence Fund (investments in debt
and debt related instruments), L&T Monthly
Income Plan (investments in debt and debt
related instruments), L&T Equity Savings
Fund (investments in debt and debt related
instruments), L&T Short Term Opportunities
Fund, L&T Short term Income Fund, L&T FMP
Series X Plan S (1500 days), L&T FMP Series
X Plan T (1500 days) L&T FMP Series XI Plan
A (1484 days) and L&T FMP Series XI Plan C
(1139 days)
Mr. Rajesh L&T Tax Saver Fund, L&T Long Term Advantage
Pherwani Fund - I and L&T Emerging Businesses Fund
94
Experience and Qualification of Fund Managers
Name Age Qualification Total No. Assignments held during last 10 years Period (From-To)
(years) of years of
experience
Mr. S.N. Lahiri 48 B.E (Mechani- 24 L&T Investment Management Limited-Head of November 2012 till date
cal), PGDM-(IIM Equities
Bangalore)
L&T Investment Management Limited-Senior September 2012 till November 2012
Vice President & Head-Equity
Canara Robeco Asset Management Company April 2011 till September 2012
Limited-Head-Equities
Emkay Investment Managers Limited-Chief In- January 2011 till March 2011
vestment Ofcer-PMS Equity Investment
Fortuna Capital-Chief Investment Ofcer- Ad- May 2008 till December 2010
visory Services
DSP Merrill Lynch Investment Managers Pri- June 2004 till March 2008
vate Limited-Co-Head-Equities
Dolat Capital Market Private Limited-Head- September 1995 till May 2004
Equities
Mr. Praveen Ayathan 47 B.Sc (Math- 23 L&T Investment Management Limited- July 2012 till date
ematics) Chief Dealer-Equity
Kotak Mahindra Asset Management September 2005 to July 2012
Company Limited-Head-Equity Dealing
Dalal & Broacha stock broking Private May 2000 to September 2005
Limited-Institutional Head-Equity
Mr. Venugopal 44 MBA Finance, 21 L&T Investment Management Limited- November 2012 till date
Manghat BSC (Math- Co-Head Equities
ematics) L&T Investment Management Limited-Vice January, 2012 till November 2012
President and Co-Head-Equity Investments
Tata Asset Management Limited-Co-Head Eq- June 1995 till January 2012
uities
Mr. Rajesh Pherwani 44 B.E. (Electron- 19 L&T Investment Management Limited-Head of November 2012 till date
ics), M.M.S. Research-Equities
(Finance), CFA- HDFC Asset Management Company Limited December 2004 till November 2012
(CFA Institute, Senior Equity Analyst
USA)
Housing Development Finance Corporation July 1996 till November 2004
Limited-Manager-Treasury
Mr. Shriram 39 B.E (Electrical), 15 L&T Investment Management Limited-Head July 2012 till date
Ramanathan PGDBM-XLRI, Investment-Fixed Income
CFA FIL Fund Management Private Limited-Portfo- December 2009 till June 2012
lio Manager-Fixed Income
ING Investment Management Asia Pacic September 2005 till October 2009
(Hong Kong)-Senior Investment Manager-
Global Emerging Market Debt (Asia)
ING Investment Management (India) Private June 2003 till September 2005
Limited-Portfolio Manager-Fixed Income
Zurich (India) Asset Management Company- September 2001 till June 2003
Dealer/Research-Fixed Income
Mr. Vikram Chopra 36 B.Com. (Hons.) 13 L&T Investment Management Limited-Fund November 2012 till date
M.B.A. from Manager-Fixed Income
Institute of FIL Fund Management Private Limited-Fund February 2012 till November 2012
Management Manager
Technology, Ga- FIL Fund Management Private Limited-Trader- September 2009 till February 2012
ziabad Fixed Income and Assistant Fund Manager
FIL Fund Management Private Limited-Trader- June 2006 till September 2009
Fixed Income
IDBI Bank Limited-Manager-Treasury August 2002 till May 2006
Axis Bank Limited-Deputy Manager-Merchant June 2001 till August 2002
Banking
Mr. Abhijeet Dakshikar 38 MMS, BE 11 L&T Investment Management Limited Senior June 2012 till date
(Mech) Analyst
Mirae Asset Global Investment Management January 2010 till June 2012
- Fund Manager
RBS Equities Limited - Research Analyst August 2007 till September 2009
Man Financial Securities Limited - Research April 2004 till July 2007
Analyst
95
Name Age Qualification Total No. Assignments held during last 10 years Period (From-To)
(years) of years of
experience
Mr. Jalpan Shah 36 B.E. (Mechani- 11 L&T Investment Management Limited - November 2012 till date
cal), PGDM Dealer & Macro Economic Research
FIL Fund Management Private Limited As- April 2009 till November 2012
sociate Trader
FIL Fund Management Private Limited Re- December 2007 till March 2009
search Associate
Lotus India Asset Management Company Pri- September 2007 till November 2007
vate Limited - Research Analyst
UTI Asset Management Company Private July 2006 to August 2007
Limited - Research Analyst
UTI Asset Management Company Private May 2004 to June 2006
Limited - Manager Sales & Marketing
(C) Fundamental Attributes (D) Portfolio Turnover

The following are the fundamental attributes of the Schemes, in L&TEF, L&TISSF, L&TTAF, L&TIAF, L&TILCP, L&TIVF, L&TGRAF,
terms of Regulation 18 (15A) of the Regulations: L&TIPF and L&TIEGF:
(i) Type of the Scheme: i.e. L&TEF, L&TISSF, L&TIAF, L&TILCF, Portfolio Turnover is dened as the aggregate value of investment
L&TIVF, L&TIPF and L&TIEGF - open-ended equity growth schemes; and disinvestment in equity/equity related securities (other than
L&TMCF L&TIF, L&TAOF, L&TBCF and L&TESF, open - ended equity those caused by the Purchases and Redemptions by Unit Holders) as
schemes; L&TTAF and L&TTSF- open-ended equity linked savings a percentage of the average corpus of the Scheme during a specied
schemes; L&TFRF, L&TFBF, L&TIOF, L&TSTIF and L&TRICBF - open- period of time. This would also exclude investments/disinvestments
ended income schemes; L&TTABF and L&TUSTF - open ended pure in money market instruments.
income schemes, L&TLDF and L&TSTOF - open-ended debt schemes; The fund managers will normally buy stocks which they believe will
L&TCF - an open-ended liquid scheme; L&TLF an open ended high deliver superior earnings growth over a one-to-two year period and
liquidity income fund; L&TMIP an open ended income scheme hence the portfolio turnover is not expected to be very high.
with no assured returns; L&TGF an open ended dedicated Gilt
(Government Securities) Fund; L&TGRAF - an open-ended fund of L&TMCF, L&TTSF and L&TIF:
funds scheme; The portfolio may be churned in order to take advantage of
(ii) Investment Objective: movements in the securities market and to maximize the average
returns on the portfolio while maintaining a desirable risk prole and
(a) Main Objective: L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, adequate liquidity. The Fund will attempt to balance the increased
L&TIAF, L&TILCF, L&TIF, L&TIVF, L&TGRAF, L&TIPF, L&TIEGF, cost on account of higher portfolio turnover with the benets
L&TAOF, L&TBCF and L&TESF:Growth; L&TTABF, L&TUSTF, derived there from.
L&TGF, L&TLF, L&TMIP, L&TFRF, L&TFBF, L&TCF, L&TLDF,
L&TIOF, L&TSTIF, L&TSTOF and L&TRICBF:Income L&TAOF, L&TBCF and L&TESF:
For details please refer paragraph Investment Objective Portfolio Turnover is dened as the aggregate value of investment
under each Scheme. and disinvestment in equity/equity related securities (other than
those caused by the Purchases and Redemptions by Unit Holders) as
(b) Investment Pattern: The tentative equity/debt/gilt/money a percentage of the average corpus of the Scheme during a specied
market portfolio break-up with minimum and maximum period of time. This would also exclude investments/ disinvestments
asset allocation, while retaining the option to alter the in money market instruments.
asset allocation for a short term period on defensive
considerations (For details please refer paragraph Asset The portfolio may be churned in order to take advantage of
Allocation Pattern under each Scheme for details). movements in the securities market and to maximize the average
returns on the portfolio while maintaining a desirable risk prole and
(c) Terms of Issue: adequate liquidity.
o Liquidity provisions such as listing, repurchase, (E) Scrip Lending by the Mutual Fund - L&TEF, L&TISSF,
redemption. (for details please refer paragraph on L&TTAF, L&TIAF, L&TILCP, L&TIVF, L&TGRAF, L&TIPF, L&TIEGF
Liquidity). and L&TRICBF:
o Aggregate fees and expenses charged to the Scheme/ If permitted by SEBI under extant Regulations/guidelines, the
Plan (For details please refer paragraph Fees and aforesaid Schemes may also engage in scrip lending. The AMC shall
Expenses). comply with all reporting requirements and the Trustee shall carry out
o Any safety net or guarantee provided - there is no periodic review as required by SEBI guidelines. Scrip lending means
safety net or guarantee provided under the Scheme. the lending of stock to another person or entity for a xed period
In accordance with Regulation 18(15A) of the Regulations, the of time, at a negotiated compensation. The securities lent will be
Trustee shall ensure that no change in the fundamental attributes of returned by the borrower on expiry of the stipulated period.
the Scheme or the fees and expenses payable or any other change The Investment Manager will apply the following limits, should it
which would modify the Scheme and affect the interest of the Unit desire to engage in scrip lending:
Holders will be carried out unless: 1. not more than 20% of the net assets of the Scheme can
(i) a written communication about the proposed change is sent to generally be deployed in scrip lending; and
each Unit Holder and an advertisement is given in one English 2. Not more than 5% of the net assets of the Scheme can generally
daily newspaper having nationwide circulation as well as in a be deployed in scrip lending to any single counter-party.
newspaper published in the language of the region where the
Head Ofce of the Mutual Fund is situated; and Various risks associated with scrip lending, such as counter-party
risks, liquidity and other market risks, are described in paragraph
(ii) the Unit Holders are given an option for a period of 30 days to Risk associated with short selling and scrip lending.
exit at the prevailing NAV without any Exit Load.
96
(F) Underwriting Activity L&TISSF, L&TIAF, L&TILCF, L&TIVF, L&TIPF and L&TIEFG may also invest
L&TTBF, L&TUSTF, L&TFRF, L&TLF, L&TMIP, L&TGF, L&TIOF, L&TESF and in derivative instruments in international markets as and when they
L&TSTOF may undertake underwriting activities in order to augment are permissible as per the applicable Regulations. Investment in such
its income. The Fund will get necessary permissions from SEBI and instruments will be made in accordance with the investment objective
other concerned authorities before undertaking such activity. The and the strategy of the Scheme to protect the value of the portfolio
total underwriting obligations of the Scheme(s) at any time shall not and to enhance returns. The investments shall also be subject to the
exceed the total value of the net assets under the Scheme(s). The internal limits as may be laid down from time to time and such limits
decision to take up any underwriting commitment shall be made as and restrictions as may be prescribed by the Regulations or any other
if the Scheme(s) is actually investing in that particular security and as regulatory body.
such, all investment restrictions and prudential guidelines relating to Initially the Schemes would invest only in stock and/or index
investments, individually and in aggregate, as mentioned in the SEBI futures. Investments in other derivative instruments may be done
Regulations shall, in so far as may be applicable, apply to underwriting by the Scheme only once the Trustees are comfortable that the
commitments which may be undertaken under the Scheme(s). systems for dealing, back ofce and accounting are in place for
(G) Overview of Debt Markets derivative instruments other than stock and/or index futures. Before
commencing the use of other derivative instruments, the Trustees
The Indian Debt Market has grown in size substantially over the will submit a separate conrmation to SEBI that the AMC has the
years. The Reserve Bank of India has been taking steps to make the necessary systems for dealing, back ofce and accounting in place for
Indian Debt Market efcient and vibrant. Broadly, the debt market using other derivative instruments.
is divided in two parts viz. the Money Market and the Debt market.
Money market instruments have a tenor of less than one year while (ii) L&TAOF and L&TBCF
debt market instruments have a tenor of more than one year. Money The Scheme will invest in various derivatives instruments including
market instruments are typically commercial paper, certicates of futures (index and stock), options (index and stock) and forward
deposit, treasury bills, trade bills, repos, interbank call deposit receipts, contracts which are available for investment in Indian markets
CBLO etc. Debt market comprises typically of securities issued by from time to time and which are permissible as per the applicable
Governments (Central and State), Banks, Financial Institutions, and Regulations, for the purposes of hedging, portfolio balancing and
Companies in the private and public sector, Corporations, Statutory optimizing returns. Hedging does not mean maximization of returns
Bodies etc. but only attempts to reduce systemic or market risk that may be
The trading in Government securities and Treasury Bills is mainly done inherent in the investment.
through the OMS (Order Matching System) introduced by CCIL and The investments shall also be subject to limits and restrictions as may
RBIs NDS. Other debt securities like corporate bonds and money be prescribed by the Regulations or any other regulatory body..
market instruments are mainly traded over the telephone directly
Concepts and Examples:
with counterparties or through brokers. The National Stock Exchange
of India Limited has a separate trading platform called the Wholesale Derivatives are nancial contracts of pre-determined xed duration,
Debt Market segment where trades put through member brokers are whose values are derived from the value of an underlying primary
reported. BSE (Bombay Stock Exchange) also has a similar platform. nancial instrument, commodity or index, such as: interest rates,
exchange rates, commodities and equities.
CCIL (Clearing Corporation of India) has also set up platform for
lending and borrowing through the CBLO dealing system and CROMS Futures:
(Repo Order Matching system). These dealing systems have been A futures contract is an agreement between the buyer and the seller
fairly successful and in addition to the call money market account for the purchase and sale of a particular asset at a specic future
for bulk of the overnight lending and borrowing activities of market date. The price at which the asset would change hands in the
participants for short term surpluses. future is agreed upon at the time of entering into the contract. The
Promoted by major banks and nancial institutions, The Clearing actual purchase or sale of the underlying asset involving payment
Corporation of India Ltd. (CCIL) was incorporated on April 30, 2001. of cash and delivery of the instrument does not take place until the
The CCIL guarantees the settlement of all trades executed through contracted date of delivery. A futures contract involves an obligation
NDS. The clearing and settlement risks viz., Counter party Credit on both the parties to full the terms of the contract.
Risk and Operational Risk are mitigated by CCIL thereby facilitating a Currently, futures contracts have a maximum expiration cycle of
smooth settlement process. 3-months. Three contracts are available for trading, with 1 month, 2
The following table gives approximate yields prevailing as on June months and 3 months expiry respectively. A new contract is introduced
25, 2015 on some of the money and debt market instruments. These on the next trading day following the expiry of the relevant monthly
yields are indicative and do not indicate yields that may be obtained contract. Futures contracts typically expire on the last Thursday of the
in future as interest rates keep changing. month. For example a contract with the January expiration expires on
the last Thursday of January.
Instruments Yield Range
Index Futures:
(% per annum)
Interbank Call Money 8.31 Index Futures began trading on NSE on June 12, 2000. A futures
91 Day Treasury Bill 7.65
contract on the stock market index gives its owner the right and
5 yr AAA rated PSU corporate bond 8.60
obligation to buy or sell the portfolio of stocks characterized by
One yr Bank CD rate 8.15
the index. Stock index futures are cash settled and in some cases
364 Day Treasury Bill 7.75
settlement is by way of delivery of the underlying stocks.
5-Year OIS 7.22 Let us assume that the Nifty Index at the beginning of the month
10-Year Government of India Security 7.83 January 2015 and three futures indices as under were available:
The actual yields will, however, vary in line with general levels of
Month Bid price Offer price
interest rates and debt / money market conditions prevailing from
time to time, changes in economic conditions and RBI policy. January 2845 2855
February 2860 2870
(H) Investments in Derivatives
March 2875 2890
(i) L&TISSF, L&TIAF, L&TILCF, L&TIVF, L&TIPF and L&TIEFG
The Scheme could buy an index of January 2015 at the offer price
The Schemes, if permitted as per respective investment strategies, of 2855. The Scheme will be required to pay the initial margin as
may invest in various derivatives instruments including futures required by the exchanges.
(index and stock), options (index and stock) and forward contracts
which are available for investment in Indian markets from time to The following is a hypothetical example of a typical trade in index
time and which are permissible as per the applicable Regulations. future and the costs associated with the trade.
97
Particulars Index Actual sell (put) a specied asset at an agreed price on or upto a particular
Future purchase date. For acquiring this right the buyer has to pay a premium to the
of stocks seller. The seller on the other hand has the obligation to buy or sell
that specied asset at the agreed price. The premium is determined
Index as on beginning January 2015 2840 2840
considering number of factors such as the underlying assets market
January 2015 futures price (in Rs.) 2855 - price, the number of days to expiration, strike price of the option, the
I. Execution Cost (Carry cost and other 15 NIL volatility of the underlying asset and the risk less rate of return. The
costs associated with the Index Futures strike price, the expiration date and the market lots are specied by
- 2855-2840) (in Rs.) the exchanges.
II. Brokerage Cost - on purchase 1.14 1.42 An option contract may be of two kinds, viz., a call option or a put
(Assumed @ 0.04% for index future option. An option that provides the buyer the right to buy is a call
and 0.05% for spot stocks) (in Rs.) option. The buyer of the call option (known as the holder of the
(0.04% of 2855, 0.05% of 2840) option) can call upon the seller of the option (known as writer of the
III. Securities Transaction Tax (in Rs.) (STT NIL 2.84 option) and buy from him the underlying asset at the agreed price at
on purchase of index futures - NIL; STT any time on or before the expiry date of the option. The seller of the
on purchase of stocks - 0.1% of 2840) option has to fulll the obligation on exercise of the option.
IV. Gain on surplus funds (assumed 5% 10.50 NIL The right to sell is called a put option. Here, the buyer of the option
returns on 90% of the money left can exercise his right to sell the underlying asset to the seller of the
after paying margin (10%)) (in Rs.) option at the agreed price.
(5% x 2840 x 90% x 30 days/365)
Options are of two types: (a) European and (b) American. In a
V. Spot market price at the expiry of 2855 2855
European option, the holder of the option can only exercise his right
January contract (in Rs.)
on the date of expiration. In an American option, he can exercise this
VI. Brokerage Cost - on sale (in Rs.) 1.14 1.43 right anytime between the purchase date and the expiration date.
(Assumed @ 0.04% for index future
and 0.05% for spot stocks) (0.04% of Example on options:
2855, 0.05% of 2855) Buying a Call Option: Assume that the Scheme buys a call option
VII. Securities Transaction Tax (in Rs.) (STT 0.38 2.86 at the strike price of Rs. 2,000 and pays a premium of Rs. 100. If
on sale of index futures - 0.0133% of the market price of the underlying stock on the date of expiry of
2855; STT on sale of stocks - 0.1% of the option is Rs. 2,400 (i.e. more than Rs. 2,100 which is total of
2855) the strike price and the premium), the Scheme would earn prots.
Total Cost (I + II + III - IV + VI + VII) 7.16 8.54 However, if on the date of the expiry of the option, the market price
(in Rs.) of the underlying stock is Rs. 1,900, the Scheme will not exercise the
option and it shall lose the premium of Rs. 100.
Please note that the above example is based on assumptions and
is used only for illustrative purposes (including an assumption that Thus, in the above example, the loss for the Scheme, as the buyer
there will be a gain pursuant to investment in index futures). As can of the option, is limited to the premium paid by him while the gains
be seen in the above example, the costs associated with the trade in are unlimited.
futures are less than that associated with the trade in actual stock. Buying a Put Option: Assume that the Scheme buys a put option
Thus, in the above example the futures trade seems to be more at the strike price of Rs. 2,000 and pays a premium of Rs. 100. If
protable than the trade in actual stock. However, buying of the the market price of the underlying stock decreases to Rs.1,850 the
index future may not be benecial as compared to buying stocks if Scheme would be protected from the downside and would only have
the execution and brokerage costs on purchase of index futures are to bear the loss of the premium of Rs. 100 instead of a loss of Rs.150
high and the return on surplus funds are low. The actual returns may whereas if the stock price moves up to say Rs. 2,150 the Scheme may
vary based on actuals and depends on nal guidelines/procedures let the option expire and forego the premium thereby capturing Rs.
and trading mechanism as envisaged by stock exchanges and other 50 upside after bearing the premium of Rs. 100.
regulatory authorities.
Writing a Call Option: Assume that the Scheme writes a call option
Stock Futures: at the strike price of Rs. 2,050 and earns a premium of Rs. 100. If the
Stock futures were launched on 9th November, 2001. A futures market price of the underlying stock on the date of expiry increases
contract on a stock gives its owner the right and obligation to buy or to Rs. 2,200 (i.e. more than Rs. 2,050) then the option is exercised.
sell the stocks. Like index futures, stock futures are also cash settled; The Scheme earns the premium of Rs. 100 but loses the difference
there is no delivery of the underlying stocks. A purchase or sale between the market price and the exercise price i.e. Rs. 150. In case
of futures on a security gives the trader essentially the same price the market price of the underlying stock decreases to Rs. 2,000, the
exposure as a purchase or sale of the security itself. In this regard, Scheme gets to keep the premium of Rs.100.
trading stock futures is no different from trading the security itself. Writing a Put Option: Assume that the Scheme writes a put option
Example: at the strike price of Rs. 2,050 and earns a premium of Rs. 50. If the
market value of the underlying stock decreases to Rs. 2,000 the put
Assume that the spot price of the stock held by Mr. X is Rs. 390. Two- option will be exercised and the Scheme will earn the premium of
month futures cost him Rs. 402. For the futures contract he pays an Rs.50 but losses the difference between the exercise price and the
initial margin. Now if the price of the security falls any further, he will market price which is Rs. 50. However if the market price of the
suffer losses on the stock he holds. However, the losses he suffers on underlying stock is Rs. 2,100, the option-holder will not exercise the
the stock will be offset by the prots he makes on his short futures option. As a result of which the option will expire and the Scheme
position. For e.g. if the price of the stock held by him falls to Rs. will earn the premium income of Rs. 50.
350, the fall in the price of the security will result in a fall in the price
of futures. Futures will now trade at a price lower than the price at Please note that as per current SEBI Regulations, the Schemes
which he entered into a short futures position (assume futures trade are not permitted to write options.
at Rs. 340). Hence his short futures position will start making prots. Forward Contracts:
The loss of Rs.40 incurred on the security he holds, will be made up
A forward contract is a transaction in which the buyer and the seller
by the prots of Rs. 62 (the initial margin paid and other related costs
agree upon the delivery of a specied quality (if commodity) and
are not considered) made on his short futures position.
quantity of underlying asset at a predetermined rate on a specied
Options: future date. For example on forward contracts, please refer below.
An option is a contract which provides the buyer of the option (also Assume that on June 30, 2015, the scheme has invested 1 million
called the holder) the right, without the obligation, to buy (call) or dollars in a US treasury security. Fund Manager expects that the yields
98
in the US will come down in the next 6 months and plans to sell the Effectively, the Scheme earns interest at the rate of 6% p.a. for 6
asset on December 31, 2015 to book the gain. Rupee is trading at Rs. months without lending money for 6 months xed, whilst the
63 to a US Dollar on June 30, 2015. If rupee appreciates compared to counterparty pays interest @ 6% p.a. for 6 months on Rs. 50 crores
the Dollar in these 6 months to say Rs. 62.50 per Dollar, the Scheme without borrowing for 6 months xed.
will earn lower returns in Rupee terms when the fund manager sells Forward Rate Agreement:
the investments on December 31, 2015 and converts the proceeds
into Rupees. He can mitigate this exchange rate risk by entering into Forward rate agreement is a transaction in which the counterparties
a forward contract to sell 1 million dollars on June 30, 2015 for value agree to pay or receive the difference between an agreed xed rate
December 31, 2015 (6 month forward) and receive the prevailing and the interest rate prevailing on a stipulated future date, based on
premium of say 40 paise per Dollar i.e. he has locked in a rate of Rs. a notional amount, for an agreed period. As the interest rate is xed
63.40 per US Dollar for delivery on December 31, 2015. With this now for a future period, the only payment is the difference between
the Scheme is not exposed to the loss of Rupee appreciation or prot the agreed xed rate and the reference rate in the future. As in the
from Rupee depreciation. case of interest rate swaps, only notional amounts are exchanged.
Please note that investments in forward contracts will be made Assume that on June 30, 2015, the 90 day commercial paper (CP)
by the Schemes as and when permitted under the Regulations. rate is 6.75% and the Scheme has an investment in a CP of face
value Rs. 25 crores which is going to mature on September 30,
Please note that the above examples are based on assumptions and 2015. If the interest rates are likely to remain stable or decline after
are used only for illustrative purposes. September 2015, and if the fund manager, who wants to re-deploy
(iii) L&TFBF, L&TCF, L&TLDF, L&TSTIF and L&TRICBF the maturity proceeds for 3 more months, does not want to take the
The Schemes may invest in various derivatives instruments including risk of interest rates going down, he can then enter into a following
interest rate swaps, credit default swaps, currency swaps and forward forward rate agreement (FRA) say as on June 30, 2015:
contracts which are available for investment in Indian markets from He can receive 3 X 6 FRA on June 30, 2015 at 6.75% (FRA rate for
time to time and which are permissible under the Regulations and by 3 months lending in 3 months time) on the notional amount of Rs.
the RBI from time to time. Investment in such instruments will be made 25 crores, with a reference rate of 90 day CP benchmark. If the CP
in accordance with the investment objective and the strategy of the benchmark on the settlement date i.e. September 30, 2015 falls to
Schemes for efcient portfolio balancing including for the purpose of 6.5%, then the Scheme receives the difference 6.75 - 6.5 i.e. 25
hedging and portfolio balancing and optimising returns to the extent basis points on the notional amount of Rs. 25 crores for 3 months.
permitted under and in accordance with the applicable Regulations. The maturity proceeds are then reinvested at say 6.5% (close to the
The investments shall also be subject to the internal limits as may be benchmark). The Scheme, however, would have locked in the rate
laid down from time to time and such limits and restrictions as may prevailing on June 30, 2015 (6.75%) as it would have received 25
be prescribed by the Regulations or any other regulatory body. basis points more as settlement amount from FRA. Thus the fund
Concepts and Examples: manager can use FRA to mitigate the reinvestment risk.
Derivatives are nancial contracts of pre-determined xed duration, In this example, if the rates move up by 25 basis points to 7% on
whose values are derived from the value of an underlying primary the settlement date (September 30, 2015), the Scheme loses 25
nancial instrument, commodity or index, such as: interest rates, basis points but since the reinvestment will then happen at 7%,
exchange rates, commodities and equities. effective returns for the Scheme is unchanged at 6.75%, which is the
prevailing rate on June 30, 2015.
Interest Rate Swaps:
Forward Contracts:
Interest Rate Swaps is an agreement between two parties
(counterparties) to exchange payments at specied dates on the Forward contract is a transaction in which the buyer and the seller
basis of a specic amount with reference to a specied reference agree upon the delivery of a specied quality (if commodity) and
rate. Swap Agreements provide for period payment dates for both quantity of underlying asset at a predetermined rate on a specied
parties where payments are netted and only the net amount is paid to future date.
the counterparty entitled to receive the net payment. Consequently, Assume that on June 30, 2015, the scheme has invested 1 million
the Debt Schemes current obligations (or rights) under a swap dollars in a US treasury security. Fund Manager expects that the yields
agreement will generally be equal only to the net amount to be paid in the US will come down in the next 6 months and plans to sell the
or received under the agreement, based on the relative values of the asset on December 31, 2015 to book the gain. Rupee is trading at Rs.
possession held by each counterparty. 63 to a US Dollar on June 30, 2015. If rupee appreciates compared to
Example of a swap transaction: the Dollar in these 6 months to say Rs. 62.50 per Dollar, the Scheme
will earn lower returns in Rupee terms when the fund manager sells
Assume that a Debt Scheme has a Rs. 50 crores oating rate the investments on December 31, 2015 and converts the proceeds
investment linked to MIBOR (Mumbai Inter Bank Offered Rate). Thus, into Rupees. He can mitigate this exchange rate risk by entering into
the Scheme has a potential interest rate risk and stands to incur a a forward contract to sell 1 million dollars on June 30, 2015 for value
loss if the interest rate moves down. To hedge this interest rate risk, December 31, 2015 (6 month forward) and receive the prevailing
the Scheme can enter into a 6 month MIBOR swap on July 1, 2015 premium of say 40 paise per Dollar i.e. he has locked in a rate of Rs.
for 6 months that is upto January 1, 2016. Through this swap, the 44.63 per US Dollar for delivery on December 31, 2015. With this
Scheme will receive a xed determined rate (assume 6%) and pays the Scheme is not exposed to the loss of Rupee appreciation or prot
the benchmark rate (MIBOR), which is xed by an intermediary from Rupee depreciation. Please note that investments in forward
who runs a book and matches deals between various counterparties, contracts will be made by the Schemes as and when permitted under
such intermediary could be the NSE or the Reuters. This swap would the Regulations.
effectively lock in the interest rate of 6% for the next 6 months,
eliminating the daily interest rate risk. Interest Rate Futures (L&TRICBF):
On January 1, 2016 the Scheme is entitled to receive interest on Interest Rate Futures (IRF) contract is an agreement to buy or to sell
Rs. 50 crores at 6% for 180 days i.e., Rs. 1.5 crores (this amount a debt instrument at a speci ed future date at a price that is xed
is known at the time the swap is concluded) and will pay the today. The IRFs traded on National Stock Exchange are standardized
compounded benchmark rate. The counterparty is entitled to contracts based on a notional coupon bearing Government of
receive the daily compounded call rate for 180 days and pay 6% India (GOI) security. The contracts are cash settled and the National
xed rate. On January 1, 2016, if the total interest on the daily Securities Clearing Corporation Limited (NSCCL) is the clearing and
overnight compounded benchmark rate is higher than Rs. 1.5 crores, settlement agency for all deals executed in Interest Rate Futures.
the Scheme will pay the difference to the counterparty. If the daily NSCCL acts as legal counterparty to all deals on Interest Rate Futures
compounded benchmark rate is lower, then the counterparty will pay contract and guarantees settlement.
the Scheme the difference.
99
Example: 7. Mutual Funds may enter into plain vanilla interest rate swaps for
Assume that the mutual fund scheme holds a portfolio of long dated hedging purposes. The counter party in such transactions has to
bonds. The fund manager expects the overall bond yields to move be an entity recognized as a market maker by RBI. Further, the
up over the next one month which can adversely impact the net value of the notional principal in such cases must not exceed the
asset value of the scheme as there is an inverse relationship between value of respective existing assets being hedged by the Scheme.
yield movement and underlying bond prices. The fund manager can Exposure to a single counterparty in such transactions should
mitigate this interest rate risk by selling interest rate futures contracts not exceed 10% of the net assets of the Scheme.
as the losses that he may incur on his bond portfolio would be offset The use of derivative instruments is explained below by an
by the gains on the interest rate futures contract, either partly or fully example of interest rate swaps.
depending on the yield movement and notional value of interest rate Interest rate swaps act as a hedge for short-term securities, with the
futures contract. minimum credit risk and cost. The swap agreement is a two-part
Illustration: agreement in which both the parties agree to exchange cash ows
Date: 01-September-2015 based on a specied formula and on specied dates. An Interest Rate
Swap (IRS) is a contract between two counter parties to exchange
Net asset value of the portfolio: Rs. 100 crore interest payments on specied date(s) over a specied period.
Futures price of IRF Contract: Rs. 105.12 For example one party would pay the other a xed rate of interest in
Fund Manager anticipates that the interest rate will rise in near return for a oating rate. The xed rate would be known and would
future. Therefore to hedge the exposure in underlying bonds the fund remain unchanged for the tenor of the swap while the oating rate
manager may sell 7000 contracts (each contract has 2000 underlying will be unknown until after the passage of the reset date. The oating
bonds) of October 2015 Interest Rate Futures at Rs. 105.12 rate is usually a variable benchmark rate like the MIBOR, Bank PLR
etc. In the case of IRS the principal amount is not exchanged. The
On 15-October-2015 due to increase in interest rate: net interest amounts are settled between the counter parties on the
Net Asset Value of the portfolio: Rs. 98.75 crore settlement date(s) of the contract.
Futures Price of IRF Contract: Rs. 104.28 An example of an overnight interest swap is as below:
Loss on the portfolio (100-98.75) = Rs. 1.25 crore A mutual fund has inows of Rs.10 crores for 7 days. It intends to
Prot in the Futures market would be (105.12-104.28)*2000*7000 deploy the money in the call money market. The call money market
= Rs. 1.176 crore is volatile and the fund wants to minimise risk. The fund therefore
enters into an interest rate swap wherein it swaps the oating rate
Please note that the above examples are based on assumptions and (i.e. the daily call money interest) and would receive a xed rate of
are used only for illustrative purposes. say 8%
For applicable regulatory investment limits and other restrictions in Details of the swap:
respect of the various investible securities, please refer to paragraph
Investment Restrictions. Principal Rs.10 crore
(iv)L&TMCF, L&TTSF, LTIF, L&TTABF, L&TUSTF, L&TFRF, L&TLF, Start date 3rd January 2015
L&TMIP, L&TGF, L&TIOF, L&TSTOF and L&TESF Maturity date 10th January, 2015
In accordance with the SEBI Circular Cir/IMD/DF/11/2010 dated Duration of swap 7 days
August 18, 2010, investments in derivatives shall adhere to the Fixed rate 8%
following restrictions:
The call rates over the next 7 days as well as the accruals are as
Exposure Limits: below:
1. The cumulative gross exposure through Equity, Debt and
Derivative positions shall not exceed 100% of net assets of the Date Day Call Rate Opening Principal Interest Closing Principal
Scheme. 3rd January 1 7% 10,00,00,000/- 19,178/- 10,00,19,178/-
2. Mutual Funds shall not write options or purchase instruments 4th January 2 8% 10,00,19,178/- 21,922/- 10,00,41,100/-
with embedded written options.
5th January 3 6% 10,00,41,100/- 16,445/- 10,00,57,545/-
3. The total exposure related to option premium paid must not
exceed 20% of the net assets of the Scheme. 6th January 4 6% 10,00,57,545/- 16,448/- 10,00,73,993/-
4. Cash or cash equivalents with residual maturity of less than 91 7th January 5 9% 10,00,73,993/- 24,675/- 10,00,98,668/-
days may be treated as not creating any exposure. 8th January 6 7% 10,00,98,668/- 19,197/- 10,01,17,865/-
5. Exposure due to hedging positions may not be included in the 9th January 7 7% 10,01,17,865/- 19,201/- 10,01,37,066/-
above mentioned limits subject to the following
a) Hedging positions are the derivative positions that reduce Interest on oating leg Rs. 1,37,066/-
possible losses on an existing position in securities and till the Interest on xed leg Rs. 1,53,424/-
existing position remains. Net interest receivable by the fund Rs. 16,358/-
b) Hedging positions cannot be taken for existing derivative Please note that the above example is hypothetical in nature and
positions. Exposure due to such positions shall have to be added the gures etc. are assumed. The transaction costs, if any, associated
and treated under limits mentioned in Point 1 above. with such trades may vary from case to case. Actual returns will
c) Any derivative instrument used to hedge has the same vary depending on various market-related factors. Such instruments
underlying security as the existing position being hedged. would also carry certain risks like basis point risk, counter party risk
d) The quantity of underlying associated with the derivative etc.
position taken for hedging purposes does not exceed the The total exposure to derivative instruments shall not exceed such
quantity of the existing position against which hedge has been limits, if any, as may be prescribed by the relevant authorities from
taken. time to time.
6. Exposure due to derivative positions taken for hedging purposes Each position taken in derivatives shall have an associated exposure as
in excess of the underlying position against which the hedging dened under. Exposure is the maximum possible loss that may occur
position has been taken, shall be treated under the limits on a position. However, certain derivative positions may theoretically
mentioned in point 1. have unlimited possible loss. Exposure in derivative positions shall be
100
computed as follows: particular underlying index, if such open interest equals to or exceeds
15% of the open interest of all derivative contracts on that underlying
Position Exposure index.
Long Future Futures Price * Lot Size * Number of Contracts
The following example seeking to explains the above limits
Short Future Futures Price * Lot Size * Number of Contracts numerically, are purely illustrative and should not be perceived as
Option bought Option Premium Paid * Lot Size * Number of Contracts any limits or restriction or assurance or otherwise of the probable
In accordance with SEBI circular DNPD/Cir-29/2005 dated September outcome of such transactions.
14, 2005; SEBI circular DNPD/Cir-30/2006 dated January 20, 2006 Example 1: Using Index futures to increase investment in
and SEBI circular DNPD/Cir-31/2006 dated September 22, 2006 equities
(including circulars issued by SEBI/RBI/other Regulatory bodies
This strategy is used for generating returns on idle cash or new
thereafter from time to time) Mutual Funds are allowed to trade in
inows, pending its investment in equities. There may be a time
derivatives. Mutual Funds can trade in index futures, index options,
lag between the inow of funds and their deployment in equities.
stock options, stock futures contracts etc. Earlier Mutual Funds were
If so desired, the AMC would be able to take immediate exposure
only allowed to use derivatives for hedging and portfolio balancing.
to equities via index futures. The position in index futures may be
Position Limits for Mutual Funds: (i.e. aggregate of all schemes) reversed in a phased manner, as the funds are deployed in the equity
Trading Limits (Index Options & Futures) markets.
The scheme has a corpus of Rs. 100 crore and there is an inow
Position limit for On a particular underlying index option contracts
of Rs. 10 crore in a day. The AMC may buy index futures contracts
the Mutual Fund Rs. 500 crore or 15% of the total open interest of
of a value of Rs. 10 crore. Later as the money is deployed in the
in Index Options the market in index options whichever is higher, per
underlying equities, the value of the index futures contracts can be
contracts stock exchange.
suitably reduced.
Position limit for On a particular underlying index Rs. 500 crore or
the Mutual Fund 15% of the total open interest of the market in index Portfolio % change Equity Derivative Total
in Index Futures futures whichever is higher, per stock exchange in prices portfolio portfolio Portfolio
contracts gain/loss gain/loss gain/loss
The above limits are applicable on open positions in all options and (Rs cr) (Rs cr) (Rs cr)
futures contracts on a particular underlying index. Rs 100 10% rise in 10 Nil 10
cr equity equity prices
Trading Limits (Stock Options & Futures)
exposure
For stocks having The combined futures and options position limit Rs 100 10% rise in 10 1 11
applicable shall be 20% of applicable MWPL or Rs. 300 crore, cr equity equity prices
market-wise whichever is lower and within which stock futures exposure +
position limit position cannot exceed 10% of applicable MWPL or Rs 10 cr long
(MWPL) of Rs. Rs. 150 crore, whichever is lower. position in
500 crore or index Future
more Rs 100 10% fall in (10) Nil (10)
For stocks having For stocks having applicable market-wise position cr equity equity prices
applicable limit (MWPL) less than Rs. 500 crore, the combined exposure
market-wise futures and options position limit would be 20% Rs 100 10% fall in (10) (1) (11)
position limit of applicable MWPL and futures position cannot cr equity equity prices
(MWPL) less than exceed 20% of applicable MWPL or Rs. 50 crore exposure +
Rs. 500 crore whichever is lower. Rs 10 cr long
Additional position limit for hedging position in
index Future
Hedging Limits
Risks
Hedge against a Short positions in index derivatives (short futures, The strategy of taking a long position in index futures increases the
fall in share prices short calls and long puts) shall not exceed (in exposure to the market. The long position is positively correlated with
(short futures, notional value) the Mutual Funds holding of stocks. the market. However, there is no assurance that the stocks in the
short calls and portfolio and the index behave in the same manner and thus this
long puts) strategy may not provide gains perfectly aligned to the movement
Hedge to protect Long positions in index derivatives (long futures, in the index. The fact that long position will have as much loss as a
against a rise in long calls and short puts) shall not exceed (in gain in the underlying index is true only for futures contracts held
share prices (long notional value) the Mutual Funds holding of till maturity. In the event that a futures contract is closed out before
futures, long calls cash, government securities, T-Bills and similar its expiry, the quoted price of the futures contract may be different
and short puts) instruments. from the gain/loss due to the movement of the underlying index.
Position Limits applicable for the Scheme: This is called the basis risk. While futures markets are typically more
liquid than the underlying cash market, there can be no assurance
1. For stock option and stock futures contracts, the gross open
that ready liquidity would exist at all points in time, for the Scheme to
position across all derivative contracts on a particular underlying stock
purchase or close out a specic futures contract.
of a scheme of a mutual fund shall not exceed the higher of:
Example 2: Using Index futures to decrease investment in
1% of the free oat market capitalization (in terms of number of
equities
shares)
Similarly, in case of pending outow of funds from AMC, so in order
OR
to reduce exposure in equities it may enter into future contract to
5% of the open interest in the derivatives contracts on a particular sell the index at future date. This position can be unwound over a
underlying stock (in terms of number of contracts). period in time by simultaneously selling the equity shares from the
2. This position limits shall be applicable on the combined position in investment portfolio of the Scheme. Since the price of the futures
all derivative contracts on an underlying stock at a Stock Exchange. contracts is expected to be positively correlated with the index, the
value of a short position will move in the direction opposite to the
3. For index based contracts, Mutual Funds shall disclose the total movement in the index. The strategy of taking a short position in
open interest held by its scheme or all schemes put together in a the index future would reduce the market exposure, in line with the
reduced net assets.
101
The scheme has a corpus of Rs. 100 crore and there is an outow While options markets can be more liquid than the underlying cash market,
of Rs. 10 crore in a day, so if fund wishes to reduce exposure to Rs. there can be no assurance that ready liquidity would exist at all points in
90 crore, it would sell index futures worth Rs. 10 crore. Later as the time for the scheme to purchase or close out a specific options contracts.
equities in sold, the value of the short index futures contracts can be In the case of purchase of a stock put, the strategy is a perfect hedge on the
suitably reduced. expiration date of the put option. On other days, there may be
Portfolio % change in Equity portfolio Derivative port- Total Portfolio (temporary) imperfect correlation between the share price and
prices gain/loss folio gain/loss gain/loss the put option, which can potentially take the stock value below
the minimum under the hedge.
(Rs cr) (Rs cr) (Rs cr)
Note:
Rs 100 cr 10% fall in (10) Nil (10)
equity expo- equity prices Investors are requested to note that references to equity derivatives
sure are applicable to equity portion of Debt Schemes i.e., L&T Monthly
Income Plan.
Rs 100 cr 10% fall in (10) (1) (11)
equity expo- equity prices Strategies for Debt Derivatives:
sure + Rs 10 1. Bond OIS Swap: Under this strategy, the fund manager pays
cr long posi- xed rate on Overnight Indexed Swap (OIS) against an underlying
tion in index bond of a similar or greater tenor and receives Mumbai Inter-Bank
Future Offer Rate (MIBOR). This is essentially done for hedging interest
Rs 100 cr 10% rise in 10 Nil 10 rate risk or for rebalancing portfolio allocation to xed and oating
equity expo- equity prices rate bonds. Effectively, through this trade the fund manager is
sure able to convert a xed rate bond into a oating rate MIBOR linked
Rs 100 cr 10% rise in 10 1 11 instrument. The trade has exposure to basis movement - the relative
equity expo- equity prices movement of bond versus OIS.
sure + Rs 10 2. Receive OIS: Here the fund manager receives xed rate on OIS
cr long posi- against either cash or a oating rate bond of a similar or greater
tion in index tenor, and pays MIBOR. The objective is to rebalance portfolio in
Future favor of xed rate exposure if the view is that overnight rates will fall.
Portfolio Protection Using Index Put and Stock Put Options 3. Buy Interest Rate Futures: To hedge an underlying exposure of
The purchase of an index put option gives the scheme the option of government securities or corporate bonds, the fund manager may
selling the index to the writer of the put at a predetermined level of sell similar tenor bonds under Interest Rate futures contracts if he has
the index, called the strike price. If the index falls below this level, the a bearish view. When rates rise, the market value of the gilt/bonds
scheme benets from the rise in the value of the put option. will go down but the market value of the futures contract will go up
and hence the overall loss could be minimized.
Similarly, as a stock hedging strategy, the purchase of a put option
on the underlying stock would give the scheme the option to sell the 4. Interest Rate Swaps (IRS): All swaps are nancial contracts,
stock to the writer of the option at the predetermined strike price. which involve exchange (swap) of a set of payments owned by one
This would lead to a capping of the loss in value of a stock. The party for another set of payments owned by another party, usually
contract value of options on individual stocks will be limited to 5% through an intermediary (market maker). An IRS can be dened as
of the net assets of the Scheme. a contract between two parties (Counter Parties) to exchange, on
particular dates in the future, one series of cash ows, (xed interest)
Example: Let us assume a scheme with a corpus of Rs. 50 crore. Let us for another series of cashows (variable or oating interest) in the
also assume an index level of 1000. The scheme is fully invested (Rs. same currency and on the same principal for an agreed period of
50 crore. In equities). The scheme purchases a put option on the index time. The exchange of cashows need not occur on the same date.
with a strike price of 950 for an assumed cost of Rs. 50 lakhs. The fol-
lowing table illustrates the portfolio returns: Bond markets in India are not very liquid. Investors run the risk
of illiquidity in such markets. Investing for short-term periods for
% change Index Equity Option Cost of Portfolio % returns liquidity purposes has its own risks. Investors can benet if the Fund
in index Value Portfolio Value the Put Value from remains in call market for the liquidity and at the same time take
Value Option portfolio advantage of xed rate by entering into a swap. It adds certainty to
Rs. in Rs. in
Rs. In Rs. in the returns without sacricing liquidity.
Crore Crore
Crore Crore
A B C (A+B+C)
5. Forward Rate Agreements (FRA): A FRA is an agreement
between two counter parties to pay or to receive the difference
10 1100 55.0 0 (0.5) 54.5 9 between an agreed xed rate (the FRA rate) and the interest rate
5 1050 52.5 0 (0.5) 52.0 4 prevailing on a stipulated future date, based on a notional amount,
(5) 950 47.5 0 (0.5) 47 (6) for an agreed period. In short, in a FRA, interest rate is xed now for
(10) 900 45.0 2.5 (0.5) 47 (6) a future period. The special feature of FRAs is that the only payment
(15) 850 42.5 5 (0.5) 47 (6)
is the difference between the FRA rate and the Reference rate and
hence are single settlement contracts. As in the case of IRS, notional
A similar put option can be purchased on any individual stock and amounts are not exchanged. However, there is the possibility that
the downside can be capped. a loss may be sustained by the portfolio as a result of the failure of
Risks another party to comply with the terms of the contract. To the extent
that settlements of contracts are not guaranteed by an exchange or
The table shows that the portfolio value will not fall below Rs. 47 crore,
clearing corporation, hence, there is the risk of a counterparty to a
while the scheme benefits from any increase in stock prices. The table
deal defaulting in payment.
assumes perfect correlation between the equity portfolio and the index.
However, this may not be the case. Therefore, the minimum portfolio value (I) GUIDELINES FOR INVESTMENTS IN SECURITIZED DEBT:
cannot be assured, but the loss is expected to be lower in a portfolio with - L&TMCF, L&TTSF, L&TIF, L&TTABF, L&TUSTF, L&TGF, L&TLF,
a put option on the index, as compared to a normal portfolio. L&TMIP, L&TFRF, L&TIOF, L&TSTOF and L&TESF
The put option would lead to a gain based on the difference between the 1. Rationale for investment in securitized debt and how the
strike price and the index level at expiration date, if positive. However, risk profile of securitized debt fits into the risk appetite of the
in case the option is reversed before the expiration date, the market Schemes
price received on the sale of the option may be different from the price The risk prole for debt portion of the Schemes is dened as low
calculated. to medium. The debt portion of the Schemes are intended to be
102
invested in high quality debt instruments like gilts, corporate bonds If there are concerns on the above-mentioned issues regarding the
and money market instruments which would give accrual as well as originator/underlying issuer, the fund management team would avoid
capital appreciation. Investments would also be made across various investing in securitization transaction without specic risk mitigant
tenors depending on interest rate conditions. strategies/additional cash/security collaterals/guarantees.
The Schemes may invest in securitized debt provided there are suitable Further, for single sell down structures, the originators name should
opportunities available from time to time. Primarily the reasons for be in the approved list of issuers for corporate debt which are laid
making such investments are: down separately and are approved by the IC. For any originator who
i. To increase the yield of the portfolio; is not in the approved list a separate credit note on the originator
needs to be made and approved by the IC. In order to ensure certain
ii. Provides access to good quality highly rated debt; standards while investing in securitized debt, the IC has laid down
iii. Diversication to multiple asset classes to spread out risk; guidelines with respect to minimum rating.
iv. Securitized debt can give access to exposures to various asset In addition to a detailed credit note prepared in house by the credit
backed receivables like mortgage loans, auto loans, commercial analyst, a detailed review and assessment of rating rationale shall be
vehicle loans etc which may not be directly available. done including interactions with the Company/Agency.
Hence, investing in good quality rated securitized debt would t the 3. Risk mitigation strategies for investments in securitized
risk prole of the Schemes/Plans, as it can give high yield and capital debt with each kind of originator
appreciation. The various risks associated with investment in securitized debt
2. Policy relating to originators based on nature of originator, include credit risk, liquidity risk, counterparty risk, market risk,
track record, NPAs, losses in earlier securitized debt, etc prepayment risk and price risk. Investors are requested to refer Risk
associated with Securitized Debt and PTC investment mentioned in
The fund management team shall evaluate the originators based on this Document under the heading Scheme Specic Risk Factors.
the following parameters:
With an objective to make securitized debt investments comparable
Track record; with the other Debt instruments, the Fund Management team shall
Willingness to pay, through credit enhancement facilities etc; follow following risk mitigation strategies:
Ability to pay; i. Minimum rating criteria for short term and long term debt: The
Business risk assessment, wherein following factors are minimum rating criteria for investment in less than one year
considered: securitized debt would be P1+(SO) or equivalent by any other
rating agency whilst for long term investments of more than one
- Outlook for the economy (domestic and global) year would be AA(SO) or equivalent by any other rating agency.
- Outlook for the industry The rating agency also sets certain terms and conditions before
assigning the top notch rating. These pertain to collateral and
- Company specic factors credit enhancements, average seasoning, background of the
Apart from above, the fund management team shall critically originator, systems and processes followed by the originator, etc.
evaluate the originator and underlying issuer before investing in pool The rating agency also scrutinizes the legal agreement to assess
loan or in single loan securitization transactions. The evaluation shall that the transaction has been structured to protect investors
be done based on following parameters which would be captured in interests and ensure its a true sale.
a detailed credit note and placed before the Investment Committee ii. Maximum tenor of securitized debt: The maximum tenor for any
(IC) for its approval: class of securitized debt (door to door maturity) shall be ve
Default track record/frequent alteration of redemption conditions/ years (or such other tenor as may be approved by the IC from
covenants; time to time). This would endeavour that the duration risk and
High leverage ratios of the ultimate borrower (for single-sell price risk is reduced considerably.
downs) both on a standalone basis as well on a consolidated iii. Maximum single securitized debt exposure: In order to further
level/group level; mitigate risk, the Scheme shall not invest more than 10% (or
Higher proportion of reschedulement of underlying assets of the such other limit as may be approved by IC from time to time)
pool or loan, as the case may be; in a single securitized debt structure and on an aggregate basis
the investments in securitized debt will be as laid down in the
Higher proportion of overdue assets of the pool or the underlying Scheme Information Document. By putting a ceiling on the
loan, as the case may be; single issuer exposure, the credit risk is controlled and it also
Poor reputation in market; ensures diversication of the Schemes assets.
Insufcient track record of servicing of the pool or the loan, as the
case may be.
4. The level of diversification with respect to the underlying assets, and risk mitigation measures for less diversified investments
The table below illustrates the framework that will be applied while evaluating investment decision relating to a pool securitization transaction:
Characteristics/ Mortgage Commercial CAR Two Micro Personal Single Sell Others
Type of Pool Loan Vehicle and wheelers Finance Loans Downs
Construction Pools
Equipment
Approximate 36-60 months 12-60 months 12-60 12-60 15-80 weeks 5 months-3 1-60 months To be applied as
Average maturity months months years and when.
(in Months)
Collateral margin 3-10% 4-12% 4%-13% 4-15% 5-15% 5-15% NA To be applied as
(including cash, and when.
guarantees, excess
interest spread,
subordinate
tranche)
103
Average Loan to 75%-95% 80%-98% 75%- 70%- Unsecured Unsecured Secured/ To be applied as
Value Ratio 95% 95% Unsecured and when.
Average seasoning 3-5 3-6 months 3-6 3-5 months 2-7 weeks 1-5 months NA To be applied as
of the Pool months months and when
Maximum single 5% 5% 5% 5% 5% 5% NA To be applied as
exposure range and when.
Average single 2-3% 1-3% 1-3% 2-3% 1-2% 1-3% NA To be applied as
exposure range % and when.
Other Risk mitigating measures: However, investors are requested to note that that most of the above
mentioned factors are not applicable to single loan sell downs which
Size of the loan
are comparable to a plain vanilla bond or debenture. Here the entire
The ticket size of the loan varies depending on the type of pool being risk is only on the originator/borrower and hence the borrowers
securitized. Hence, the credit analyst would accordingly discern the risk prole, nancials etc are to be analysed before arising at an
same at the time of investment. For example, the average ticket size investment decision. As mentioned earlier, the originator would have
of loan in a micronance pool may be in the range of Rs. 5,000 to to be in the approved list of corporate debt, which is reviewed and
Rs. 25,000, whereas in a mortgage pool it may be in the range of Rs. approved by the Investment Committee.
1,000,000 to Rs. 10,000,000.
Investors are requested to note that the above format and factors
Here the analysis would take into account the general trend in ticket mentioned in point no. 4 shall be mentioned in the credit note at the
size of similar types of pools rated in the past. time of investment in any securitized debt.
Average original maturity of the pool 5. Minimum retention period of the debt by originator prior
to securitization and Minimum retention percentage by
This indicates the original repayment period and whether the loan originator of debts to be securitized
tenors are in line with industry averages and borrowers repayment
capacity. To illustrate, in a car pool consisting of 60 month contracts, Investors are requested to refer point number 2, 3 and 4 above
the original maturity and the residual maturity of the pool viz. number and Table mentioned herein above which illustrates the average
of remaining installments to be paid gives a better idea of the risk seasoning of the debt by the originator prior to securitization and
of default of the pool itself. If in a pool of 100 car loans having additional collaterals taken against each type of asset class, which is
original maturity of 60 months, if more than 70% of the contracts preferred over the minimum retention percentage by the originator
have paid more than 50% of the installments and if no default has of the loan.
been observed in such contracts, this is a far superior portfolio than
However, above shall be subject to RBI Guidelines/Circulars, as
a similar car loan pool where 80% of the contracts have not even
crossed 5 installments.
6. The mechanism to tackle conflict of interest when the
Loan to Value Ratio
mutual fund invests in securitized debt of an originator and
As mentioned above. the originator in turn makes investments in that particular
scheme of the fund
Average seasoning of the pool
All investments made by the Scheme will be made in accordance with
As mentioned above. its investment objectives, investment focus, investment patterns/
Default rate distribution policies and subject to SEBI (Mutual Funds) Regulations, 1996. At the
time of investment the exposure of the originator in the Scheme shall
The fund management team shall generally ensure that all the be explicitly mentioned in the credit note which is then approved by
contracts in the pools are current to ensure zero default rate IC. To ensure that there is no conict of interest (in case the originator
distribution. Indicates how much % of the pool and overall portfolio holds investments in the Scheme); the fund management team shall
of the originator is current, how much is in 0-30 DPD (days past ensure that the issue is not completely subscribed to by them and
due), 30-60 DPD, 60-90 DPD and so on. The rationale here being, as that there are other investors as well. Accordingly, total issue amount
against 0-30 DPD, the 60-90 DPD is certainly a higher risk category. and the amount subscribed to by the Scheme shall be specied in the
credit note. Subsequently, if the originator makes investments in the
Geographical Distribution
Scheme this need not necessarily be due to subscription to their issue
A geographically well diversied pool of receivables in a securitized but can be based on other parameters like fund performance etc.
debt structure is preferable as it mitigates risk by avoiding undue
7. The resources and mechanism of individual risk assessment
concentration. Such information is typically disclosed in the rating
with the AMC for monitoring investment in securitized debt
rationale or the Information Memorandum of the issue and would be
analysed at the time when investment is considered. The investments in securitized debt are done after appropriate
research by the credit analyst. The credit analyst goes through
Credit enhancement facility/Liquid facility
the Draft Information Memorandum, rating rationale, underlying
Most originators/issuers of securitized debt provide for various receivables, pool principal, nancials etc and prepares a credit note
types of credit enhancement or liquidity which are taken into due for investments in securitized debt. The ratings are monitored on a
consideration by the rating agency. daily basis by way of e-mail by the credit analyst after tracking the
websites of all the major rating agencies
Structure of the pool
Investors are requested to note that the information contained in this
The legal structure as well as the cash ows of the pool would
Guideline is based on an Internal Securitization Policy and on current
be analysed including factors such as whether its a par/premium
market conditions and may change from time to time based on
structure at the time of investment.
changes in such conditions, regulatory changes and other relevant
factors. Accordingly, investment strategy, risk mitigation measures
and other information contained herein may change without notice.
104
(J) Product Differentiation

The investment themes of the existing schemes of the Mutual Fund (along with the asset under management and number of folios) are as
stated below:
Sr. No. Name of the Asset Allocation Pattern Primary Investment Pattern/Strategy Differentiation AUM as on Number of
Scheme May 29, 2015 Folios as on
(Rs. in crores) May 29, 2015
1. L&T Midcap The investment strategy of the Scheme would be
a) Equity and equity related The Scheme seeks to generate 336.84 28,143
Fund instruments: 80%-100% of primarily to invest in mid cap equity and equity related return by investing primarily in
net assets. securities as mentioned in the investment objective midcap stocks as per the
b) Debt Securities, Securitized
of the Scheme. The Scheme will invest in a universe investment objective and asset
Debt & Money Market of stocks, which has been arrived at using various allocation.
lters like management quality, liquidity, competitive
instruments (including cash/ The Scheme will invest primarily
call money): 0 - 20% of netposition and valuations. Using various analytical tools, in companies whose market
assets. management meetings and so on, the universe is capitalization falls between the
continuously updated by our investment team. The highest and the lowest constituent
strategy will be to build up diversied portfolio of of the CNX Midcap Index.
quality stocks, with medium to long term potential
2. L&T Equity Fund a) Equity and equity related The investment approach is bottom-up stock picking. The Scheme is a diversied 3,001.52 169,805
securities: 80%-100% of net The Scheme seeks to add the best opportunities that open-ended equity scheme that
assets. the market presents, without any sector/cap bias. The predominantly invests in the
b) Money market instruments: key features of the Funds investment strategy include Indian markets without any sector
0-20% of net assets. diversication, bottom-up stock picking and no cap or market cap bias. The Scheme
bias. does not have any style bias. The
investment approach is bottom up
stock picking.
3. L&T Tax Saver a) Equity and equity related The Scheme will endeavour to generate superior The Scheme follows a multi-cap 29.88 12,550
Fund instruments: 80%-100% of return by investing in equity and equity related investment approach i.e., the
net assets. instruments across the market capitalizations. The Scheme invests in a well-diversied
b) Debt* and Money Scheme will use top-down/bottom-up stock selection portfolio of equity and equity
market instruments: to build its portfolio. related instruments across all
0 - 20% of net assets. The investment strategy of the AMC is directed ranges of market capitalization.
* Investment in securitized to investing in stocks, which, in the opinion of the The Scheme enables the investors
debt, if undertaken, will not Investment Manager, are priced at a material discount to get income tax rebate as per the
exceed 20% of corpus of the to their intrinsic value. Such intrinsic value is a prevailing Tax Laws, subject to lock
scheme. function of both past performance and future growth in period of 3 years from the date
prospects. The process of discovering the intrinsic of allotment.
value is through in-house research supplemented by
research available from other sources.
4. L&T India Special a) Equity and equity related The Scheme is a diversied equity fund seeking The Scheme is a diversied, 976.25 92,171
Situations Fund securities: 80%-100% of net to invest in undervalued companies for long term thematic open-ended equity
assets. investment with key theme focus being Special scheme. The key theme focus is
b) Money market instruments: Situations - these are situations that are out-of- seeking investment opportunities
0-20% of net assets. the-ordinary and which therefore present interesting in companies that could be facing
stock picking opportunities. The type of companies situations that are out of the
which falls within the scope of such Special Situations ordinary (Special Situations).
include but are not limited to:
- companies with recovery potential.
- companies whose growth potential, may not be
fully recognised by the market.
- companies with hidden/undervalued assets
whose value, may not be fully recognised by the
market.
- companies with interesting product pipelines
which could offer good earnings potential.
- companies undertaking corporate restructuring.
- companies which could be potential candidates
for mergers and acquisitions related activities.
Such investments will be made across sectors and
market caps.
5. L&T Tax a) Equity and equity related The investment strategy adopted by the Scheme is The Scheme is an equity linked 1,605.40 228,798
Advantage Fund securities: 80%-100% of net similar to L&T Equity Fund. However, it differs to a savings Scheme as per the Equity
assets. certain extent on account of the mandatory lock- Linked Savings Scheme, 2005
b) Money market instruments: in period for the subscriptions received under the notied by Ministry of Finance
0-20% of net assets. Scheme. (Department of Economic Affairs).
The Scheme is a diversied equity
Scheme with a mandatory 3
year lock-in period. The Scheme
predominantly invests in the Indian
markets without any sector or
market cap bias.
105
6. L&T Indo Asia a) Equity and equity related The Scheme is primarily a diversied equity fund The Scheme is a diversied open- 264.42 48,596
Fund securities (including Indian which seeks to invest in undervalued companies in ended equity scheme that invests
and foreign equity securities Indian and international markets to generate long- in equity and equity related
as permitted by SEBI/RBI): term capital appreciation. The investment approach instruments of companies in the
80%- 100% of net assets. is bottom-up stock picking. The Scheme seeks to Indian and international markets,
b) Money market instruments: invest in the best opportunities in the Indian and without any sector or market cap
0-20% of net assets. international markets, without any sector/cap bias. bias. The fund managers expect to
However, the fund managers expect to have a high have a high focus on opportunities
focus on opportunities in Asia Pacic region including within the Asia Pacic region
India. including India.
7. L&T India Large a) Equity and equity related The Scheme will primarily be a diversied equity fund The Scheme is a diversied, equity 373.46 63,601
Cap Fund securities (including Indian which will likely (in normal market conditions) invest scheme that invests largely in large
and foreign equity securities predominantly in large cap stocks to generate long cap stocks to generate long term
as permitted by SEBI/RBI): term capital appreciation. capital appreciation.
80%- 100% of net assets. The investment approach is bottom-up stock picking.
b) Money market instruments: A limited exposure to various equity derivatives
0-20% of net assets. instruments is likely - for the purposes of hedging,
portfolio balancing and optimizing returns.
8. L&T a) Equity and equity related The Scheme will invest primarily in companies The Scheme will predominantly 217.03 17,088
Infrastructure instruments (including equity that are engaged in the area of infrastructure. The invest in securities of the
Fund derivative instruments): industries that fall under infrastructure sector would companies in the infrastructure
65%-100% of net assets. broadly include Banking & Financial Services, Cement sector.
b) Debt and Money market & Cement Products, Capital Goods, Construction &
instruments * : 0 - 35% of related Industry, Electrical & Electronic components,
net assets. Energy, Engineering, Metals/Mining/Minerals,
* Investment in securitized Housing, Oil & Gas and Allied Industries, Petroleum &
debt, if undertaken, will not Related Industry, Ports, Power and Power Equipment,
exceed 35 % of net assets of Telecom, Transportation. The Scheme will also use
the scheme. derivative instruments such as Index/stock futures or
options for portfolio rebalancing, hedging and return
optimization.
9. L&T India Value Equity and equity related The Fund Managers aim to identify undervalued The Scheme is a diversied, open- 252.78 19,636
Fund securities: stocks having the potential to deliver long term ended, value style bias equity fund
a) Indian equity securities: 80- superior risk-adjusted returns. that invests largely in undervalued
100% of net assets Undervalued stocks would include stocks which the companies across sectors and
b) Foreign Securities including Fund Managers believe are trading at less than the it market caps. Such companies
overseas ETFs (as permitted assessed values. include companies whose shares,
by SEBI/RBI): 0-10% of net as per fund managers analysis, are
assets. trading at less than their assessed
c) Debt Securities, Money values.
market instruments, Cash
and domestic ETFs: 0-20% of
net assets.
10. L&T India a) Equity and equity related For equity and equity related instruments, the Fund The Scheme is an open ended 460.20 16,706
Prudence Fund securities: 65%-75% of net Manager(s) will generally aim to identify stocks which equity growth fund wherein the
assets. as per the Fund Managers belief are sound, but which maximum exposure to equity and
b) Debt and money market are mispriced. The Fund Manager(s) does this by equity related securities is 75%
instruments including units analyzing a companys business model and nancial and minimum exposure to debt
of debt/xed income schemes parameters, valuations and business expectations. and money market instruments
launched by mutual funds For investments in debt and money market (including units of debt/xed
registered with SEBI: 25%- instruments, the portfolio will be constructed income scheme launched by
35% of net assets. and managed to generate returns to match the mutual fund registered with SEBI)
investment objective and to maintain adequate is 25% of net assets.
Capital appreciation opportunities could be explored
by extending credit and duration exposure.
106
11. L&T India Equity a) Equity and equity related For equity and equity related instruments, the Fund The Scheme is an open ended 68.95 8,958
and Gold Fund securities: 65%-90% of net Manager(s) will generally aim to identify stocks which equity growth fund with additional
assets. as per the Fund Managers belief are sound, but which investments in the range of
b) Gold ETFs: 10% -25% are mispriced. The Fund Manager(s) does this by 10%-25% of net assets in Gold
c) Debt and money market analyzing a companys business model and nancial ETFs launched/registered in
instruments including units parameters, valuations and business expectations. India. Investments in Gold ETFs
of debt/xed income schemes For investments in debt and money market differentiate the Scheme from the
launched by mutual funds instruments, the portfolio will be constructed existings equity growth oriented
registered with SEBI: 0-10% and managed to generate returns to match the Schemes of the Mutual Fund.
of net assets. investment objective and to maintain adequate
Capital appreciation opportunities could be explored
by extending credit and duration exposure.
Further, investment in Gold ETFs will be made in
accordance with the investment objective and the
strategy of the Fund for the purposes of efcient
portfolio management and optimizing return.
12. L&T Arbitrage a) Equity and equity The investment strategy includes identifying and The Scheme seeks to 145.63 551
Opportunities related securities and investing into arbitrage opportunities between spot/ generate return by
Fund equity derivatives: cash and futures prices of individual stocks. The investing in arbitrage
65% to 90% of net Scheme may also invest in debt and money market opportunities in the cash
assets. securities instruments. and derivatives segments
The Scheme may The Scheme will deploy Cash and Carry Arbitrage of the market as per the
invest in Foreign strategy wherein the Fund Manager will evaluate the investment objective and
Securities upto 10% difference between price of an individual stock in the asset allocation.
net assets subject to futures market and in the spot/cash market.
the Eligible Investment
Amount.
The Scheme may
invest upto 90% of
net assets in equity
derivatives.
b) Debt and money
market instruments
including units
of liquid schemes
launched by mutual
fund: 10% to 35% of
net assets.
In the event of
adequate arbitrage
opportunities not
being available in the
equity and derivative
markets, 100% of
the portfolio may
be invested in short
term debt and money
market instruments
(including units of
liquid schemes of
mutual funds).
13. L&T Business a)Equity and equity related The Scheme is a diversied equity fund which invests The Scheme is an open- ended 1,252.67 62,430
Cycles Fund securities*(including Indian predominantly in equity and equity related securities equity scheme. The Scheme Invests
and foreign equity securities with focus on riding business cycles through dynamic predominantly in equity and
as permitted by SEBI/RBI^) : allocation between various sectors and stocks at equity-related securities, including
65% to 100% of net assets different stages of business cycles in the economy. equity derivatives in Indian markets
b) Debt and money market with focus on riding business
instruments: cycles through dynamic allocation
0% to 35% of net assets between various sectors and
stocks at different stages of
business cycles in the economy.
107
14. L&T Equity Equity and equity related The Scheme would primarily focus on investing in The Scheme looks to invest in a 54.04 3,244
Savings Fund instruments: 65% to 90% of arbitrage opportunities in the cash and derivatives mix of arbitrage opportunities in
the net assets segment of the equity market and debt and money cash and derivative markets, debt
A1. Equity and equity market instruments. The Scheme looks to invest a and corporate bonds, along with
derivatives (arbitrage portion of the portfolio in equity and equity related un-hedged equity exposure. The
opportunities): 35% to 70% instrument, without any hedging, with a view to Scheme aims to generate long
of the net assets generate long term capital appreciation. term appreciation of capital which
A2. Net long equity: 20% to is commensurate with the overall
30% of the net assets level of risk undertaken which
Debt, Money Market is expected to be lower than a
Instruments and Government normal equity scheme.
Securities (including CBLO/
reverse repos, Credit
default swaps, equity linked
debentures, margin money
and securitized debt): 10% to
35% of the net assets
15. L&T Global Real Shares/units of the Underlying The Scheme will invest in the Underlying Scheme The Scheme is a fund of funds 45.94 4,375
Assets Fund Scheme/Foreign Securities: which in turn will primarily invest (at least 70%) scheme, investing in Fidelity Funds
80% -100% of net assets. in equity securities of companies across the - Global Real Asset Securities
Money Market Instruments world that provide exposure to commodities, Fund, an offshore fund launched
and/or liquid/cash schemes of property, industrials, utilities, energy, materials and by Fidelity Funds (an open ended
mutual funds registered with infrastructure. The fund manager of the Underlying investment company incorporated
SEBI: 0 20% of net assets. Scheme is free to select any company regardless of in Luxembourg) and similar to an
size, industry or location. Indian Mutual Fund scheme.
16. L&T Triple Ace a) Debt and Government The corpus of the Scheme would be invested primarily The Scheme would invest primarily 902.25 2,865
Bond Fund securities (including cash/call in debt market securities, such as non-convertible in securities rated by CRISIL or
money): debentures, bonds issued by corporates, banks any other rating agency. Also,
80%-100% of net assets. and government, commercial paper, certicates of the Scheme invests atleast 80%
b) Money market instruments deposit and other money market instruments. of the investments in debt and
(including cash/call money): Since the securities with the highest credit rating government securities.
0-20 % of net assets should have the least risk, the investments is made
predominantly in corporate securities (bonds,
debentures & commercial papers) with a credit rating
of AAA ascribed by CRISIL or an equivalent credit
rating assigned by other agencies. The Scheme may
also invest in privately placed debt of such AAA rated
companies.
17. L&T Ultra Short a) Debt securities: In line with the investment objective, the investments The Scheme can invest in a mix of 1,559.06 2,676
Term Fund 0-100% of net assets. would be made in xed income securities including Debt securities and Money Market
b) Money market instruments money market instruments with low to moderate risk. Instruments. However, the Scheme
(including cash/call money): The Fund Management team would apply multiple, can invest in securities having
0 - 100 % of net assets. objective criteria for selection of securities in the maturity of more than 91 days.
portfolio. These criteria would include yield, credit
rating, tenure, liquidity and value added features of
the instrument.
18. L&T Gilt Fund Government Securities The Fund Management team endeavors to meet the The Scheme as per the asset 71.43 1,903
including Treasury Bills: 80%- investment objective whilst maintaining a balance allocation pattern has to invest a
100% of net assets. between safety, liquidity and the protability aspect minimum of 80% in Government
Money market instruments of various investments. The Scheme shall be actively Securities and Treasury bills.
(including CBLO/reverse managed and the Fund Management team shall
repos): 0-20% of net assets. formulate active view of the interest rate movement
by monitoring various parameters of the Indian
economy, as well as developments in global markets.
19. L&T Liquid Fund a) Debt securities: The Fund Management team endeavors to meet the The Scheme is categorized as a 4,692.46 2,843
0-100% of net assets. investment objective whilst maintaining a balance liquid Scheme and the Scheme
b) Securitised Debt: between safety, liquidity and the return aspect of can not buy debt or money market
0-100% of net assets. various investments. instruments with maturity greater
c) Money market instruments than 91 days.
(including cash/call money):
20%-100% of net assets.
20. L&T Monthly a) Debt, Money Markets The Fund Manager shall formulate a view of the The Scheme is categorized as an 67.50 3,011
Income Plan and Government securities interest rate movement based on various parameters income scheme with marginal
(including cash/call money): of the Indian economy, as well as developments in allocation of upto 20% towards
80%-100% of net assets. global markets. equities and equity related
b)Equity and Equity Related For Equity portion of the Portfolio, the Fund Manager instruments.
instruments: 0-20% of net shall follow a structured investment process. The The Scheme carries risks associated
assets. Scheme endeavours by investing only in those with equities; as marginal portion
c) Securitised Debt: 0 -40% companies that have been thoroughly researched in is invested equity and equity
of net assets. house. related instruments.
108
21. L&T Floating a) Floating Rate Securities and In line with the investment objective of the Scheme, The Scheme invests minimum of 139.71 453
Rate Fund Money Market Instruments: the investments would be made predominately in 65% of assets in Floating Rate
65%-100% of net assets. a portfolio comprising substantially of oating rate securities and money market
b) Debt Instruments including debt/money market instruments, xed rate debt/ instruments.
Floating Rate Securities: money market instruments swapped for oating rate
0 - 35 % of net assets. returns, and xed rate debt securities, Government
securities and money market instruments.
The Fund Manager would apply multiple objective
criteria for selection of securities in the portfolio.
These criteria would include yield, credit rating,
tenure, liquidity and value added features of the
instrument.
22. L&T Flexi Bond a) Debt Instruments including The portfolio will be constructed and actively The Scheme is an open-ended 106.38 1,242
Fund securitized debt: Upto 100% managed to generate returns to match the income scheme that invests in debt
of net assets. investment objective and to maintain adequate and money market instruments to
b) Money Market liquidity to accommodate funds movement. Capital generate reasonable returns.
instruments: Upto 100% of appreciation opportunities could be explored by The portfolio is constructed and
net assets. extending credit and duration exposure. The fund actively managed to generate
management team will take an active view of the returns to match the investment
interest rate movement supported by quantitative objective and to maintain adequate
research, to include various parameters of the Indian liquidity to accommodate funds
economy, as well as developments in global markets. movement.
23. L&T Cash Fund Certicates of deposit The portfolio will be constructed and managed to The Scheme is an open-ended 474.16 2,728
issued by banks, bank xed generate returns to match the investment objective liquid scheme as dened under the
deposits, treasury bills, CBLO, and to maintain adequate liquidity to accommodate SEBI Regulations and the Scheme
Repo/reverse repo: 65% to funds movement. As the interest rate risk of the invests only in debt/money market
100% of net assets. portfolio is likely to be similar to that of the money securities with maturity of up to
Commercial papers and other market curve, in line with the investment objective, a 91 days. The interest rate risk
debt instruments including signicant proportion of the total returns is likely to of the portfolio of the Scheme
securitised debt: 0 to 35% of be in the form of income yield or accrual. is likely to be similar to that of
net assets. money market curve. In case of
exposure to rated money market
and debt instruments, the Fund
Manager will invest in instruments
that are rated AAA/A1+ or
equivalent to the extent of atleast
90% of investments in the rated
instruments.
24. L&T Low a) Money Market and Debt The portfolio will be constructed and actively The Scheme is an open-ended debt 21.05 816
Duration Fund instruments with average managed to generate returns to match the scheme that invests maximum
maturity of not greater than investment objective and to maintain adequate of 35% of its net assets in debt/
1 year. (Debt instruments liquidity to accommodate funds movement. As the money market instruments with
may include securitized debt): interest rate risk of the portfolio is likely to be similar average maturity greater than 1
65% -100% of net assets. to that of the shorter end of the maturity spectrum, year and minimum of 65% of its
b) Debt Instruments with in line with the investment objective, a signicant net assets in debt/money market
average maturity more than proportion of the total returns is likely to be in the instruments with average maturity
1 year. (Debt instruments form of income yield or accrual. Selective capital not greater than 1 year. The
may include securitized debt): appreciation opportunities could be explored by interest rate risk of the portfolio
0-35% of net assets. extending credit and duration exposure above that is likely to be similar to that of
offered by a cash fund. the shorter end of the maturity
spectrum.
25. L&T Income a) Debt instruments including The percentage of investment in various xed The Scheme has exibility to invest 963.98 3,216
Opportunities securitised debt: 0-100% of income securities will be decided after considering in all debt asset classes such as
Fund net assets. the economic environment, the performance of the xed income securities, oating
b) Money market instruments: corporate sector and general liquidity, prevailing rate debt securities, money
0-100% of net assets. political conditions and other considerations in the market securities and other debt
(Average maturity shall not economy and markets. instruments. Further, it can invest
exceed 3 years) across various tenors ranging from
(Fund will invest short term to long term.
predominantly in corporate
debt).
109
26. L&T Short Term a) Debt Instruments and The portfolio will be constructed and actively managed The Scheme is an open-ended 235.34 2,919
Income Fund money market instruments to generate returns to match the investment objective debt scheme that invests at least
with average maturity less and to maintain adequate liquidity to accommodate of 65% of its net assets in debt/
than or equal to two years: funds movement. money market instruments with
65%-100% of net assets. The fund management team will take an active average maturity less than or equal
b) Debt Instruments and view of the interest rate movement supported by to 2 year and maximum of 35%
money market instruments quantitative research, to include various parameters of its net assets in debt/money
with average maturity of the Indian economy, as well as developments in market instruments with average
of more than two years: global markets. Investment views/decisions will be a maturity greater than 2 years.
0 - 35% of net assets. combination of credit analysis of individual exposures The modied duration of the
and analysis of macro economic factors to estimate portfolio of the Scheme is likely
the direction of interest rates and level of liquidity. to be up to 3 years, while the
maximum residual maturity of the
portfolio will be up to 5 years.
27. L&T Long Term a) Equity and equity related The investment policies shall be framed in accordance The Scheme is a 10 year Close 1.85 2,299
Advantage instruments: with SEBI (Mutual Funds) Regulations, 1996 and rules Ended Equity Linked Saving
Fund- I 80%-100% of net assets. and guidelines for Equity Linked Savings Scheme Scheme, subject to a lock in for a
b) Debt Securities and money (ELSS), 2005 (and modications to them). period of three years from date of
market instruments: Consistent with the objective of the Scheme and allotment.
0% - 20% of net assets. subject to Regulations, the corpus of the Scheme The Scheme is a Close-ended
will be invested in equities, cumulative convertible Equity Linked Tax Saving Scheme.
preference shares and fully convertible debentures Redemptions can be made only
and bonds of companies. Investment may also be after completion of lock-in-
made in partly convertible issues of debentures and period of 3 years from the date of
bonds including those issued on rights basis subject allotment of the units proposed to
to the condition that, as far as possible, the non- be redeemed, at NAV based prices.
convertible portion of the debentures so acquired
or subscribed, shall be disinvested within a period of
twelve months.
28. L&T Short Term Debt and Money Market The Scheme shall follow an active duration The Scheme invests minimum of 831.38 1,175
Opportunities Instruments with residual management strategy. 75 % of assets in Debt and Money
Fund maturity upto 2 years: 75%- The fund manager shall manage the fund based on Market Instruments with maturity
100% of net assets. the outlook on interest rates and liquidity etc. Efcient upto 2 years and upto 25% in
Debt Instruments with portfolio construction shall be used to manage Debt Instruments with maturity
residual maturity greater than interest rate risk and credit risk across different greater than 2 years
2 years and less than 5 years: asset class and duration buckets, and optimize risk-
0-25% of net assets. adjusted returns.
29. L&T Emerging Equity and equity related The Scheme will primarily be a diversied equity The Scheme seeks to generate 340.00 16,608
Business Fund* securities of small cap fund which will invest at least 50% of the portfolio return by investing primarily in
companies: 50%-100% of in small cap stocks to generate long term capital emerging companies (small cap
net assets appreciation. Small cap stocks will comprise of any stocks) as per the investment
Equity and equity related equity and equity related instruments of companies objective and asset allocation.
securities (including Indian that are beyond top 200 companies based on the Emerging companies are
and foreign equity securities market capitalization. The investment approach is businesses which are typically in
as permitted by SEBI/RBI) bottom-up stock picking. the early stage of development
and Debt and money market and have the potential to grow
instruments: 0-35% of net their revenues and prots at
assets a higher rate as compared to
broader market.
30. L&T Resurgent a) Corporate debt The Scheme would primarily focus on investing in To seek to generate income by 245.26 1,041
India Corporate instruments* including debt securities of fundamentally strong companies investing primarily in debt and
Bond Fund securitized debt: 80- 100% in growth sectors which are closely associated with money market securities of
of net assets the resurgence of domestic economy, with a exibility fundamentally strong corporates/
b) Money market instruments: to follow more conservative investment approach companies in growth sectors which
0-20% of net assets during economic downturns. are closely associated with the
resurgence of domestic economy,
with a exibility to follow more
conservative investment approach
during economic downturns.
There is no assurance that the
objective of the Scheme will be
realised and the Scheme does not
assure or guarantee any returns.
* A 2 year closed - ended equity scheme with automatic conversion into an open - ended equity scheme on completion of 2 years from the date of allotment.
110
(K) Investment Restrictions provided that aggregate inter scheme investment made by all
schemes under the same management or in schemes under the
As per the Trust Deed read with the Regulations, the following
management of any other asset management company shall
investment restrictions apply in respect of the Schemes at the time
not exceed 5% of the net asset value of the Fund.
of making investments. However, all investments by the Schemes will
be made in accordance with the investment objective, investment (vii) A Scheme shall buy and sell securities on the basis of deliveries
strategy and investment pattern described previously. and shall in all cases of purchases, take delivery of relevant
securities and in all cases of sale, deliver the securities.
Further, the Trustee Company/AMC may alter the above restrictions
from time to time, and also to the extent the Regulations change Provided that the Mutual Fund may engage in short selling of
and as permitted by RBI, so as to permit the Schemes to make its securities in accordance with the framework relating to short
investments in the full spectrum of permitted investments in order to selling and securities lending and borrowing specied by SEBI.
achieve its investment objectives.
Provided that the Mutual Fund may enter into derivatives
(i) No Scheme shall invest more than 15% of its Net Asset Value transactions in a recognised stock exchange, subject to such
in debt instruments (irrespective of residual maturity) issued guidelines as may be specied by SEBI.
by a single issuer which are rated not below investment grade
Provided further that the sale of government securities already
by a credit rating agency authorised to carry out such activity
contracted for purchase shall be permitted in accordance with
under the Securities and Exchange Board of India Act, 1992.
the guidelines issued by RBI in this regard.
Such investment limit may be extended to 20% of the Net Asset
Value of the Scheme with the prior approval of the Board of (viii) The Mutual Fund shall, get the securities purchased or transferred
Trustees and the Board of the AMC. in the name of the Mutual Fund on account of any Scheme,
wherever investments are intended to be of long term nature.
Provided that such limit shall not be applicable for investments
in Government securities. (ix) Pending deployment of funds of any Scheme in terms of its
investment objectives, a Scheme may invest its funds in short
Provided further that investments in debt securities issued by
term deposits of scheduled commercial banks, subject to the
public bodies/institutions such as electricity boards, municipal
following guidelines for parking of funds in short term deposits
corporations, state transport corporations etc. guaranteed by
of scheduled commercial banks, subject to the following
the State or Central Government would be included within the
guidelines for parking of funds in short term deposits of
aforesaid limit.
scheduled commercial banks laid down by SEBI vide its circular
Provided further that investment within such limit can be made dated April 16, 2007 and such other guidelines as may be
in mortgaged backed securitised debts which are rated not specied by SEBI from time to time:
below investment grade by a credit rating agency registered
Short Term for parking of funds shall be treated as a period
with SEBI. In case of investments made in securitised debt
not exceeding 91 days.Such short-term deposits shall be held in
(mortgage backed securities/asset backed securities), restrictions
the name of the Scheme.
at the originator level would not be applicable.
The Scheme shall not park more than 15% of the net assets in
(ii) No Scheme shall invest more than 10% of its Net Asset Value in
short term deposit(s) of all the scheduled commercial banks put
unrated debt instruments (irrespective of residual maturity) issued
together. However, such limit may be raised to 20% with the
by a single issuer and the total investment in such instruments
approval of the Trustee.
shall not exceed 25% of the net assets of the Scheme.
Parking of funds in short term deposits of associate and sponsor
(iii) The Scheme shall not invest more than 30% of its net assets in
scheduled commercial banks together shall not exceed 20% of
money market instruments issued by an issuer.
total deployment by the Mutual Fund in short term deposits.
Provided that such limit shall not be applicable for investments
The Scheme shall not park more than 10% of the net assets in
in Government securities, treasury bills and collateralized
short term deposit(s), with any one scheduled commercial bank
borrowing and lending obligations.
including its subsidiaries.
(iv) The Mutual Fund under all its Schemes shall not own more than
The Scheme shall not park funds in short-term deposit of a bank
10% of any companys paid-up capital carrying voting rights.
which has invested in the said Scheme.
For the purpose of determining the above limit, a combination
The AMC will not charge any investment management and
of positions of the underlying securities and stock derivatives will
advisory fees for funds under the Debt Schemes parked in short
be considered.
term deposits of scheduled commercial banks.
(v) Transfers of investments from one Scheme to another Scheme in
The above norms do not apply to term deposits placed as
the Mutual Fund shall be made only if, -
margins for trading in cash and derivatives market. However,
(a) such transfers are done at the prevailing market price for all term deposits placed as margins shall be disclosed in the half
quoted instruments on spot basis. yearly portfolio statements under a separate heading. Details
such as name of bank, amount of term deposits, duration of
Explanation - spot basis shall have the same meaning as
term deposits, percentage of NAV should be disclosed.
specied by stock exchange for spot transactions.
(x) No Scheme shall not make any investment in;
(b) the securities so transferred shall be in conformity with the
investment objective of the scheme to which such transfer has (a) any unlisted security of an associate or group company of
been made. the Sponsor; or
(vi) A Scheme (except L&TTAF and L&TTSF) may invest in another (b) any security issued by way of private placement by an
scheme managed by the same AMC or by the asset management associate or group company of the Sponsor; or
company of any other mutual fund without charging any fees,
111
(c) the listed securities of group companies of the Sponsor (xvxiii) The Schemes will comply with any other Regulations applicable
which is in excess of 25% of the net assets. to the investments of mutual funds from time to time.
(xi) No Scheme shall make any investment in any fund of funds Investment Restrictions pertaining to derivatives:
scheme.
In accordance with SEBI circulars dated September 14, 2005, January
(xii) No Scheme shall invest more than 10% of its net assets in the 20, 2006, September 22, 2006 and August 18, 2010, the following
equity shares or equity related instruments of any company. conditions shall apply to the Schemes participation in the derivatives
market. Please note that the investment restrictions applicable to the
For the purpose of determining the above limit, a combination
Schemes participation in the derivatives market will be as prescribed
of positions of the underlying securities and stock derivatives
or varied by SEBI or by the Trustees (subject to SEBI requirements)
will be considered.
from time to time.
(xiii) No Scheme shall invest more than 5% of its net assets in the
(i) Position limit for the Mutual Fund in index options contracts
unlisted equity shares or equity related instruments.
The position limit for the Mutual Fund in index options contracts
(xiv) No term loans for any purpose may be advanced by the Fund
and the Fund shall not borrow except to meet temporary
liquidity needs of the Scheme for the purpose of repurchase, (a) The Mutual Funds position limit in all index options
redemption of Units or payment of interest or dividends to Unit contracts on a particular underlying index shall be Rs. 500
Holders, provided that the Fund shall not borrow more than crores or 15% of the total open interest of the market in index
20% of the net assets of the Scheme and the duration of such options, whichever is higher, per Stock Exchange.
a borrowing shall not exceed a period of 6 months.
(b) This limit would be applicable on open positions in all
(xv) Transactions in government securities can only be undertaken in options contracts on a particular underlying index.
dematerialised form.
(ii) Position limit for the Mutual Fund in index futures contracts
(xvi) Investments in Foreign Securities are subject to a limit of USD
The position limit for the Mutual Fund in index futures contracts
300 million per mutual fund and USD 7 billion across all mutual
funds.
(a) The Mutual Funds position limit in all index futures
(xvii) L&TGRAF shall not invest its assets other than in schemes of
contracts on a particular underlying index shall be Rs. 500 crores
mutual funds, except to the extent of funds required for meeting
or 15% of the total open interest of the market in index futures,
the liquidity requirements for the purpose of repurchases or
whichever is higher, per Stock Exchange.
redemptions.
(b) This limit would be applicable on open positions in all
(xviii) The total exposure in a particular sector (excluding investments
futures contracts on a particular underlying index.
in Bank CDs, CBLO, G-Secs, TBills and AAA rated securities
issued by Public Financial Institutions and Public Sector Banks (iii) Additional position limit for hedging for the Mutual Fund
and short term deposits of scheduled commercial banks) by the
In addition to the position limits at point (i) and (ii) above, the
Schemes shall not exceed 30% of its net assets.
Mutual Fund may take exposure in equity index derivatives
Provided that an additional exposure to nancial services sector subject to the following limits:
(over and above the limit of 30%) not exceeding 10% of the
(a) Short positions in index derivatives (short futures and long
net assets of the scheme shall be allowed by way of increase in
puts) shall not exceed (in notional value) the Mutual Funds
exposure to Housing Finance Companies (HFCs) only;
holding of stocks.
Provided further that the additional exposure to such securities
(b) Long positions in index derivatives (long futures and, long
issued by HFCs are rated AA and above and these HFCs are
calls) shall not exceed (in notional value) the Mutual Funds
registered with National Housing Bank (NHB) and the total
holding of cash, government securities, T-Bills and similar
investment/exposure in HFCs shall not exceed 30% of the net
instruments.
assets of the scheme.
(iv) Position limit for the Mutual Fund for stock based derivative
(xvix) The gross exposure of a Scheme to repo transactions in
contracts
corporate debt securities shall not be more than 10 % of the
net assets of the Scheme. The position limit for the Mutual Fund in a derivative contract
on a particular underlying stock, i.e. stock option contracts and
(xvx) A Scheme shall participate in repo transactions only in AA and
stock futures contracts shall be as follows:
above rated corporate debt securities.
(a) For stocks having applicable market-wise position limit
(xvxi) A Scheme shall borrow through repo transactions only if the
(MWPL) of Rs. 500 crores or more, the combined futures and
tenor of the transaction does not exceed a period of six months.
options position limit shall be 20% of applicable MWPL or Rs.
(xvxii) The Scheme shall ensure compliance with the Seventh Schedule 300 crores, whichever is lower and within which stock futures
of the Regulations about restrictions on investments, wherever position cannot exceed 10% of applicable MWPL or Rs. 150
applicable, with respect to repo transactions in corporate debt crores, whichever is lower.
securities
(b) For stocks having applicable market-wise position limit
The investment restrictions pertaining to repo transaction in (MWPL) less than Rs. 500 crores, the combined futures and
corporate debt securities are applicable only to those Schemes options position limit would be 20% of applicable MWPL and
which are eligible to enter in to such transactions as per futures position cannot exceed 20% of applicable MWPL or Rs.
the disclosure made in the section Information about the 50 crores whichever is lower.
Schemes.
112
(v) Position limit for the Scheme (xv) The gross open positions of the Scheme across all Interest Rate
Futures contracts within the respective maturity bucket shall not
The position limit/disclosure requirements for the Scheme shall exceed 3% of the total open interest or Rs. 200 crores whichever
be as follows: is higher.
(a) For stock option and stock futures contracts, the gross (xvi) Each position taken in derivatives shall have an associated
open position across all derivative contracts on a particular exposure as dened under. Exposure is the maximum possible
underlying stock of the Scheme shall not exceed the higher of: loss that may occur on a position. However, certain derivative
1% of the free oat market capitalisation (in terms of positions may theoretically have unlimited possible loss. Exposure
number of shares) in derivative positions shall be computed as follows:
Or Position Exposure
Long Future Futures Price * Lot Size * Number of Contracts
5% of the open interest in the derivative contracts on
Short Future Futures Price * Lot Size * Number of Contracts
a particular underlying stock (in terms of number of
contracts). Option bought Option Premium Paid * Lot Size * Number of Contracts.
(L) Investment in the Scheme(s) by the AMC, Sponsor or their

(b) For index based contracts, the Mutual Fund shall disclose
Affiliates
the total open interest held by its scheme or all schemes put
together in a particular underlying index, if such open interest From time to time, subject to the Regulations, the Sponsors/Associate/
equals to or exceeds 15% of the open interest of all derivative AMC may acquire a substantial portion of the Schemes units and
contracts on that underlying index. collectively constitute a majority investor in the Scheme.
This position limits shall be applicable on the combined position Further, the AMC may invest in one or more Schemes of the Fund
in all derivative contracts on an underlying stock at a stock depending upon its cash ows and investment opportunities. In such
exchange. an event, the Investment Manager will not charge management fees
on its investment for the period it is retained in the scheme.
(vi) The cumulative gross exposure through equity, debt and
derivative positions will not exceed 100% of the net assets of a (M) Policy on Offshore Investments by the Schemes
Scheme.
It is the Investment Managers belief that overseas securities offer
(vii) A Scheme cannot write options or purchase instruments with new investment and portfolio diversication opportunities into multi-
embedded written options. market and multi-currency products. However, such investments also
entail additional risks. Such investment opportunities may be pursued
(viii) In case a Scheme invests in options, the option premium shall
by the Investment Manager provided they are considered appropriate
not exceed 20% of the net assets of the Scheme.
in terms of the overall investment objectives of the Schemes of the
(ix) Cash or cash equivalents with residual maturity of less than 91 Fund. The Schemes may then, if necessary, seek applicable permission
days will not be treated as creating any exposure. from SEBI to invest abroad in accordance with the respective
investment objectives and in accordance with any guidelines issued
(x) Derivatives positions for hedging purposes will not be included in
by SEBI from time to time.
the aforesaid limits subject to compliance with the requirements
mentioned in SEBI Regulations. Offshore/overseas investments will be made subject to any/all
approvals or conditions stipulated under the Regulations or by RBI
(xi) A Scheme may enter in to plain vanilla interest rate swaps for
and provided such investments do not result in expenses to the
hedging purposes with a counter party which is recognized as a
Mutual Fund in excess of the ceiling on expenses prescribed by and
market maker by RBI. Further, the value of the notional principal
are consistent with costs and expenses attendant to international
in such cases will not exceed the value of respective existing
investing. The details of calculation for charging such expenses shall
assets being hedged by a Scheme.
be reported to the Boards of AMC and trustees and shall also be
(xii) In case of interest rate swaps, the exposure to a single disclosed in the Annual Report of the Schemes. The Mutual Fund
counterparty shall not exceed 10% of the net assets of a may, where necessary, appoint dedicated fund managers and other
Scheme. intermediaries of repute as advisors, custodian/sub-custodians etc.
for managing and administering such investments. The appointment
(xiii) The exposure due to derivative positions taken for hedging
of such intermediaries shall be in accordance with the applicable
purposes in excess of the underlying position against which the
requirements of SEBI and within the permissible ceilings of expenses.
hedging position has been taken, shall be treated under the
The fees and expenses would illustratively include, besides the
limit mentioned in point (vi).
investment management fees, custody fees and costs, fees of
(xiv) The gross open positions across all Interest Rate Futures contracts appointed advisors and sub-managers, transaction costs and overseas
by the Mutual Fund shall not exceed 10% of the total open regulatory costs.
interest in the respective maturity bucket or Rs. 600 crores,
The Schemes will comply with all the requirements specied by SEBI
whichever is higher.
vide its circular no. SEBI / IMD/Cir. No. 7/10453/07 dated September
26, 2007 with respect to investments in Foreign Securities.
113
The application(s) will be processed under Direct / Non-Direct

IV. Units and Offer Plan as stated in the table below (w.e.f July 1, 2015) :
This section provides details you need to know for investing in
the Schemes. This section must be read in conjunction with the Scenario Distributor / Plan mentioned Default plan
application procedure and other relevant details mentioned in the broker code by the investor in which the
Statement of Additional Information. mentioned by the application shall
investor be processed
(A) Units on offer - general information 1 Not mentioned Not mentioned Direct Plan
(i) Plans under the Schemes: 2 Not mentioned Direct Direct Plan
In accordance with the requirements under SEBI, no fresh applications 3 Not mentioned Non-Direct Direct Plan
are accepted currently under the plans/option stated below: 4 Mentioned Direct Direct Plan
5 Direct Not Mentioned Direct Plan
Name of the Scheme Plans/Options 6 Direct Non-Direct Direct Plan
L&TUSTF* # Regular, Bonus 7 Mentioned Non-Direct Non-Direct
L&TLF* # Regular, Institutional Plus, Bonus 8 Mentioned Not Mentioned Non-Direct
L&TMIP* # Institutional, Bonus
In cases of wrong/ invalid/ incomplete ARN codes mentioned on the
L&TFBF* Retail application form, the application shall be processed under the Non-
L&TCF* Retail, Institutional Direct Plan. The AMC shall contact and obtain the correct ARN code
L&TLDF* Retail, Institutional within 30 calendar days of the receipt of the application form from
L&TIOF* # Retail, Bonus the investor/ distributor. In case, the correct code is not received with-
in 30 calendar days, the AMC shall reprocess the transaction under
L&TTAF** Dividend (Reinvestment facility) Direct Plan from the date of application without any exit load.
L&TAOF# Bonus (ii) Options available under the Schemes:
L&TSTOF# Bonus
(a) L&TMCF, L&TEF, L&TTSF, L&TISSF, L&TIAF, L&TILCF, L&TIF,
L&TTABF# Bonus L&TIVF, L&TFGRAF, L&TIEGF, L&TCF, L&TLDF and L&TBCF,
*If a valid Purchase application is received under the aforesaid Each Scheme offers two options - Growth Option and Dividend
plans(Discontinued Plans), the application will be processed under Option. The Dividend Option offers Dividend Payout and Dividend
the respective Schemes subject to fullment of the minimum applica- Reinvestment facilities.
tion amount requirement of the said Scheme.
Growth option: under this option no dividend will be declared.
** If a valid Purchase application is received for the investments un-
der the dividend reinvestment facility, the application will be compul- Dividend option: under this option, a dividend may be declared
sorily processed under the dividend payout facility. by the Trustee, at its discretion from time to time (subject to the
availability of distributable surplus as calculated in accordance with
# If a valid Purchase application is received in the Bonus Option, the the Regulations).
application will be compulsorily processed under the growth option
of the respective schemes/plans. (b) L&TIPF
Direct Plan: The Scheme offers Growth, Dividend (Reinvestment and Payout) and
Annual Dividend Option (Reinvestment and Payout) options.
Investors proposing to purchase units of the Scheme directly from
the Fund (i.e. investments not routed through an AMFI Registration Growth option: under this option no dividend will be declared.
Number (ARN) Holder) can invest under the Direct Plan. The options Dividend option: under this option, a dividend may be declared
referred below will be available under the Direct Plan. The Scheme by the Trustee, at its discretion from time to time (subject to the
shall have a common portfolio i.e. the Direct Plan will not have a availability of distributable surplus as calculated in accordance
segregated portfolio. with the Regulations).
Investments under the Direct Plan can be made through various Annual Dividend Option: under this option, a dividend may be
modes offered by the Fund for investing directly with the Fund {except declared by the Trustee, at its discretion annually (subject to the
Stock Exchange Platform(s) and all other platform(s) where investors availability of distributable surplus as calculated in accordance
applications for subscription of units are routed through distributors}. with the Regulations).
For investments routed through a distributor (i.e. made with a (c) L&TAOF
distributor code), any switch of units to Direct Plan will be subject to
applicable Exit Load, if any. The Scheme offers Growth, Dividend (Payout and Reinvestment),
Monthly Dividend (Payout and Reinvestment) and Quarterly Dividend
For investments made directly i.e. without any distributor code, no (Payout and Reinvestment).
Exit Load will be charged for switch of investments to Direct Plan.
Further, for the purpose of determining the Exit Load for redemption Growth option: under this option no dividend will be declared.
of such units from Direct Plan, the date when such units were allotted
Monthly Dividend Option (Payout and Re-investment): Under this
in the Scheme (without any distributor code) will be considered as
option, dividend may be declared by the Trustee, at its discretion,
the Purchase/allotment date. No Exit Load will be charged for switch
on amonthly basis (subject to the availability of distributable
of units from the Direct Plan to the non direct plan of the Scheme.
surplus as calculated in accordance with the Regulations).
In case of investors who have invested without distributor code and
Quarterly Dividend Option (Payout and Re-investment):under
have opted for Dividend Reinvestment facility under the non direct
this option, dividend may be declared by the Trustee, at its
plan of the Scheme, the dividend will continue to be reinvested in
discretion, on a quarterly basis (subject to the availability of
the same plan only.
distributable surplus as calculated in accordance with the
Non-Direct Plan (L&TBCF and L&TRICBF): Regulations).
Investors proposing to purchase units of the Scheme through an ARN (d) L&TTABF
Holder can invest under the nonDirect Plan. The options referred
The Scheme offers Growth, Quarterly Dividend (Reinvestment and
above will be available under the non-Direct Plan. The Scheme shall
Payout), Semi-annual Dividend (Reinvestment and Payout) and
have a common portfolio i.e. the non-Direct Plan will not have a
Annual Dividend (Reinvestment and Payout) options.
114
(e) L&TUSTF The Trustees decision with regard to availability and adequacy, rate,
timing and frequency of distribution shall be nal.
The Scheme offers Growth, Weekly Dividend (Reinvestment and
Payout), Monthly Dividend (Reinvestment and Payout), Semi annual In case of dividend payout facility, the AMC shall despatch to the
Dividend (Reinvestment and Payout), Daily Dividend Reinvestment Unit Holders, the dividend warrants within 30 days of the date of
Plan declaration of dividend.
(f) L&TGF In case of the Schemes under the dividend payout facility, if the
amount of dividend payable to the Unit Holder is less than Rs. 250,
The Scheme offers Growth and Quarterly Dividend (Reinvestment then the dividend amount will be compulsorily reinvested in the
and Payout) options. respective Scheme except in case of L&TTAF and L&TTSF and the
(g) L&TLF Discontinued Plan(s) under L&TUSTF, L&TLF, L&TMIP, L&TFBF, L&TCF,
L&TLDF and L&TIOF [please refer Section (IV) (A) (i)].
The Scheme offers Growth, Weekly Dividend (Reinvestment and
Payout) and Daily Dividend Reinvestment Plan options. No Exit load will be charged on account of redemption of Units
allotted by way of dividend reinvestments.
(h) L&TMIP
Further the dividend proceeds may be paid by way of direct credit/
The Scheme offer Growth, Quarterly Dividend (Reinvestment and NEFT/RTGS/any other manner through which the investors bank
Payout) and Monthly Dividend (Reinvestment and Payout) options. account specied in the Registrars records is credited with the
dividend proceeds.
(i) L&TFRF
The Scheme offers Growth, Daily Dividend, Weekly Dividend and (a) L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, L&TIAF,
Monthly Dividend options. L&TILCF, L&TIF, L&TIVF, L&TGRAF, L&TIEGF and L&TBCF:
(j) L&TIOF The dividend will be due to only those Unit Holders whose names
appear in the register of Unit Holders in the Dividend option of the
The Scheme offers Growth, Dividend* and Annual Dividend Options. Scheme on the record date which will be xed by the Trustees and
* Investors are requested to note that currently the Board of Trustee announced in advance.
Company has decided the frequency as Monthly dividend under Further, the NAV shall be adjusted to the extent of dividend distribution
Dividend Sub- Option of the Scheme. The Board of Trustee Company and statutory levy, if any, at the close of business hours on record
reserves the right to change the frequency of the said Dividend Sub- date. Within one day of the decision by the Trustees regarding the
Option of the Scheme. dividend distribution rate and the record date, AMC shall issue notice
(k) L&TESF to the public, communicating the decision including the record date.
The record date shall be 5 calendar days from the issue of notice.
The Scheme offers Growth, Monthly Dividend (Reinvestment and Such notice shall be given in one English daily newspaper having
Payout) and Quarterly Dividend (Reinvestment and Payout) options. nationwide circulation as well as in a newspaper published in the
language of the region where the Head Ofce of the mutual fund
(l) L&TSTOF
is situated.
The Scheme offers Growth, Dividend (Payout and Reinvestment),
The Unit Holders have the option of receiving the dividend or
Quarterly Dividend (Payout and Reinvestment) and Annual Dividend
reinvesting the same. The dividend will be reinvested at the ex-
(Reinvestment and Payout) options.
dividend NAV. No Exit load will be charged on account of Units
(m) L&TTAF allotted by way of dividend reinvestments. Any dividend declared
under L&TTSF and L&TTAF will be compulsorily paid out.
The Scheme offers Growth and Dividend (Payout) Options.
(b) L&TIPF
If the investor does not clearly specify the choice of option at the time
of investing, the default option for the investment will be considered The frequency of declaration of dividend under the Scheme will be
as a Growth Option. as follows:
(n) L&TFBF and L&TSTIF The dividend under the Dividend Option of the Scheme will
be declared at the discretion of the Trustees. (The record date
The Scheme offers Growth, Dividend (Reinvestment and Payout) and
for declaration of dividend shall be xed by the Trustees and
Annual Dividend option (Reinvestment and Payout) options.
announced in advance)
(o) L&TRICBF
The dividend under the Annual Dividend Option will be declared
The Scheme offers Growth, Dividend (Reinvestment and Payout) and annually at the discretion of the Trustees. (The record date
Annual Dividend Option (Reinvestment and Payout) options. for declaration of dividend shall be xed by the Trustees and
Growth option: under this option no dividend will be declared.
The dividend will be due to only those Unit Holders whose names
Dividend option: under this option, a dividend may be declared appear in the register of Unit Holders in the dividend option(s) of the
by the Trustee, at its discretion from time to time (subject to the Scheme on the record date which will be xed by the Trustees and
availability of distributable surplus as calculated in accordance announced in advance.
with the Regulations).
Further, the NAV shall be adjusted to the extent of dividend
Annual Dividend Option: under this option, a dividend may be distribution and statutory levy, if any, at the close of business hours
declared by the Trustee, at its discretion annually (subject to the on record date. Within one day of the decision by the Trustees
availability of distributable surplus as calculated in accordance regarding the dividend distribution rate and the record date, AMC
with the Regulations). shall issue notice to the public, communicating the decision including
(iii) Dividend Policy the record date.
The Trustee may decide to distribute by way of dividend, the surplus The record date shall be 5 calendar days from the issue of notice.
by way of realised prot, dividends and interest, net of losses, Such notice shall be given in one English daily newspaper having
expenses and taxes, if any, to Unit Holders in the dividend option of nationwide circulation as well as in a newspaper published in the
the Schemes if such surplus is available and adequate for distribution language of the region where the Head Ofce of the mutual fund
in the opinion of the Trustee. is situated.
The Unit Holders have the option of receiving the dividend or
115
reinvesting the same. The dividend will be reinvested at the ex- In case of Semi - annual option, within one day of the decision by the
dividend NAV. No Exit load will be charged on account of Units Trustees regarding dividend distribution, rate and record date, AMC
allotted by way of dividend reinvestments. shall issue notice to the public communicating the decision including
the record date. The record date shall be 5 calendar days from
(c) L&TAOF the issue of notice. Such notice shall be given in one English daily
The frequency of declaration of dividend will be as follows: newspaper having nationwide circulation as well as in a newspaper
published in the language of the region where the Head Ofce of the
Monthly the record date for declaration of dividend shall be the mutual fund is situated. The NAV shall be adjusted to the extent of
Friday immediately succeeding the expiry date of futures and dividend distribution and statutory levy, if any, at the close of business
options contracts. hours on record date.
Quarterly (The record date for declaration of dividend shall be For the weekly and monthly dividend declaration frequencies, if any
xed by the Trustees and announced in advance). of the record date(s) as mentioned above falls on a non - Business
In case of quarterly option, within one day of the decision by the Day, the record date shall be the next Business Day.
Trustees regarding dividend distribution, rate and record date, AMC The dividend will be due to only those Unit Holders whose names
shall issue notice to the public communicating the decision including appear in the register of Unit Holders in the Dividend option of the
the record date. The record date shall be 5 calendar days from Scheme on the record dates as mentioned above or the next Business
the issue of notice. Such notice shall be given in one English daily Day as the case may be. The Unit Holders have the option of receiving
newspaper having nationwide circulation as well as in a newspaper the dividend or reinvesting the same. The dividend will be reinvested
published in the language of the region where the Head Ofce of the at the ex-dividend NAV. No Exit load will be charged on account of
mutual fund is situated. The NAV shall be adjusted to the extent of Units allotted by way of dividend reinvestments.
dividend distribution and statutory levy, if any, at the close of business
hours on record date. In line with requirements under SEBI circular number CIR/MD/
DF/21/2012 dated September 13, 2012 any dividend declared under
For the monthly declaration frequency, if any of the record date as the Regular Plan [please refer Section (A) (i)] will be compulsorily paid
mentioned above falls on a non - Business Day, the record date shall out.
be the immediately next Business Day.
(f) L&TGF:
appear in the register of Unit Holders in the Dividend option of the The frequency of declaration of dividend will be quarterly. The record
Scheme on the record dates as mentioned above or the next Business date for declaration of dividend shall be xed by the Trustees and
Day as the case may be. The Unit Holders have the option of receiving announced in advance.
the dividend or reinvesting the same. The dividend will be reinvested Within one day of the decision by the Trustees regarding dividend
at the ex-dividend NAV. distribution, rate and record date, AMC shall issue notice to the
public communicating the decision including the record date. The
(d) L&TTABF
record date shall be 5 calendar days from the issue of notice.
The frequency of declaration of dividend will be as follows:
Such notice shall be given in one English daily newspaper having
Quarterly nationwide circulation as well as in a newspaper published in the
language of the region where the Head Ofce of the mutual fund
Semi-annual is situated. The NAV shall be adjusted to the extent of dividend
Annual distribution and statutory levy, if any, at the close of business hours
on record date.
The record date for declaration of dividend shall be xed by the
Trustees and announced in advance. The dividend will be due to only those Unit Holders whose names
Within one day of the decision by the Trustees regarding dividend Scheme on the record dates which will be xed by the Trustees and
distribution, rate and record date, AMC shall issue notice to the public announced in advance. The Unit Holders have the option of receiving
communicating the decision including the record date. The record the dividend or reinvesting the same. The dividend will be reinvested
date shall be 5 calendar days from the issue of notice. Such notice at the ex-dividend NAV announced immediately after the record date.
shall be given in one English daily newspaper having nationwide No Exit load will be charged on account of Units allotted by way of
circulation as well as in a newspaper published in the language of the dividend reinvestments.
region where the Head Ofce of the mutual fund is situated. The NAV
shall be adjusted to the extent of dividend distribution and statutory (g) L&TLF
levy, if any, at the close of business hours on record date. The frequency of declaration of dividend will be as follows:
Dividend payout facility:
Scheme on the record dates which will be xed by the Trustees and The dividend payout facility offers the following dividend declaration
announced in advance. The Unit Holders have the option of receiving frequency:
the dividend or reinvesting the same. The dividend will be reinvested
Weekly (The record date for declaration of dividend shall be
at the ex-dividend NAV announced immediately after the record date.
every Monday).
No Exit load will be charged on account of Units allotted by way of
dividend reinvestments. Dividend reinvestment facility:
(e) L&TUSTF The dividend reinvestment facility offers the following dividend
declaration frequencies:
Daily (The record date for declaration of dividend will be all days
Weekly (The record date for declaration of dividend shall be for which NAV is published on www.amindia.com/www.lntmf.
every Monday). com websites.)
Monthly (The record date for declaration of dividend shall be Weekly (The record date for declaration of dividend shall be
25th of each calendar month). every Monday).
Semi annual (The record date for declaration of dividend shall
be xed by the Trustees and announced in advance).
116
For the weekly dividend declaration frequency, if the record date as of the record date(s) as mentioned above falls on a non - Business
mentioned above falls on a non - business day, the same day or in Day, the record date shall be the immediately next Business Day.
case of successive holidays, the last day for which NAV is published
on the website of AMFI (www.amindia.com) shall be the record The dividend will be due to only those Unit Holders whose names
date. appear in the register of Unit Holders in the Dividend option of the
Scheme on the record dates as mentioned above or the next Business
The dividend will be due to only those Unit Holders whose names Day as the case may be. Under the monthly dividend declaration
frequency, the Unit Holders have the option of receiving the dividend
Scheme on the record dates as mentioned above. The dividend will
or reinvesting the same while under the daily and weekly dividend
be reinvested at the ex-dividend NAV.
declaration frequencies the dividend will be compulsorily reinvested.
In line with requirements SEBI circular number CIR/MD/DF/21/2012 The dividend will be reinvested at the ex-dividend NAV. No Exit load
dated September 13, 2012 any dividend declared under the will be charged on account of Units allotted by way of dividend
Retail and Institution Plus Plans [please refer Section (A) (i)] will be reinvestments.
compulsorily paid out.
(j) L&TFBF and L&TSTIF:
(h) L&TMIP
The frequency of declaration of dividend under the Scheme will be
as follows:
Monthly (The record date for declaration of dividend shall be
25th of each calendar month). The dividend under the Dividend option of the Scheme will be
declared monthly on the 25th of each calendar month. If that
Quarterly (The record date for declaration of dividend shall be day is a non Business Day, the dividend will be declared on the
xed by the Trustees and announced in advance). immediately next Business Day.
In case of quarterly option, within one day of the decision by the The dividend under the Annual Dividend Option will be declared
Trustees regarding dividend distribution, rate and record date, AMC annually at the discretion of the Trustees. (The record date
shall issue notice to the public communicating the decision including for declaration of dividend shall be xed by the Trustees and
the record date. The record date shall be 5 calendar days from
announced in advance).
the issue of notice. Such notice shall be given in one English daily
newspaper having nationwide circulation as well as in a newspaper In case of annual option, within one day of the decision by the
published in the language of the region where the Head Ofce of Trustees regarding dividend distribution, rate and record date, AMC
the mutual fund is situated. The NAV shall be adjusted to the extent shall issue notice to the public communicating the decision including
of dividend distribution and statutory levy, if any, at the close of the record date. The record date shall be 5 calendar days from
business hours on record date. the issue of notice. Such notice shall be given in one English daily
For the monthly declaration frequency, if any of the record date as newspaper having nationwide circulation as well as in a newspaper
mentioned above falls on a non - Business Day, the record date shall published in the language of the region where the Head Ofce of
be the immediately next Business Day. the mutual fund is situated. The NAV shall be adjusted to the extent
of dividend distribution and statutory levy, if any, at the close of
business hours on record date.
Scheme on the record dates as mentioned above or the next Business The dividend will be due to only those Unit Holders whose names
Day as the case may be. The Unit Holders have the option of receiving appear in the register of Unit Holders in the Dividend option of the
the dividend or reinvesting the same. The dividend will be reinvested Scheme on the record dates as mentioned above or the next Business
at the ex-dividend NAV. No Exit load will be charged on account of Day as the case may be. The Unit Holders have the option of receiving
Units allotted by way of dividend reinvestments. the dividend or reinvesting the same. The dividend will be reinvested
In line with requirements under SEBI circular number CIR/MD/ at the ex-dividend NAV. No Exit load will be charged on account of
DF/21/2012 dated September 13, 2012 any dividend declared under Units allotted by way of dividend reinvestments.
the Institution Plan [please refer Section (A) (i)] will be compulsorily In line with requirements under SEBI circular number CIR/IMD/
paid out. DF/21/2012 dated September 13, 2012, any dividend declared
(i) L&TFRF under the L&TFBF - Retail Plan [please refer Section(A)(i)] will be
(k) L&TCF:
Dividend payout facility:
The dividend payout facility offers the following dividend declaration
frequency: Dividend payout facility:
Monthly (The record date for declaration of dividend shall be 25th of The dividend payout facility offers the following dividend declaration
each calendar month). frequency:
Dividend reinvestment facility: Monthly (The record date for declaration of dividend shall be 25th of
each calendar month).
The dividend reinvestment facility offers the following dividend
declaration frequencies: Dividend reinvestment facility:
Daily (The record date for declaration of dividend will be all days The dividend reinvestment facility offers the following dividend
for which NAV is published on www.amindia.com/www.lntmf. declaration frequencies:
com websites.) Daily (The record date for declaration of dividend will be all days
for which NAV is published on www.amindia.com/www.lntmf.
com websites.)
every Monday).
Monthly (The record date for declaration of dividend shall be every Monday).
25th of each calendar month).
For the weekly and monthly dividend declaration frequencies, if any
117
Monthly (The record date for declaration of dividend shall be including the record date. The record date shall be 5 calendar days
25th of each calendar month). from the issue of notice. Such notice shall be given in one English daily
newspaper having nationwide circulation as well as in a newspaper
For the weekly dividend declaration frequency, if the record date as
published in the language of the region where the Head Ofce of the
mentioned above falls on a non - business day, the same day or in
mutual fund is situated.
case of successive holidays, the last day for which NAV is published on
the website of AMFI (www.amindia.com) shall be the record date. The NAV shall be adjusted to the extent of dividend distribution and
statutory levy, if any, at the close of business hours on record date.
For the monthly dividend declaration frequency, if the record date
falls on a non - business day, the record date shall be the immediately For the monthly declaration frequency, if any of the record date as
next business day. mentioned above falls on a non - Business Day, the record date shall
be the immediately next Business Day.
appear in the register of Unit Holders in the Dividend option of the The dividend will be due to only those Unit Holders whose names
Scheme on the record dates as mentioned above. The dividend will appear in the register of Unit Holders in the Dividend option of the
be reinvested at the ex-dividend NAV. Scheme on the record dates as mentioned above or the next Business
Day as the case may be. The Unit Holders have the option of receiving
In line with requirements under SEBI circular number CIR/IMD/
the dividend or reinvesting the same. The dividend will be reinvested
DF/21/2012 dated September 13, 2012, any dividend declared under
at the ex-dividend NAV. No Exit load will be charged on account of
the Retail and Institutional Plans [please refer Section(A)(i)] will be
Units allotted by way of dividend reinvestments.
* Investors are requested to note that currently the Board of Trustee
(l) L&TLDF: Company has decided the frequency as Monthly dividend under
The frequency of declaration of dividend will be as follows: Dividend Option of the Scheme. The Board of Trustee Company
reserves the right to change the frequency of the said Dividend Sub-
Dividend payout facility: Option of the Scheme.
The dividend payout facility offers the following dividend declaration In line with requirements under SEBI circular number CIR/IMD/
frequency: DF/21/2012 dated September 13, 2012, any dividend declared under
Weekly (The record date for declaration of dividend shall be the Retail Option [please refer Section (A) (i)] will be compulsorily
every Monday). paid out.
Monthly - (The record date shall be 25th of each calendar (n) L&TESF:
month) The frequency of declaration of dividend will be as follows:
If any of the days mentioned above is a non Business Day, the dividend Monthly (The record date for declaration of dividend shall be
will be declared on the next Business Day. 25th of each calendar month).
Dividend reinvestment facility: Quarterly (The record date for declaration of dividend shall be
The dividend reinvestment facility offers the following dividend xed by the Trustees and announced in advance).
declaration frequencies: In case of quarterly option, within one day of the decision by the
Daily (The record date for declaration of dividend shall be all Trustees regarding dividend distribution, rate and record date, AMC
days for which NAV is published on www.amindia.com/www. shall issue notice to the public communicating the decision including
lntmf.com websites). the record date. The record date shall be 5 calendar days from
the issue of notice. Such notice shall be given in one English daily
Weekly (The record date for declaration of dividend shall be newspaper having nationwide circulation as well as in a newspaper
every Monday). published in the language of the region where the Head Ofce of the
Monthly (The record date for declaration of dividend shall be mutual fund is situated. The NAV shall be adjusted to the extent of
25th of each calendar month). dividend distribution and statutory levy, if any, at the close of business
hours on record date.
If any of the days mentioned above is a non Business Day, the dividend
will be declared on the next Business Day. For the monthly declaration frequency, if any of the record date as
mentioned above falls on a non - Business Day, the record date shall
The dividend will be due to only those Unit Holders whose names be the immediately next Business Day.
Scheme on the day(s) as mentioned above or the next Business Day The dividend will be due to only those Unit Holders whose names
as the case may be. These days will be considered as the Record appear in the register of Unit Holders in the Dividend option of the
Dates. The Unit Holders have the option of receiving the dividend Scheme on the record dates as mentioned above or the next Business
or reinvesting the same. The dividend will be reinvested at the ex- Day as the case may be. The Unit Holders have the option of receiving
dividend NAV. the dividend or reinvesting the same. The dividend will be reinvested
at the ex-dividend NAV. No Exit load will be charged on account of
In line with requirements under SEBI circular number CIR/IMD/ Units allotted by way of dividend reinvestments.
DF/21/2012 dated September 13, 2012, any dividend declared under
the Retail and Institutional Plans [please refer Section (A) (i)] will be (o) L&TSTOF:
compulsorily paid out. The frequency of declaration of dividend will be as follows:
(m) L&TIOF: Monthly* (The record date for declaration of dividend shall be
The frequency of declaration of dividend will be as follows: 25th of each calendar month).
Monthly* (The record date for declaration of dividend shall be Quarterly (The record date for declaration of dividend shall be
25th of each calendar month). xed by the Trustees and announced in advance).
Annual (The record date for declaration of dividend shall be Annual (The record date for declaration of dividend shall be
xed by the Trustees and announced in advance) xed by the Trustees and announced in advance)
In case of annual dividend option, within one day of the decision by In case of quarterly and annual dividend option, within one day of
the Trustees regarding dividend distribution, rate and record date, the decision by the Trustees regarding dividend distribution, rate and
AMC shall issue notice to the public communicating the decision record date, AMC shall issue notice to the public communicating
the decision including the record date. The record date shall be 5
calendar days from the issue of notice. Such notice shall be given in
118
one English daily newspaper having nationwide circulation as well as necessary notication in at least one English daily newspaper having
in a newspaper published in the language of the region where the nationwide circulation as well as in a Marathi daily newspaper with
Head Ofce of the mutual fund is situated. The NAV shall be adjusted wide circulation published in Mumbai.
to the extent of dividend distribution and statutory levy, if any, at the
close of business hours on record date. For the monthly declaration (v) Allotment
frequency, if any of the record date as mentioned above falls on a New investors may apply for Units by lling up an Application Form.
non - Business Day, the record date shall be the immediately next Existing investors can apply for Units using a Transaction Slip. All valid
Business Day. and complete applications will be allotted Units at the Applicable
The dividend will be due to only those Unit Holders whose names NAV for the application amount.
appear in the register of Unit Holders in the Dividend option of the (vi) Who can invest
Scheme on the record dates as mentioned above or the next Business
Day as the case may be. The Unit Holders have the option of receiving This is an indicative list and prospective investors are advised to
the dividend or reinvesting the same. The dividend will be reinvested satisfy themselves that they are not prohibited by any law governing
at the ex-dividend NAV. No Exit load will be charged on account of them and any Indian law from investing in the Scheme and are
Units allotted by way of dividend reinvestments. authorised to purchase units of mutual funds as per their respective
constitutions, charter documents, corporate/other authorisations
* Investors are requested to note that currently the Board of Trustee and relevant statutory provisions. The following is an indicative list
Company has decided the frequency as Monthly dividend under of persons who are generally eligible and may apply for subscription
Dividend Option of the Scheme. The Board of Trustee Company to the Units of the Scheme. The investors are requested to consult
reserves the right to change the frequency of the said Dividend their nancial advisor(s) to ascertain whether the Scheme is suitable
Option of the Scheme. to their risk prole.
p) L&TRICBF: Indian resident adult individuals, either singly or jointly (not
The frequency of declaration of dividend will be as follows: exceeding three);
The dividend under the Dividend Option of the Scheme will Sole Proprietorship
be declared at the discretion of the Trustees. (The record date Minor through parent/lawful guardian; (please see the note
for declaration of dividend shall be xed by the Trustees and below)
Companies, bodies corporate, public sector undertakings,
The dividend under the Annual Dividend Option will be declared association of persons or bodies of individuals and societies
annually at the discretion of the Trustees. (The record date registered under the Societies Registration Act, 1860;
for declaration of dividend shall be xed by the Trustees and
announced in advance). Religious and Charitable Trusts, Wakfs or endowments of private
trusts (subject to receipt of necessary approvals as required) and
The dividend will be due to only those Unit Holders whose names Private Trusts authorised to invest in mutual fund schemes under
appear in the register of Unit Holders in the aforesaid dividend their trust deeds;
options of the Scheme on the record date which will be xed by
the Trustees and announced in advance. Further, the NAV shall be Partnership Firms constituted under the Partnership Act, 1932;
adjusted to the extent of dividend distribution and statutory levy, if
A Hindu Undivided Family (HUF) through its Karta;
any, at the close of business hours on record date. Within one day
of the decision by the Trustees regarding the dividend distribution Banks (including Co-operative Banks and Regional Rural Banks)
rate and the record date, AMC shall issue notice to the public, and Financial Institutions;
communicating the decision including the record date. The record
Non-Resident Indians (NRIs)/Persons of Indian Origin (PIO) on full
date shall be 5 calendar days from the issue of notice. Such notice
repatriation basis or on non-repatriation basis;
shall be given in one English daily newspaper having nationwide
circulation as well as in a newspaper published in the language of Foreign Portfolio Investors (FPIs) registered with SEBI;
the region where the Head Ofce of the mutual fund is situated. The
Unit Holders have the option of receiving the dividend or reinvesting Army, Air Force, Navy and other para-military funds and eligible
the same. The dividend will be reinvested at the ex-dividend NAV. institutions;
Scientic and Industrial Research Organisations;
(iv) L&TGRAF: Maximum Subscription Limit
Provident/Pension/Gratuity and such other Funds as and when
As per SEBI Regulations, the aggregate Eligible Investment Amount
permitted to invest;
for all the schemes of the Mutual Fund investing in foreign securities is
US $ 300 mn. Thus, the Maximum Subscription Limit for the Scheme International Multilateral Agencies approved by the Government
shall be the Eligible Investment Amount reduced by the investments of India/RBI; and
(at cost) by all the schemes of the Mutual Fund in foreign securities
at any given point of time. Accordingly, once this limit is reached, the The Trustee, AMC or Sponsor or their associates (if eligible and
subscriptions into the Scheme shall be suspended till further notice. permitted under prevailing laws).
However in case, the subscriptions received are in excess of the A Mutual Fund through its schemes, including Fund of Funds
Eligible Investment Amount, then the units would be allotted on schemes. Please note that no Scheme can invest in L&TGRAF as
a proportionate basis and the excess amount collected under the a mutual fund scheme cannot invest in Fund of Funds schemes.
Scheme will be refunded to the applicants as mentioned below. In
Note: Investment made on behalf of a minor:
such a case, the requirement to comply with the requirement of
minimum application amount will not be applicable. Joint holding will not be permitted in respect of investments made
on behalf of a minor. The minor shall be the rst and sole holder. If
Refunds will be completed within six weeks from the date of
joint holder details are provided in the application, the same shall
allotment. If the fund refunds the amount after such six weeks
be ignored and the rst holder details alone will be recorded while
period, interest @15% per annum shall be liable to be paid by the
processing.
AMC. Refund orders will be marked A/c Payee only and drawn
in the name of the applicant (in case of a sole applicant and in the The guardian investing on behalf of a minor shall either be a natural
name of rst applicant in all other cases. All refund cheques will be guardian or a court appointed guardian and necessary documents
mailed by Registered Post or as per applicable regulations. evidencing the date of birth of the minor and relationship between
the minor and guardian will be required to be submitted along with
The AMC shall inform investors/prospective investors of the lifting
the Application Form.
of the suspension on subscriptions into the Scheme by issuing
119
Minor Unit Holder on becoming major will be required to inform the Purchase Price will be calculated upto three decimal places for Equity
AMC/Registrar about attaining majority and provide his specimen Schemes (except L&TMCF, L&TTSF and L&TIF) and L&TGRAF and four
signature duly authenticated by his banker as well as details of decimal places for Debt Schemes.
his bank account and a copy of KYC acknowledgement letter as
In case of L&TMCF, L&TTSF and L&TIF, Purchase Price will be calculated
mentioned under the paragraph Anti Money Laundering and Know
upto two decimal places.
Your Customer (KYC) to enable the AMC/Registrar to update their
records and allow him to operate the Account in his own right. For details on load structure for the Scheme, please refer paragraph
Load Structure.
Who cannot invest
(xi) Redemption Price
IT SHOULD BE NOTED THAT THE FOLLOWING ENTITIES CANNOT
INVEST IN THE SCHEME: The Redemption Price of the Units is the price at which a Unit Holder
can redeem Units of the Schemes. It will be calculated as described
1. Any individual who is a Foreign national or any other entity
below:
that is not an Indian resident under the Foreign Exchange
Management Act, 1999, except where registered with SEBI as a Redemption Price = Applicable NAV x (1 - Exit Load)
Foreign Portfolio Investor.
Redemption Price will be calculated up to three decimal places for
2. Overseas Corporate Bodies (OCBs) shall not be allowed to invest Equity Schemes (except L&TMCF, L&TTSF and L&TIF) and L&TGRAF
in the Scheme. These would be rms and societies which are and four decimal places for Debt Schemes.
held directly or indirectly but ultimately to the extent of at least
60% by NRIs and trusts in which at least 60% of the benecial In case of L&TMCF, L&TTSF and L&TIF, the Redemption Price will be
interest is similarly held irrevocably by such persons (OCBs.) calculated upto two decimal places.
3. Non-Resident Indians residing in the Financial Action Task Force For example, if the Applicable NAV of a Scheme is Rs.10, and it has
(FATF) Non Compliant Countries and Territories (NCCTs) a 2% Exit Load, the Redemption Price will be calculated as follows:
The Mutual Fund reserves the right to include/exclude new/existing Redemption Price = 10 x (1 - 2.00%) i.e. 10 x 0.98 = 9.80
categories of investors to invest in the Scheme from time to time, If a Scheme has no Exit Load, the Redemption Price will be equal to
subject to SEBI Regulations and other prevailing statutory regulations, the Applicable NAV.
if any.
(xii) Cut-off time for Purchase/Redemption/Switches
Subject to the Regulations, an application for Units may be accepted
or rejected in the sole and absolute discretion of the Trustee. For This is the time up to which the application (complete in all respects)
example, the Trustee may reject any application for the Purchase of from investors should be accepted by the Investor Service Centres.
Units if the application is invalid or incomplete or if, in its opinion,
increasing the size of any or all of the Schemes Unit capital is not in (a) For L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, L&TIAF,
the general interest of the Unit Holders, or if the Trustee for any other L&TILCF, L&TIF, L&TIVF, L&TGRAF, L&TIPF, L&TIEGF, L&TAOF,
reason does not believe that it would be in the best interest of the L&TBCF, L&TESF, L&TTABF, L&TUSTF, L&TGF, L&TMIP,
Scheme or its Unit Holders to accept such an application. L&TFRF, L&TFBF, L&TLDF, L&TIOF, L&TSTIF, L&TSTOF and
L&TRICBF:
The AMC, under powers delegated by the Trustee, shall have absolute
discretion to reject any application if after due diligence, the investor/ The Cut-off time for the Schemes is 3 p.m., and the Applicable NAV
Unit Holder/a person making the payment on behalf of the investor will be as under:
does not full the requirements of the Know Your Customer
For Purchase/Redemption
programme of the AMC or the AMC believes that the transaction is
suspicious in nature as regards money laundering. 1. In respect of valid Purchase applications (along with cheques/
drafts/other payment instruments)/Redemption applications accepted
The AMC/Trustee may need to obtain from the investor verication
at a Investor Service Centre up to 3 p.m. on a Business Day, the NAV
of identity or such other details relating to a subscription for Units as
of such day will be applicable.
may be required under any applicable law, which may result in delay
in processing the application. 2. In respect of valid Purchase applications (along with cheques/
drafts/other payment instruments)/Redemption applications accepted
(vii) How to apply at a Investor Service Centre after 3 p.m. on a Business Day, the NAV
Please refer to SAI and the application forms for the instructions. of the next Business Day will be applicable.
In respect of valid Purchase applications accepted at the Investor
(viii) Listing
service Centre for an investment amount equal to or more than Rs. 2
The Schemes being open-ended, the Units are not proposed to be lakh, the NAV of the Business Day on which the funds are available
listed on any stock exchange and no transfer facility is provided. for utilisation shall be applicable subject to the following: (1) Purchase
However, the Mutual Fund may at its sole discretion list the Units on application is accepted before the Cutoff time; (2) funds for the
one or more stock exchanges at a later date. However the Units held entire amount of Purchase/Subscription applications are credited to
in demateralised mode are freely transferable. the bank account of the respective Scheme before the Cut-off time;
and (3) the funds are available for utilisation by the respective Scheme
(ix) Restrictions, if any, on the right to freely retain or before the Cut-off time without availing any credit facility, whether,
dispose of units being offered intra-day or otherwise.
The Units of a Scheme (except the Units held in demateralised mode) The aforesaid will be applicable only for cheques/drafts/payment
are not transferable. The Trustees reserve the right to make the Units instruments payable locally in the city in which ISC is located. No
transferable at a later date subject to the Regulations. Please refer outstation cheques will be accepted.
paragraph Listing and Transfer of Units in the SAI for further details.
For applications for Purchases along with demand drafts not payable
(x) Purchase price at par at the place where the application is received, NAV of the day
on which the demand draft is credited shall be applicable.
The Purchase Price of the Units is the price at which an investor can
purchase Units of the Schemes. It will be calculated as described Further an Application Form accompanied by a payment instrument
below: issued from a bank account other than that of the applicant will not
The Purchase Price would be equal to the Applicable NAV
120
be accepted except in certain circumstances. Please refer paragraph paragraph How to Pay in SAI for further details.
How to Pay in SAI for further details.
For Redemption
(b) For L&TLF and L&TCF:
1. In respect of valid Redemption applications accepted at a
The Cut-off time and the Applicable NAV for the Scheme will be as Investor Service Centre upto 3.00 p.m. on a Business Day, the
under: closing NAV of the day immediately preceding the next Business
Day will be applicable.
For Purchase
2. In respect of valid Redemption applications accepted at a
1. In respect of valid applications accepted at a Investor Service Investor Service Centre after 3.00 p.m. on a Business Day, the
Centre upto 2.00 p.m. on a day, where the funds for the entire closing NAV of the next Business Day will be applicable.
amount of Purchase/Subscription applications are credited to
the bank account of the Scheme before the Cut-off time and are (c) For Switches - all Schemes
available for utilisation before the Cut-off time without availing
Valid applications for switch-out shall be treated as applications for
any credit facility, whether, intra-day or otherwise the closing
Redemption and valid applications for switch-in shall be treated
NAV of the day immediately preceding the day of receipt of the
as applications for Purchase, and the provisions of the Cut-off
applications;
time, purchase/redemption price, minimum amounts for Purchase/
2. In respect of valid applications accepted at a Investor Service Redemption and the Applicable NAV mentioned in the Scheme
Centre after 2.00 p.m. on a day, where the funds for the entire Information Document as applicable to Purchase and Redemption
amount of Purchase/Subscription applications are credited to shall be applied respectively to the switch-in and switch-out
the bank account of the Scheme and are available for utilisation applications.
on the same day without availing any credit facility, whether,
intra-day or otherwise the closing NAV of the day immediately (xiii) Where can the applications for Purchase/Redemption/
preceding the next Business day; and Switches be submitted?
3. In respect of valid Purchase applications accepted at a Investor Applications lled up and duly signed by all applicants should be
service Centre on a Business Day, irrespective of the time of submitted to an Investor Service Centre (including POS designated
receipt of application, where the funds are not available for by MFU). In case of a Purchase application, the application must be
utilisation before the Cut-off time without availing any credit accompanied along with the cheque/draft/other payment instrument.
facility, whether, intra-day or otherwise the closing NAV of In respect of units held in demateralised mode, the redemption
the day immediately preceding the day on which the funds are requests should be submitted only through the Depository Participant
available for utilisation. or stock exchanges (in respect of Schemes which are available for
No outstation cheques will be accepted. transactions on the stock exchange platforms).
Further an Application Form accompanied by a payment instrument The names and addresses of the Investor Service Centres are
issued from a bank account other than that of the applicant/investor mentioned at the end of this document.
will not be accepted except in certain circumstances. Please refer
(xiv) Minimum amounts for Purchase and minimum amount/number of units for Redemption
Scheme Name Minimum Initial Application Amount Minimum Additional Application Amount Minimum amount/number of units for
(per application) (per application) Redemption
L&TMCF Rs.5,000 and in multiples of Re.1 thereafter Rs. 1,000 and in multiples of Re.1 thereafter Rs. 1,000 or 100 Units
L&TEF Rs. 5,000 Rs. 1,000 Rs. 1,000 or 100 Units
L&TTSF N.A.* N.A.* Rs. 500 or 50 Units
L&TISSF Rs. 5,000 Rs. 1,000 Rs. 1,000 or 100 Units
L&TTAF Rs. 500 and in multiples of Rs. 500 thereafter Rs. 500 and in multiples of Rs. 500 thereafter Rs. 500 or 50 Units
L&TIAF Rs. 5,000 Rs. 1,000 Rs. 1,000 or 100 Units
L&TILCF Rs. 5,000 Rs. 1,000 Rs. 1,000 or 100 Units
L&TIF Rs.5,000 and in multiples of Re.1 thereafter Rs. 1,000 and in multiples of Re.1 thereafter Rs. 1,000 or 100 Units
L&TIVF Rs. 5,000 Rs. 1,000 Rs. 1,000 or 100 Units
L&TGRAF Rs. 5,000 Rs. 1,000 Rs. 1,000 or 100 Units.
L&TIPF Rs. 5,000 Rs. 1,000 Rs. 1,000 or 100 Units
L&TIEGF Rs. 5,000 Rs. 1,000 Rs. 1,000 or 100 Units
L&TAOF Rs. 5,000 and in multiples of Re.1 thereafter Rs. 1,000 and in multiples of Re.1 thereafter Rs. 1,000 or 100 Units or account balance,
whichever is lower
L&TBCF Rs. 5,000 and in multiples of Re.1 thereafter Rs. 1,000 and in multiples of Re.1 thereafter Rs. 1,000 or 100 Units or account balance,
whichever is lower
L&TESF Rs. 5,000 and in multiples of Re.1 thereafter Rs. 1,000 and in multiples of Re.1 thereafter Rs. 1,000 or 100 Units
L&TTABF Rs.10,000 and thereafter in multiples of Rs. 1,000 and in multiples of Re. 1 thereafter Rs.1,000 or 100 units
Re.1.
L&TUSTF Growth/Weekly Dividend/Monthly Dividend/ Rs. 1,000 and in multiples of Re. 1 thereafter Growth/Weekly Dividend/Monthly
Semi- annual Dividend: Rs. 10,000 and in Dividend/Semi-annual Dividend/Bonus#
multiples of Re. 1 thereafter; Daily Dividend and Daily Dividend Reinvestment Plan:
Reinvestment Plan: Rs. 1,00,000 and in Rs.1,000 or 100 units.
multiples of Re. 1 thereafter. Regular Plan#: Rs.1,000 or 100 units.
121
Scheme Name Minimum Initial Application Amount Minimum Additional Application Amount Minimum amount/number of units for
(per application) (per application) Redemption
L&TGF Rs. 10,000 and in multiples of Re. 1 Rs. 1,000 and in multiples of Re. 1 thereafter Rs. 1,000 or 100 Units
thereafter
L&TLF Weekly Dividend/Growth: Rs. 10,000 and in Rs. 1,000 and in multiples of Re. 1 thereafter Regular Plan# : Rs. 1,000 or 1 unit
multiples of Re. 1 thereafter Institutional Plus Plan#/Weekly Dividend/
Daily Dividend Reinvestment Plan Growth/DDRIP: Rs.1,000 or 1 Unit
(DDRIP): Rs. 1,00,000 and in multiples of
Re. 1 thereafter
L&TMIP Rs. 10,000 and in multiples of Re. 1 Rs. 1,000 and in multiples of Re. 1 thereafter Rs. 1,000 or 100 units
thereafter
L&TFRF Rs. 10,000 and in multiples of Re. 1 Rs. 1,000 and in multiples of Re. 1 thereafter Rs. 1,000 or 100 units
thereafter
L&TFBF Rs. 10,000 Rs. 1,000 and thereafter in multiples of Re. 1. Rs. 1,000 or 100 Units.
L&TCF Growth and Dividend : Rs. 10,000 and in Rs. 1,000 and thereafter in multiples of Re. 1. Rs. 1,000 or 1 Unit.
multiples of Re. 1 thereafter
Daily Dividend Option: Rs. 1,00,000 and in
multiples of Re. 1 thereafter
L&TLDF Rs. 10,000 Rs. 1,000 and thereafter in multiples of Re. 1. Rs. 1,000 or 100 Units.
L&TIOF Rs. 10,000 and in multiples of Re. 1 Rs. 1,000 and in multiples of Re. 1 thereafter Retail Option#: Rs. 1,000 or 100 units
thereafter. Dividend/Growth/Bonus#: Rs.1,000 or
100 Units
L&TSTIF Rs. 10,000 Rs. 1,000 Rs. 1,000 or 100 Units
L&TSTOF Rs. 10,000 and in multiples of Re. 1 Rs. 1,000 and in multiples of Re. 1 thereafter Rs. 1,000 or 100 units
thereafter
L&TRICBF Rs.5,000 and in multiples of Re.1 thereafter Rs. 1,000 and in multiples of Re. 1 thereafter Rs. 1,000 or 100 Units or account balance,
whichever is lower
*In order to comply with requirements of ELSS 2005 guidelines, further subscription/switch-in into L&TTSF is restricted with effect from
November 23, 2012.
# Please note that, no fresh applications for investments are being accepted in the said plans/option. However investors are requested to note
that, valid repurchase/redemption requests will be accepted in respect of the said plans/option.
In case of L&TTAF and L&TTSF, as per ELSS, Unit Holders will not be Units can be redeemed (sold back to the Mutual Fund) at the
able to redeem Units under the Scheme for a period of 3 years from Redemption Price except for the Units under L&TTAF and L&TTSF
the date of allotment of respective Units. After the period of 3 years, which are subject to a lock-in period of three years as per ELSS. If an
Units could be redeemed as mentioned in the Scheme Information investor has purchased Units of a Scheme on more than one Business
Document and Statement of Additional Information. However, in the Day the Units will be redeemed on a rst-in-rst-out basis. If multiple
event of the death of a Unit Holder, the nominee will be able to Purchases are made on the same day, the Purchase appearing earliest
redeem the Units held by the deceased Unit Holder subject to the in the account statement will be redeemed rst.
expiry of one year from the date of allotment of such Units.
(xv) Minimum balance to be maintained under the Schemes
The Unit Holder has the option to request for Redemption either and consequence of non - maintenance
in amount in rupees or in number of Units. In case the request for
Redemption species both, i.e. amount in rupees as well the number The minimum balance to be maintained at all times under the
of Units to be redeemed, then the latter will be considered as the Schemes shall be equal to the minimum redemption size under a
redemption request and redemption will be processed accordingly. Scheme. If, in the course of redemption/switch-out from the Scheme,
the balance units/amount available under a Scheme falls below the
In case the request for redemption/switch does not specify the minimum redemption size requirement, all units in the Scheme
amount or number of units to be redeemed/switched, the request would be redeemed/switched-out.
will be rejected by the Mutual Fund.
In respect of Units held in dematerialised mode, the provisions
However in case of Units held in dematerialised mode, the Unit pertaining to minimum balance amount/number of Units will not be
Holder can give a request for Redemption only in number of Units. applicable.
Requests for redemption of units held in the dematerialised mode
(xvi) Facilities Offered to Investors under the Schemes
can be initiated only through the mutual fund transactions platforms
of the Stock Exchange or such other platforms offered by the (a) Systematic Investment Plan (SIP)
Depositories from time to time.
This facility enables investors to invest regularly. SIP as a facility,
Where Units under a Scheme are held under both the non direct allows investors to invest small sums at pre-dened time intervals
plan and the Direct Plan and the redemption/switch request pertains thereby fostering a culture of regular, long term investments. SIP
to the Direct Plan, the same must clearly be mentioned on the request offers investors the benets of Rupee Cost Averaging as, through this
(along with the folio number), failing which the request would be facility, an investor is able to purchase units at different price points
processed from the non direct plan. However, where Units under the over a period of time. The SIP facility offered by the Fund is subject to
requested Scheme/Option are held only under one plan, the request the following terms and conditions:
would be processed under that plan.
122
1. Investors can avail the SIP facility by lling up a SIP Investment conditions applicable to a new SIP at the stage of extension of
Form. First time applicants need to also ll up the Common the SIP would need to be complied with.
Application Form in addition to the SIP Investment Form.
12. If at the time of renewal, the bank details for auto debit are
2. The Fund also offers investors the benets of applying for SIP different from the bank details earlier registered with the Mutual
online through its web site www.lntmf.com with select banks to Fund, the Unit Holder would be required to submit a cancelled
investors who have registered for the online facility. Please visit cheque leaf/copy thereof along with the SIP Application Form.
www.lntmf.com for more details. 13. The amount of rst cheque/payment instruction can be different
3. The Fund also offers SIP facility through transaction platforms than the amounts for the subsequent cheques/payment
of select empanelled distributors. The payment towards SIP instructions. However, all the subsequent cheques/payment
instalments can be made by the investors in accordance with instructions shall be of equal amounts.
the payment arrangement agreed upon between the AMC and 14. Other Terms and Conditions
the distributor concerned operating the transaction platform.
4. Unit Holders can also avail this facility by transacting through Options Assumed if
mutual fund trading platforms of the stock exchanges through not provided/
eligible stock brokers, subject to fullment of the conditions indicated at
pertaining to SIP instalment size, SIP dates, minimum number of the time of
instalments, SIP frequency and total SIP amount. The allotment investment (auto-
will be made at the Applicable NAV and units will be credited debit transactions)
to demat account of the unit holder, subject to realisation of Frequency Monthly or Quarterly Monthly
the funds. The payment towards SIP instalments can be made Minimum 6 (Monthly) or 4 -
by the investors in accordance with the payment arrangement number of (Quarterly)
agreed upon between the AMC and the exchanges. instalments
5. The rst SIP instalment cheque should be of the same date as the Minimum -
date of the application or the immediately following business instalment Equity Schemes Rs. 500
day. Subsequent SIP Instalments can be paid for electronically by amount
availing the electronic debit facility offered by the Fund through Debt Schemes Rs. 1,000
various banks / service providers. Investors need to provide a (Rs. 500 in case of L&TTAF)
one time written authorisation to their bank for debit of their Minimum -
bank account towards payment for the second and subsequent aggregate Equity Schemes Rs.
SIP instalments together with a cancelled cheque leaf of the amount
bank account. 3,000
Debt Schemes Rs 6,000
6. Where the number of SIP Instalments or SIP End Date is
SIP Auto Debit As dened by the Unit Till Further
dened by the investor, SIPs would be registered accordingly.
Period Holder Instructions
Alternatively, investors may register a SIP without an end date or
without dening the number of SIP instalments. In such cases, SIP Dates 1st, 10th, 15th, 20th, 25th 10th
the SIP would be registered without any end date and would (commencing 30
be discontinued only based on specic instructions from the days after the rst
investor. SIP installment date)
7. Investors may also chose to pay for their second and subsequent 15. For cancellation of a SIP, a notice of 30 days shall be required.
SIP instalments by issuance of post-dated CTS 2010 compliant 16. In case of three or more consecutive instances of cheques
cheques (dated uniformly either the 1st, 5th, 10th, 15th or 25th
returned uncleared for SIP instalments or payment instructions
of a month). A separate SIP Investment Form has been provided
not honoured, the AMC reserves the right to discontinue the
for investors desirous of paying for their SIP Instalments through
SIP/cancel the registration for SIP.
post-dated cheques. If any cheque is dated other than any of
the dates mentioned above, the cheque will be presented to the The Units will be allotted to the investor at the Applicable NAV of
bank only on the immediately following value date, namely, 1st, the Scheme on the date indicated by the Unit Holder at the time of
5th, 10th, 15th or 25th of the month as the case may be, and investment. However, if any of the dates on which an investment is
units will be allotted accordingly. sought to be made is a non-Business Day, the Units will be allotted
8. The second SIP instalment would, subject to the registration of at the Applicable NAV of the next Business Day. Additionally, where
the SIP mandate, be processed on the SIP date indicated by the allotment of units is subject to realisation of funds by the Scheme,
Unit Holder 30 days after the date of submission of the SIP Applicable NAV for processing of the SIP instalment would be
application. determined based on the date and time of realisation of the funds
towards subscription.
9. Investors have also been offered a facility to register for a
SIP without paying for the rst SIP instalment by cheque. An Any Unit Holder can avail of this facility subject to certain terms and
auto-debit authorisation from the investor to his banker in the conditions detailed in the Application Form.
format stipulated in the SIP Application Form needs to be duly The AMC may make available SIP by way of a salary savings scheme
lled, signed and submitted along with a copy of the cheque for a group of employees through an arrangement with their
(of the account from where debit is to happen every month)
employers.
by the Unit Holder to the Investor Service Centre of the AMC
for the purpose. For investors availing this facility, the rst SIP The Fund shall require a cooling period of 7 days from the date of
Instalment would, subject to the registration of the SIP mandate, last SIP instalment for the purpose of honouring redemption request
be processed on the preferred SIP date 30 days after the date of received, if any, for all the units allotted under SIP.
submission of the SIP application.
All instalments under a SIP application registered in respect of the
10. The load structure prevailing at the time of submission/ Discontinued Plan(s) under L&TUSTF, L&TLF, L&TMIP, L&TFBF, L&TCF,
registration of the SIP application (whether fresh or extension) L&TLDF and L&TIOF [please refer Section(A)(i)] shall be processed and
will apply for all the instalments indicated in such application. units will be allotted in the respective Schemes.
11. SIP renewal requests should be submitted atleast 30 days before For applicable load on Purchases through SIP please refer paragraph
the due date of rst SIP instalment after renewal. Renewal / Load Structure of the Schemes given in the document.
Extension of an existing SIP will be treated as a new SIP on the
date of such application for renewal / extension, and all the Investors who had registered for Systematic Investment Plan facility
prior to January 01, 2013 with distributor code and wish to invest
123
their future installments into the Direct Plan, shall make a written (d) Systematic Withdrawal Plan (SWP)
request to the Fund in this behalf. The Fund will process such requests
This facility enables the Unit Holders to withdraw sums from their
within 15 working days. Intervening installments will continue in the
Unit accounts in the Scheme at periodic intervals through a one-time
non direct plan of the Scheme.
request. Under this facility, the unit holders can withdraw amounts
(b) SIP Top Up Facility: under two options: (a) Fixed Option and (b) Capital Appreciation
Option. Under capital appreciation option, unit holders will have the
Under this facility, the investor can opt to increase the amount of
facility to withdraw the amount of appreciation (only in case of
SIP instalment (Top Up) on a half-yearly or annual basis; thus the
Growth option), if any, from their Unit accounts at periodic intervals.
investment amount under SIP will increase every half year / annually by
The withdrawals can be made on a monthly and quarterly basis on
the amount of Top Up specied by the investor.
any date specied by the Unit Holder. The minimum amount in rupees
The Top Up facility will be available in respect of all Schemes of the for withdrawal under the SWP facility shall be Rs. 1,000. The conditions
Fund which offers SIP. The conditions for availing the Top Up facility for withdrawals under SWP shall be as follows:
are stated below:
i) The withdrawal can be made on monthly/quarterly basis on 1st,
1. Top Up facility will be available only for valid new registration(s) 5th, 10th, 15th or 25th of each month.
under SIP or renewal of SIP ;
ii) The minimum amount of each Withdrawal is Rs. 1,000.
2. Top Up facility will be available only for investments under SIP iii) The minimum value of the investment at the time of registering
effected through auto debit; the SWP is Rs. 25,000.
3. Amount of Top Up shall be in multiples of Rs. 500; iv) The minimum number of instalments is 6 (except in case of
4. Top Up can be done on a half yearly / annual basis; L&TTAF and L&TTSF, where it shall be 12).
5. Top Up Facility will not be available for investments under SIP v) The withdrawals will commence from the Start Date mentioned
where the auto debit period has not been indicated by the by the Unit Holder in the Application Form for the facility. A
investor at the time of investments. minimum period of 7 days shall be required for registration
under SWP. The Units will be redeemed at the Applicable NAV
Currently, the Facility will not be offered for investments under SIP done of the respective dates on which such withdrawals are sought.
through the website of the Fund viz; www.lntmf.com However, if any of the dates on which the redemption is sought is
(c) Multi Scheme Systematic Investment Plan a non-Business Day, the Units will be redeemed at the Applicable
NAV of the next Business Day.
This facility enables investors to start investments under SIP of various
Schemes using a single application form and payment instruction. vi) If details of amount and units both are mentioned by the Unit
Holder in the Application Form for the facility, then SWP will be
Any Unit Holder can avail of this facility subject to certain terms and processed on the basis of amount.
conditions detailed in the Multi Scheme SIP Investment Form (the
Form) available at the ISCs of the AMC and also at the website of vii) In case the details of SWP date, SWP period and SWP frequency are
the Fund viz; www.lntmf.com not indicated, the following shall be the default options:
All provisions as applicable to investments under the SIP facility will be SWP date: 10th day of every month
applicable to this facility in addition to those stated below as these are SWP period: The SWP will continue till further instructions to the
specic to this facility. In case any of the provisions stated below are AMC/Registrar to discontinue SWP, subject to availability of units
in conict with the provisions of the SIP, then the below mentioned in the Scheme
provisions will prevail:
SWP frequency: Monthly
a. Under this facility, payment only in respect of the rst installment
viii) If in the course of withdrawal from the Scheme, the balance
can be made using a cheque.
units/amount available under a Scheme falls below the minimum
The payment for all the subsequent installments will have to be redemption size requirement, all units in the Scheme would be
through the auto-debit facility provided by the banks. redeemed.
b. The maximum number of Schemes in which investments can be ix) Unitholders may change the amount indicated in the SWP, subject to
made using a single Form shall be 3. the minimum amounts mentioned above by giving appropriate
written notice to the Registrar/AMC. SWP may be terminated by
c. The facility is available only to those investors who wish to invest the unit holder by giving at least 15 days written notice prior to
under SIP of more than one Scheme using a single application the due date of the next withdrawal date and it will terminate
form. automatically if all Units are redeemed, liquidated or withdrawn
d. Investments through the facility can be made only on a monthly from the account or upon the Funds receipt of notication of
basis. death or incapacity of the unit holder.
e. The date of investments under SIP in respect of all schemes e) Systematic Transfer Plan (STP)
registered by the investor through the facility should be uniform. This facility enables Unit Holders to transfer xed sums or appreciation
However, the amount of investments in the Schemes through the amount (only in case of Growth option), if any, from the folios under
facility can be different subject to the requirement of minimum the Debt Schemes. The conditions for transfers under STP shall be as
amount of investment. follows
f. Investments under SIP through the facility can be made for a i) The transfers can be made on weekly/fortnightly/monthly/
maximum period of 20 years from the date of 1st installment. quarterly basis on 1st, 5th, 10th, 15th or 25th of each month/1st
If the maximum period for investments under SIP through or 15th of a month for fortnightly basis/Monday to Friday for
the facility is not indicated by the investor, the auto debit will weekly basis.
continue till further instructions from the investor to discontinue
the SIP subject to a maximum period of 20 years from the date of ii) The minimum amount of transfer is Rs. 1,000.
1st installment. iii) The minimum amount required under a folio for registering STP
g. Any modications to the details indicated in the Form at the is Rs. 25,000.
time of registration under the facility can be made only after iv) The minimum number of instalments shall be 6 (except in case
completion of 6 months from date of 1st installment subject of L&TTAF and L&TTSF, where it shall be 12)
to compliance with the requirements of minimum number of
installments under SIP. All the modications will be effected v) The minimum aggregate amount in the transferee scheme shall
within a period of 30 days from date of request by the investor. be Rs. 6000.
124
vi) In case of transfer of appreciation amount, balance as on the The AMC reserves the right to discontinue the above Plan including
date of opting for the STP would be considered as principal change in the terms and conditions.
amount and any capital appreciation over would be considered
for transfer under this option. (g) Dividend Transfer Plan (DTP Facility)
For an existing investor, account balance as of the date of Under this facility, the Unit holder/investor can opt to transfer the
opting for the STP would be considered as principal amount and amount of dividend the Unit holder / investor is eligible to receive
under an open-ended scheme of the Fund (Source Scheme) to any
any capital appreciation over that is considered for systematic
other open-ended scheme of the Fund (Target Scheme).
transfer under the capital appreciation option.
The DTP Facility will be available in the dividend options under all the
vii) The transfer will commence from the date mentioned by the
open-ended schemes of the Fund except L&T Tax Advantage Fund,
Unit Holder in the Application Form for the facility and will take
L&T Tax Saver Fund and L&T Emerging Businesses Fund, wherein the
place every week/fortnight/month/quarter on the day specied
said schemes can only be the Source Scheme (subject to completion
by the Unit Holder.
of lock - in on units where applicable) and not Target Scheme.
viii) A minimum period of 7 days shall be required for registration The conditions for availing the DTP facility are stated below:
under STP. The Units will be allotted/redeemed at the Applicable
NAV of the respective dates of the Schemes on which such i. Unit holders/investors will be eligible for the DTP Facility only if
investments/withdrawals are sought from the Schemes. In the amount of dividend (as reduced by the amount of applicable
case the day on which the investment/withdrawal is sought statutory levy) (Dividend) in the Source Scheme is more than
is a non-Business Day for the Schemes, then the application Rs. 250. In case the amount of Dividend, is less than or equal to
for the facility will be deemed to have been received on the Rs. 250 per folio, the same will get compulsorily reinvested in
the Source Scheme as per the applicable NAV.
immediately following Business Day.
ii. The allotment of units in the Target Scheme will be done as per
ix) In case, the criterion of the minimum amount for the purpose
the applicable NAV of the Business Day immediately succeeding
of transfer of units under the STP facility is not met, the AMC
the record date for declaration of the dividend in the Source
reserves the right to discontinue STP/cancel the registration for Scheme.
STP.
iii. The registration and cancellation of DTP facility will be
x) In case the details of total STP amount, STP date, STP period completed within a period of 7 days from the date of receipt of
and STP frequency are not indicated, the following shall be the request from the Unit holders/ investors at the Investor Service
default options: Centres.
STP start date: Weekly option - Every Monday; Fortnightly iv. Unless otherwise specied, the amount of Dividend under the
15th of the month; Monthly/Quarterly option 10th day of DTP Facility will by default be invested in the growth option of
the month the Target Scheme as per the plan (Direct / non Direct) opted
for by the unit holder / investor at the time of registering for the
STP Period: The STP will continue till further instructions to
DTP Facility.
the AMC/Registrar to discontinue STP, subject to availability
of units in the transferor scheme. v. DTP facility will not be available in respect of units which are
held in the dematerialized mode.
STP frequency: Monthly
vi. If the Unit holder / investor opts for the DTP Facility, then any
xi) The minimum application size applicable in respect of a Scheme Dividend declared under the Source Scheme (except as stated
is not applicable in case of transfers to any of the Schemes in point 1 above) will mandatorily be transferred to the Target
under STP. Scheme irrespective of the option (dividend payout / dividend
xii) For cancellation of STP, a notice of at least 15 days shall be re-investment) selected in the Source Scheme at the time of
required. making investment.
vii. If a unit holder / investor has opted for the dividend payout
All instalments under a SIP application registered in respect of the
option in the Source Scheme at the time of investment and
Discontinued Plan(s) under L&TUSTF, L&TLF, L&TMIP, L&TFBF, L&TCF,
registers for the DTP Facility, the default option for dividend in
L&TLDF and L&TIOF [please refer Section(A)(i)] shall be processed and
the Source Scheme shall be changed to re-investment at the
units will be allotted in the respective Schemes. time of registration of the DTP Facility.
In case of Systematic Transfer Facilities (registered with distributor viii. The provisions pertaining to Minimum Initial Application
code) registered prior to January 01, 2013, the future installments Amount and Minimum Additional Application Amount
shall continue under the non direct plan of the Scheme. In case such in respect of the Target Scheme will not be applicable for
investors wish to invest under the Direct Plan through Systematic investments made through the DTP Facility. However, if, upon
Transfer Plan, they would have to cancel their existing enrolments processing of redemption / switch in the Target Scheme, the
and register afresh. balance units/amount available under the Target Scheme falls
below its minimum redemption size requirement, all units in the
(f) Daily Investment Plan (DIP) (only for existing DIP Target Scheme would be redeemed/switched-out.
registration, not applicable for fresh DIP registration):
ix. Units allotted under the DTP Facility will be subject to exit
The transfers shall be done on business days of L&TMCF, L&TIF and
load as per the provisions specied in the Scheme Information
L&T Long Term Advantage Fund - I only (as opted by the Investor at
the time of DIP registration), and will continue so long as there is Document of the Target Scheme.
balance in L&T Liquid Fund Regular Plan - Growth Option or L&T (h) Transactions through stock exchanges
Ultra Short Term Fund Regular Plan Growth Option. However, if
the balance falls below Rs. 50, the entire balance will be transferred This facility enables investors/Unit Holders to buy and sell the Units of
to the aforesaid Schemes where Investor has invested. Applicable the Scheme through the stock brokers registered with the BSE and/
or NSE and Mutual Fund Distributors registered with Association of
loads: The load charged under this Plan will be same as of the
Mutual Funds in India (AMFI) and permitted by BSE and/ or NSE to
respective Scheme, applicable at the time of registration of DIP. For
use recognized stock exchanges infrastructure in accordance with
discontinuation of this Plan, the Investor should intimate in writing
the operating guidelines provided by the exchanges. The investors
to the AMC/CAMS. On receipt of such completed request, Daily can hold the Units in physical mode /dematerialised mode in the
Investment Plan will be terminated and debit instruction given by the folios maintained with RTA of L&T Mutual Fund/accounts maintained
investor will be cancelled within 7 Business Days.
125
with their Depository Participants respectively. he investor shall be Unit Holders will be required to submit a request to their
serviced directly by such RTA of L&T Mutual Fund or stock brokers/ respective Depository Participant for rematerialisation of Units in
Depository Participants and they may charge the investor any their beneciary accounts.
brokerage/fees directly as may be mutually agreed. The Mutual Fund
will not be in a position to accept any request for transactions or
The Depository Participant will generate a rematerialisation
service requests in respect of Units maintained with their Depository request number and the request will be despatched to the AMC/
Participants bought under this facility. This facility will currently does Registrar.
not support STP and SWP transactions On acceptance of request from the Depository Participant, the
(i) Additional official points of acceptance of transactions AMC/Registrar will despatch the account statement to the investor
through - MF Utility pursuant to appointment of MF Utilities and will also send conrmation to the Depository Participant.
India Private Limited (xvii) Switching
The AMC has entered into an Agreement with MF Utilities India
(i) Inter-scheme Switching
Private Limited (MFUI), a Category II - Registrar to an Issue under
SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, The Transaction Slip can be used by investors to make inter-scheme
1993, for usage of MF Utility (MFU), a shared services initiative of switches within the Mutual Fund. All valid applications for switch-out
various asset management companies, which acts as a transaction shall be treated as Redemption and for switch-in as Purchases with
aggregation portal for transacting in multiple schemes of various the respective Applicable NAVs of the Schemes/plans/options.
mutual funds with a single form and a single payment instrument.
In case of units switched out/systematically transferred to another
Accordingly, investors are requested to note that in addition to Scheme and if subsequently redeemed from that Scheme, for the
the existing ofcial points of acceptance (OPA) for accepting purpose of determining the Exit Load, the date when such units
transactions in the units of the schemes of the Fund as disclosed in the were switched-in to the Scheme will be considered as the purchase/
this document; www.mfuonline.com i.e. the online transaction portal allotment date.
of MFU and the authorized Points of Service (POS) designated by
MFUI shall also be the OPA with effect from the dates as may be (ii) Intra-scheme Switching
specied by MFUI on its website. Investors can switch between different plans/options under a
All nancial and non-nancial transactions pertaining to the schemes Scheme, at the Applicable NAV. All valid applications for switch-out
of the Fund can be thus done through MFU either electronically on shall be treated as Redemption and for switch-in as Purchases with
www.mfuonline.com as and when such a facility is made available by the respective Applicable NAVs of the plans/options.
MFUI or physically through the POS with effect from the respective As per the current Load structure, no Exit Loads will be charged
dates as published on the website of MFUI against the respective for intrascheme switching. However, AMC may change the Loads
POS. The complete list of POS of MFUI is published on the website of prospectively as indicated in the paragraph on Load Structure of the
MFUI at www.mfuindia.com and will be updated from time to time Schemes in this document.
by MFUI.
In case of units switched out/systematically transferred to another
However, investors should note that transactions on the MFUI portal option/plan within the same plan/Scheme and if subsequently
shall be subject to the terms and conditions (including those relating redeemed, for the purpose of determining the Exit Load, the date
to eligibility of investors) as stipulated by MFUI/Fund/the AMC from when such units were rst allotted in the respective plan/Scheme will
time to time and/or any law for the time being in force. be considered as the purchase/allotment date.
Investors are requested to note that MFUI will allot a Common Account For investments routed through a distibutor (i.e. made with a
Number (CAN) i.e. a single reference number for all investments distributor code), any switch of units to Direct Plan will be subject to
in the mutual fund industry for transacting in multiple schemes of applicable Exit Load, if any.
various mutual funds through MFU and to map existing folios, if any.
Investors can create a CAN by submitting the CAN Registration Form For investments made directly i.e. without any distributor code, no
and necessary documents at the POS. The AMC and/or its Registrar Exit Load will be charged for switch of investments to the Direct Plan
and Transfer Agent shall provide necessary details to MFUI as may be of the same Scheme. Further, for the purpose of determining the Exit
needed for providing the required services to investors/distributors Load for redemption of such units from Direct Plan, the date when
through MFU. Investors are requested to visit the websites of MFUI or such units were allotted in the Scheme (without any distributor code)
the AMC i.e. www.lntmf.com to download the relevant forms. will be considered as the purchase/allotment date.
(j) Dematerialisation of Units For investments routed through a distibutor (i.e. made with a distributor
code), any switch of units to Direct Plan will be subject to applicable Exit
Unit Holders may have/open a beneciary account with a Load, if any.
Depository Participant of a Depository and choose to hold the
Units in dematerialised mode. The Unit Holders have the option to No Exit Load will be charged for switch of units from the Direct Plan
dematerialise the Units held as per the account statement sent by the to the non direct plan of the Scheme.
Registrar by making an application to the Depository Participant for
(xviii) Consolidated Account Statements/Account Statements
this purpose.
The AMC/Mutual Fund will send to the investor whose application for
(k) Rematerialisation of Units Purchase/Redemption has been accepted, a conrmation specifying
Rematerialisation of Units can be carried out in accordance with the the number of units allotted/redeemed by way of e-mail and/or
provisions of SEBI (Depositories and Participants) Regulations, 1996 text message within 5 Business Days from the date of allotment/
as may be amended from time to time. redemption to the investors registered e-mail address and/or mobile
number.
The process for rematerialisation of Units will be as follows:
CAS for each calendar month will be sent on or before 10th of the
succeeding month by way of mail/e-mail to the Unit Holders who have
126
transacted during the month. In cases where investor/Unit Holder 30 days of the date of declaration of the dividend. In case of delay
have a demat account, the CAS will be sent by the depositories in in payment of dividend proceeds beyond the period specied above,
accordance with the applicable guidelines unless otherwise opted by the AMC shall be liable to pay interest to the Unit Holders at such rate
the unitholder. as may be specied by SEBI for the period of such delay (presently the
interest is paid @15% p.a.).
In case of a specic request received from the Unit holders for a
printed statement, the AMC/ Mutual Fund will dispatch the account (xx) Redemption Proceeds
statement in printed /physical form to the investors within 5 Business
Days from the receipt of such request. Valid requests for redemption of units may be submitted by a Unit
Holder to any Investor Service Centres. Requests for Redemption can
In the event a folio has more than one registered holder, the rst be placed using a Transaction Form available on the website of the
named Unit holder will receive the CAS/account statement. Fund. The redemption proceeds shall be paid to the Unit Holders
CAS will not be sent to the Unit holders in respect of the folio(s) within 10 Business Days from the date of processing of a valid
where the PAN details are not updated. The Unit holders are redemption request.
therefore requested to ensure that the folio(s) are updated with the (xxi) Interest on delay in payment of Redemption Proceeds
PAN details.
In case of delay in payment of redemption proceeds beyond the
Further, a CAS shall also be sent by mail/e-mail at the end of every six period specied above, the AMC shall be liable to pay interest to the
months (i.e. September/March), on or before 10th day of succeeding Unit Holders at such rate as may be specied by SEBI for the period
month to all those Unit Holders who have not transacted in the folios of such delay (presently the interest is paid @15% p.a.).
during the period of last six months.
(xxii) Bank Mandate
Account statements to be issued in lieu of Unit Certicates under the
Scheme shall be non-transferable. The account statement shall not It is mandatory for every applicant to provide the name of the bank,
be construed as a proof of title. branch, address, account type and account number as per SEBI
requirements and any Application Form without these details will be
A non-transferable Unit Certicate will be sent to the Unit Holder
treated as incomplete. Such incomplete applications will be rejected.
within 5 Business Days following the receipt of a written request.
The Registrar/AMC may ask the investor to provide an original blank
Units are nontransferable. The Trustees reserves the right to make
cancelled cheque for the purpose of verifying the bank account
the Units transferable at a later date, subject to the Regulations.
number. Investors are also encouraged to provide the MICR Code
However, in case of Unit Holders holding units in the dematerialised and IFSC Code of their Bank Branch to avail electronic payment of
mode, the Mutual Fund will not send the account statement to the redemptions and dividends.
Unit Holders. The statement provided by the Depository Participant
will be equivalent to the account statement. (xxiii) Multiple Bank Accounts
All Units will rank pari passu, among Units within the same option in Under this facility, an investor can register up to ve bank accounts
the Scheme, as to assets and earnings. in case of individual and HUF and up to ten bank accounts for
non individual with the Fund to receive the redemption/dividends
For SIP / STP / SWP transactions: proceeds, choosing one of these accounts as the preferred/default
Account Statements for transactions under SIP/SWP/STP will be account for receiving redemption/dividend proceeds. The Unit
despatched once every quarter ending March, June, September Holder may choose to receive the redemption/dividend proceeds
and December within 10 working days of the end of the respective in any of the bank accounts, the details of which are registered
quarter. under the facility by specifying the same at the time of submitting
the redemption request. However, in case an Unit Holder does not
A soft copy of the account statement shall be mailed to the Unit specify the same, the redemption proceeds shall be credited to the
Holders under SIP/SWP/STP to the e-mail address provided by the bank account chosen as the preferred/default account. In case the
Unit Holder on a monthly basis, if so mandated. investors do not avail of this facility, the bank mandate mentioned
in the purchase application may be treated as the preferred/default
The rst account statement under SIP/SWP/STP shall be issued
account for receiving redemption/dividend proceeds.
within 10 working days of the initial investment/ withdrawal/transfer.
In case of specic request received from investors, the AMC will (B) Periodic Disclosures
provide the account statement to the investors within 5 working days
from the receipt of such request without any charges. (i) Net Asset Value
Annual Account Statement: This is the value per Unit of the Scheme on a particular day. You can
ascertain the value of your investments by multiplying the NAV with
The Mutual Fund will provide the account statement to the Unit your unit balance.
Holders who have not transacted during the last six months prior
to the date of generation of account statements. The account The NAVs of L&TMCF, L&TEF, L&TTSF, L&TTAF, L&TISSF, L&TIAF,
statement shall reect the latest closing balance and value of the L&TILCF, L&TIF, L&TIVF, L&TGRAF, L&TIPF, L&TIEGF, , L&TAOF, L&TBCF,
Units prior to the date of generation of the account statement. The L&TESF, L&TTABF, L&TUSTF, L&TGF, L&TMIP, L&TFRF, L&TFBF, L&TLDF,
account statements in such cases may be generated and issued along L&TIOF, L&TSTIF, and L&TSTOF will be calculated by the Mutual Fund
with the Portfolio Statement or Annual Report of the Scheme. on all Business Days while the NAVs for L&TLF and L&TCF will be
calculated on all calendar days. The details may be obtained by
Alternately, soft copy of the account statements shall be mailed calling the investor line of the AMC at 1800 2000 400 or 1800 4190
to the investors e-mail address, instead of physical statement, if so 200. The Mutual Fund will publish the NAVs, Purchase Price and
mandated. Redemption Price of the Schemes in at least two daily newspapers
on all Business Days. However in case of L&TGRAF the NAVs will be
(xix) Dividend published for a Business Day with a lag of one day. The NAVs of all
Dividend proceeeds shall be dispatched to the Unit Holders within Schemes except L&TGRAF will also be updated by 9.00 p.m. on the
127
same Business Day and for L&TGRAF by 10.00 a.m. on the immediate Tax rates for equity-oriented Schemes:
following Business Day, on the website of the Mutual Fund i.e. www.
lntmf.com and on the AMFI website i.e. www.amindia.com. Resident Investors Mutual Fund
1
Tax on dividend Not Taxable Not Taxable2
(ii) Monthly Portfolio Disclosures:
Capital Gains3: Nil - Since income
The Mutual Fund/ AMC will disclose portfolio (along with ISIN) of the is exempt from tax2
Long Term4 Exempt from tax5
Scheme as on the last day of the month on its website www.lntmf.
com on or before the tenth day of the succeeding month in a user- Short Term6 15% 7(plus applicable surcharge
and education cess)
friendly and downloadable format.
1 Under section 10(35) of the Income-tax Act, 1961 (Act)
(iii) Half yearly disclosures:
2 Under section 10(23D) of the Act. Further, income distributed
Portfolio by an equity oriented scheme is exempt from tax. However,
the Fund may be subject to tax outside India on account of its
This is a list of securities where the corpus of the Schemes is invested.
investment outside India, based on the tax laws prevailing in the
The market value of these investments is also stated in the portfolio
respective jurisdiction of investment.
disclosures.
3 The characterization of gains/losses arising from sale/transfer of
Full portfolio details, in the prescribed format, shall be disclosed
units as capital gains or business income would depend on
either by publishing it in the newspapers or by sending to the Unit
whether the units are treated as capital asset or stock in trade
Holders within one month from the end of each half-year (i.e. March
respectively. The tax rates mentioned above shall apply if the
31 and September 30) and it shall also be displayed on the website
investor holds the asset as capital asset.
of the Mutual Fund.
4 Units of a mutual fund are treated as a long-term capital asset if
Financial Results they are held for a period of more than or equal to 12 months
The Mutual Fund shall before the expiry of one month from the preceding the date of transfer.
close of each half year (i.e. March 31 and September 30) display
5 In respect of units of equity oriented scheme which invests
its unaudited nancial results on the website of the Mutual Fund.
at least 65% of its corpus in the equity shares of domestic
Further, an advertisement disclosing the hosting of the aforesaid
companies
results on the website shall be published in one national English daily
newspaper circulating in the whole of India and in a Marathi daily 6 Units of a mutual fund are treated as a short-term capital asset
newspaper. if they are held for a period not more than 12 months preceding
the date of transfer.
(iii) Annual Report
7 In respect of units of equity oriented scheme which invests at
An annual report of the Schemes will be prepared as at the end least 65% of its corpus in the equity shares of domestic
of each nancial year (i.e. March 31) and copies of the report or
an abridged summary thereof will be sent to all Unit Holders as The Schemes will also attract securities transaction tax (STT) at
soon as possible but not later than 4 months from the closure of applicable rates.
the relevant nancial year. In case of an Unit Holder whose e-mail Tax rates for other than equity-oriented Schemes:
address is available with the AMC/Mutual Fund, the annual report
or abridged summary thereof will be sent by way of an e-mail at the Resident Investors Mutual Fund
e-mail address provided by the Unit Holder and such Unit Holder will
Tax on dividend Not Taxable1 Not Taxable2
not receive physical copies of the annual report or abridged summary
thereof unless a specic request is received by the AMC/Mutual Fund
in this behalf from the Unit holder. Capital Gains3:
The Unit Holder may request for physical copies of the annual report
or abridged summary thereof by calling the toll-free investor line of Long Term4 20%5 (plus applicable sur-
Nil - since income is
charge and education cess)
the AMC at 1800 2000 400 or 1800 2000 200. exempt from tax2
Short Term7 Normal rate of taxes applicable
An Unit holder whose e-mail address is not available with the AMC/
to investor (plus applicable
Mutual Fund, the AMC shall continue to dispatch the annual report surcharge and education cess)
or an abridged summary thereof in physical form.
1 Under section 10(35) of the Income-tax Act, 1961 (Act)
The full report or the abridged summary thereof will be displayed on
the website of the Mutual Fund i.e. www.lntmf.com and will also 2 Under section 10(23D) of the Act. However, income distributed
be available for inspection at the registered ofce of the AMC and a by a mutual fund would be chargeable to income distribution
copy thereof will be provided on request to the Unit Holder. tax under section 115R of the Act. Additionally, the Mutual Fund
may be subject to tax outside India on account of its investment
(iv) Associate Transactions outside India, based on the tax laws prevailing in the respective
Please refer to Statement of Additional Information for transactions jurisdiction of investment.
with associates. 3 The characterization of gains/losses arising from sale/transfer of
units as capital gains or business income would depend on
(v) Taxation
whether the units are treated as capital asset or stock in trade
The information is provided for general information only. However, respectively. The tax rates mentioned above shall apply if the
in view of the individual nature of the implications, each investor is investor holds the asset as capital asset.
advised to consult his or her own tax advisors/authorised dealers with
4 Units of a mutual fund are treated as a long-term capital asset if
respect to the specic amount of tax and other implications arising
they are held for a period of more than or equal to 36 months
out of his or her participation in the Scheme.
preceding the date of transfer.
128
5 Rate of tax with indexation benet Foreign Securities - Equity

6 Units of a mutual fund are treated as a short-term capital asset In case of investments in Foreign Securities, on the Valuation Day,
if they are held for a period not more than 36 months preceding the securities issued outside India and listed on the stock exchanges
the date of transfer. outside India shall be valued at the closing price on the stock exchange
at which it is listed or at the last available traded price. However in
For further details on taxation please refer to the clause on taxation
case a security is listed on more than one stock exchange, the AMC
in the SAI.
reserves the right to determine the stock exchange, the price of which
(vi) Investor Services would be used for the purpose of valuation of that security. In such
cases, the AMC shall record the justication for selecting a particular
Investors can enquire about NAVs, Unit Holdings, Valuation, stock exchange whose price is used for valuation. Further in case of
Dividends, etc. or lodge any service request by calling the investor extreme volatility in the international markets, the securities listed in
line of the AMC at 1800 2000 400 or 1800 4190 200. In order to those markets may be valued on a fair value basis.
protect condentiality of information, the service representatives may
require personal information of the investor for verication of his/her Due to difference in time zones of different markets, in case the
identity. The AMC will at all times endeavour to handle transactions closing prices of securities are not available within a given time frame
efciently and to resolve any investor grievances promptly. to enable the AMC to upload the NAVs for a Valuation Day, the AMC
may use the last available traded price for the purpose of valuation.
Any complaints should be addressed to Mr. John Vijayan , who has The use of the closing price/last available traded price for the purpose
been appointed as the Investor Relations Ofcer. He can be contacted of valuation will also be based on the practice followed in a particular
at: market.
Address : 6th oor , KGN Towers, No.62 Ethiraj Salai, (Commander- In case any particular security is not traded on the Valuation Day, the
In-Chief Road), Egmore, Chennai 600 105. same shall be valued on a fair value basis by the Valuation Committee
Tel: 1800 2000 400 Fax: 044-4902 2818 of the AMC.
E-mail: investor.line@lntmf.co.in
In case of L&TGRAF, since the Schemes would be investing
For any grievances with respect to transactions through BSE and/ predominantly in the Underlying Scheme(s), the latest available
or NSE, the investors/Unit Holders should approach either the stock per share/unit NAV of the repective Underlying Scheme(s) as at the
broker or the investor grievance cell of the respective stock exchange. close of the relevant Valuation Day will be taken into account for
computing the value of investments of the Scheme.
(C) Computation of NAV
Foreign Securities - Debt
The NAV of Units under the Schemes shall be calculated by either of
the following methods shown below: In case of investments in foreign debt securities, on the Valuation
Day, the securities shall be valued in line with the valuation norms
Market or fair value of the Schemes investments
specied by SEBI for Indian debt securities. However, in case valuation
+ Current Assets - Current Liabilities and Provisions
of a specic debt security is not covered by SEBI Regulations, then
NAV (Rs.) = ------------------------------------------------------------------------- the security will be valued on a fair value basis by the Valuation
Committee of the AMC.
No. of Units outstanding under the Scheme
On the Valuation Day, all assets and liabilities denominated in foreign
or
currency will be valued in Indian Rupees at the RBI reference rate
Unit Capital + Reserves and Surplus available on RBI website.
NAV (Rs.) = ------------------------------------------------------------------------- The Trustees reserve the right to change the source for determining
the exchange rate. The exchange gain/loss resulting from the
No. of Units outstanding under the Scheme aforesaid conversion shall be recognized as unrealized exchange gain/
The NAV will be calculated upto three decimal places for the Equity loss in the books of the Scheme on the day of valuation. Further, the
Schemes (except L&TMCF, L&TTSF and L&TIF) and L&TGRAF and four exchange gain/loss resulting from the settlement of assets/liabilities
decimal places for the Debt Schemes. denominated in foreign currency shall be recognized as realized
exchange gain/loss in the books of the Scheme on the settlement of
In case of L&TMCF, L&TTSF and L&TIF the NAVs will be calculated for such assets/liabilities.
upto two decimal places.
The NAVs for all Schemes except L&TCF and L&TLF will be calculated
on all Business Days while in case of L&TCF and L&TLF the NAVs will
be calculated on all calendar days. The valuation of the Schemes
assets and calculation of the Schemes NAV shall be subject to audit
on an annual basis and such regulations as may be prescribed by SEBI
from time to time.
The Mutual Fund shall value its investments according to the

valuation norms, as specied in Schedule VIII of the Regulations or
such norms as may be prescribed by SEBI from time to time. However,
investments in Foreign Securities shall be valued as per the following
policy:
129
V. Fees and Expenses

This section outlines the expenses that will be charged to the Schemes
(A) Annual Scheme Recurring Expenses
The annual scheme recurring expenses are the expenses incurred for operating a scheme. These expenses include investment management
and advisory fees charged by the AMC, Registrar and Transfer Agents fee, marketing and selling costs etc. as given in the table below: The
expenses mentioned in the table below are estimates of the % of the daily net assets of the Scheme which will be charged to the Scheme as
expenses. For the actual current expenses charged to the Scheme, please refer to the website of the Mutual Fund - www lntmf.com
Nature of Expense L&T Equity Fund L&T India L&T Tax L&T Indo Asia L&T India Large
Special Advantage Fund Fund Cap Fund
Situations Fund
Investment Management and Advisory Fee 1.2500 1.2500 1.2500 1.2500 1.25
Trustee Fees and Expenses 0.0250 0.0250 0.0250 0.0250 0.0250
Custodian Fees 0.2000 0.2000 0.2000 0.2000 0.2000
Registrar and Transfer Agent Fees 0.2250 0.2250 0.2250 0.2000 0.2000
Audit Fees 0.0500 0.0500 0.0500 0.0100 0.0100
Marketing and Selling Expenses including agents 0.6500 0.6500 0.6500 0.7775 0.7775
commission
Costs related to investor communications 0.0500 0.0500 0.0500 0.0100 0.0100
Costs of fund transfer from location to location 0.0100 0.0500 0.0500 0.0100 0.0100
Cost of providing account statements and dividend and 0.0250 0.0250 0.0250 0.0125 0.0125
Redemption cheques and warrants
Costs of statutory advertisements 0.0150 0.0150 0.0150 0.0050 0.0050
Other expenses which are directly attributable to the
Scheme, subject to the approval of the Trustee*
Total Recurring Expenses 2.5000 2.5000 2.5000 2.5000 2.5000
Nature of Expense L&T India L&T India Equity and
Prudence Fund Gold Fund
Investment Management and Advisory Fee 1.2500 1.2500
Custodial Fees 0.2000 0.2000
Registrar and Transfer Agent Fees including cost related to providing accounts statement, dividend/ 0.2125 0.2125
redemption cheques/warrants etc.
Marketing and Selling Expenses including Agents Commission and statutory advertisement 0.0325 0.0325
Brokerage and Transaction Cost pertaining to the distribution of units 0.7500 0.7500
Audit Fees/Fees and expenses of trustees 0.0350 0.0350
Costs related to investor communications 0.0100 0.0100
Costs of fund transfer from location to location 0.0100 0.0100
Other Expenses*
Total Recurring Expenses 2.500 2.500
Nature of Expenses L&T India Value Fund L&T Global Real
Assets Fund
Investment Management and Advisory Fee 1.2500 0.75
Custodial Fees 0.2000 0.01
Registrar and Transfer Agent Fees including cost related to providing accounts statement, dividend/ 0.2125 0.06
redemption cheques/warrants etc.
Marketing and Selling Expenses including Agents Commission and statutory advertisement 0.0325 0.10
Brokerage and Transaction Cost pertaining to the distribution of units 0.7500 0.50
Audit Fees/Fees and expenses of trustees 0.0350 0.02
Costs related to investor communications 0.0100 0.05
Costs of fund transfer from location to location 0.0100 0.01
Expenses of the underlying scheme 0.90
Other Expenses* 0.10
Particulars L&T Midcap Fund L&T Tax Saver
Fund
Investment Management and Advisory Fees 1.45 1.45
Custodian Fees 0.55 -
Registrar and Transfer Agent Fees 0.50 -
Brokerage and Marketing Expenses - 1.25
Brokerage and Transaction Cost pertaining to the distribution of units - -
Audit Fees/Fees and expenses of trustees 0.20 -
Costs related to investor communication - -
Costs of fund transfer from location to location - -
Costs of statutory advertisements and other Expenses - -
Particulars L&T Infrastructure

Fund
Investment Management and Advisory Fees 1.45
Other Operating and Marketing Expenses 1.25
Total Recurring Expenses 2.70
130
Description L&T Ultra Short Term L&T Floating Rate L&T Liquid Fund
Fund Fund
Investment Management and Advisory Fees 1.45 1.45 1.45
Custodian Fees 0.35 0.35 0.20
Marketing and Selling Expenses including Agents Commission and statutory - - -
advertisement
Brokerage and Transaction Cost pertaining to the distribution of units - - -
Registrar and Transfer Agent Fees including cost related to providing account 0.25 0.25 0.10
statement, dividend/redemption cheques/warrants etc.
Audit fees/Fees and expenses of trustees 0.20 0.20 0.20
Cost related to communication to investors - - 0.10
Cost of Fund transfer from Location - - 0.05
Brokerage and Marketing Expenses - - 0.25
Rating Fee 0.10 0.10 -
Statutory Advertisements and Other Expenses* 0.10 0.10 0.10
Total Annual Recurring Expenses 2.45 2.45 2.45
Description L&T Equity L&T Arbitrage L&T Business L&T Resurgent
Savings Fund Opportunities Cycles Fund India Corporate
Fund Bond Fund
Investment Management & Advisory Fees
Registrar & Transfer Agent Fees
Custodian Fees
Trustee Fees
Audit Fee
Marketing & Selling expense including agent commission
Cost related to investor communications
Cost of fund transfer from location to location
Cost of providing account statements and dividend redemption cheques and Up to 2.50% Up to 2.50% Up to 2.50% Up to 2.25%
warrants
Costs of statutory Advertisements
Cost towards investor education & awareness (at least 2 bps)
Brokerage and transaction cost over and above 12 bps and 5 bps for cash and
derivative market trades resp.
Service tax on expenses other than investment management and advisory fees
Service tax on brokerage and transaction cost
Listing
Other expenses as permitted by SEBI regulations*
Maximum total expense ratio (TER) permissible under Regulation 52 (6) (c) (i) 2.50% 2.50% 2.50% 2.25%
and (6) (a)
Additional expenses under Regulation 52 (6A) (c) 0.20% 0.20% 0.20% 0.20%
Additional expenses for gross new inows from specied cities (as mentioned 0.30% 0.30% 0.30% 0.30%
below)
Description L&T L&T Triple L&T Gilt L&T Income
Monthly Ace Bond Fund Opportunities
Income Plan Fund Fund
Investment Management and Advisory Fees 1.45 0.95 0.95 1.45
Custodian Fees 0.30 0.50 0.05 0.35
Marketing and Selling Expenses including Agents Commission and - - - -
statutory advertisement
Brokerage and Transaction Cost pertaining to the distribution of units - - - -
Registrar and Transfer Agent Fees including cost related to providing 0.15 0.70 0.05 0.25
account statement, dividend/redemption cheques/warrants etc.
Audit fees/Fees and expenses of trustees 0.20 0.10 0.10 0.20
Cost related to communication to investors 0.05 - 0.02 -
Cost of Fund transfer from Location 0.05 - 0.03 -
Brokerage and Marketing Expenses 0.20 - 0.40 -
Rating fee - - - 0.10
Statutory Advertisements and Other Expenses* 0.05 0.20 0.10 0.10
Total Annual Recurring Expenses 2.45 2.45 1.70 2.45
131
Nature of Expense L&T Cash Fund

Investment Management and Advisory Fee 1.25
Custodian Fees 0.01
Registrar and Transfer Agent Fees including cost related to account statement, dividend/redemption 0.06
cheques/warrants etc.
Marketing and Selling Expenses including Agents Commission and statutory advertisement 0.20
Brokerage & Transaction cost pertaining to the distribution of units 0.50
Audit Fees/Fees and expenses of Trustees 0.02
Costs related to investor communications 0.04
Costs of fund transfer from location to location 0.01
Other expenses* 0.16
Nature of Expense L&T Low Duration Fund
Custodial Fees 0.01
Other expenses * 0.16
Nature of Expense L&T Flexi Bond Fund
Custodial Fees 0.01
Other expenses * 0.16
Nature of Expense L&T Short Term Income Fund

Investment Management & Advisory Fee 1.25
Custodial Fees 0.01
Registrar & Transfer Agent Fees including cost related to providing accounts statement, dividend/re- 0.06
demption cheques/warrants etc.
Marketing & Selling Expenses including Agents Commission and statutory advertisement 0.20
Brokerage & Transaction Cost pertaining to the distribution of units 0.50
Audit Fees/Fees and expenses of trustees 0.02
Other Expenses* 0.16
Nature of Expense L&T Short Term Opportunities

Fund
Investment Management & Advisory Fees 1.25
Other Recurring Expenses (incl. Custodian Fees/Distributors Commission/Marketing and Selling Expenses/ 1.00
Registrar & Transfer Agents Expenses/Audit Fees/Investor Communications Costs/Rating Fees and any
other recurring expenses allowed by SEBI
Total Annual Recurring Expenses 2.25
Note: Direct Plan under a Scheme shall have a lower expense ratio excluding distribution expenses, commission, etc and no commission for
distribution of Units will be paid/charged under Direct Plan.
*Other expenses: Any other expenses which are directly attributable to the Scheme, may be charged with approval of the Trustee within the
overall limits as specied in the Regulations except those expenses which are specically prohibited.
132
The purpose of the above table is to assist the investor in understand- The amount incurred as expense on account of inows from
ing the various costs and expenses that the investor in the Scheme such cities shall be credited back to the scheme in case the said
will bear directly or indirectly. inows are redeemed within a period of one year from the date
These estimates have been made in good faith as per the informa- of investment.
tion available to the Investment Manager based on past experience
(c) additional expenses, incurred towards different heads mentioned
and are subject to change inter-se or in total subject to prevailing
Regulations. under sub-Regulations 52 (2) and 52 (4), not exceeding 0.20 %
of the daily net assets of the scheme. In case of L&TMCF, L&TTSF,
The AMC may incur actual expenses which may be more or less than L&TIF, L&TTABF, L&TUSTF, L&TGF, L&TFRF, L&TMIP, L&TIOF,
those estimated above under any head and/or in total. The AMC L&TLFand L&TSTOF, the additional fees have been included in
will charge the Scheme such actual expenses incurred, subject to the the table aforesaid under Investment Management & Advisory
statutory limit prescribed in the Regulations. Fees.
As per Regulation 52, the statutory limit on the annual recurring Service Tax:
expenses and investment management and advisory fees are as given
below. Any excess over these limits will be borne by the AMC. a) Service tax on the investment management and advisory fees
will be charged to the Scheme in addition to the total recurring
Maximum Recurring Expenses: expenses limit specied under Regulation 52.
Daily net assets L&TMCF, L&TEF, L&TTSF, L&TTABF, L&TUSTF, L&TGF, b) Service tax, if any, on any other fees/expenses (including
L&TTAF, L&TISSF, L&TLF, L&TMIP, L&TFRF,
brokerage and transaction costs on asset purchases) shall be
L&TIAF, L&TILCF, L&TFBF, L&TCF, L&TLDF,
L&TIF, L&TIVF, L&TIPF, L&TIOF, L&TSTIF, L&TSTOF charged to the Scheme within the total recurring expenses limit
L&TIEGF,L&TAOF,L&TBCF and L&TRICBF specied under Regulation 52.
and L&TESF
(B) Load Structure of the Schemes
Maximum as a % of daily net assets
First 100 Crores 2.50% 2.25% Load is an amount which is paid by the investor to subscribe to
Next 300 Crores 2.25% 2.00% the units or to redeem the units from the Schemes. Any Exit Load
collected is credited to the respective Scheme. Load amounts are
Next 300 Crores 2.00% 1.75%
variable and are subject to change from time to time. Investors are
Balance Assets 1.75% 1.50%
advised to refer to the website of the Fund (www. lntmf.com) or call
The AMC shall charge the Scheme with investment management the investor line of the AMC at 1800 2000 400 or 0124 3915655
and advisory fees in accordance with Regulation 52 (2) of SEBI (at long distance rates) or contact the distributors to know the latest
Regulations. position on Entry/Exit Load or CDSC structure, prior to investing.
The Mutual Fund/AMC shall annually set apart at least 2 basis points Exit Load:
of the daily net assets of a Scheme within the maximum limit of total
recurring expenses as per Regulation 52 for investor education and a) L&TMCF
awareness initiatives.
For all investments Load
In accordance with Regulation 52 (6) (a), in case of a fund of funds (% of Applicable
scheme i.e. L&TGRAF, the total expenses of the scheme including NAV)
weighted average of charges levied by the underlying schemes shall If redeemed 1 year 1
not exceed 2.50% of the daily net assets of the scheme. If redeemed >1 year NIL
In accordance with Regulation 52 (6A), the following expenses Bonus units and units issued on reinvestment of dividends shall not
can be charged in addition to the existing total recurring expenses be subject to Exit Load.
charged under Regulation 52 (6):
b) L&TEF, L&TISSF, L&TIAF, L&TGRAF, L&TIPF and L&TIEGF:
(a) brokerage and transaction costs which are incurred for the
purpose of execution of trade and is included in the cost of For Redemption Load (% of
investment, not exceeding 0.12 % in case of cash market Applicable NAV)
transactions and 0.05 % in case of derivatives transactions. Within 1 year from the date of allotment or 1
Please note that any payment towards brokerage and transaction
A switch-out or a withdrawal under SWP may also attract an Exit
costs, over and above the said 12 bps and 5 bps for cash market
Load like any Redemption.
and derivatives transactions respectively, shall be charged to the
Scheme within the total recurring expenses limit specied under No Exit load/CDSC will be chargeable in case of switches made
Regulation 52. Any expenditure in excess of the said limit will be between different options of the Scheme.
borne by the AMC/Trustees/Sponsors.
No Exit load will be chargeable in case of (i) Units allotted on account
(b) additional recurring expenses up to 30 basis points on daily net of dividend reinvestments; and (ii) Units issued by way of bonus, if
assets of the Scheme, if the new inows from cities as specied any.
by SEBI are at least (a) 30% of gross new inows in the scheme;
c) L&TIF
or (b) 15% of the average assets under management (year to
date) of the Scheme, whichever is higher. For Redemption Load (% of
In case inows from such cities are less than the higher of (a) or Applicable NAV)
(b) stated above, additional expenses on daily net assets of the Within 1 year from the date of allotment or
1
Scheme can be charged on a proportionate basis. Purchase applying First in First Out basis
After 1 year from from the date of allotment or
The expenses so charged can be utilised for distribution Nil
expenses incurred for bringing inows from such cities.
133
Bonus units and units issued on reinvestment of dividends shall not A switch-out or a withdrawal under SWP or a transfer under STP
be subject to Exit Load. (except a switch-out or a transfer under STP into any of the Equity
Schemes or fund of funds schemes) may also attract an Exit Load/
d) L&TILCF and L&TIVF CDSC like any Redemption.
For Redemption Load (% of No Exit Load/CDSC will be chargeable in case of switches made
Applicable NAV) between different options of the Scheme.
Within 1 year from the date of allotment or
1 No Exit Load will be chargeable in case of (i) Units allotted on account
of dividend reinvestments; and (ii) Units issued by way of bonus, if
After 1 year from the date of allotment or
Nil any.
j) L&TCF: NIL
A switch-out or a withdrawal under SWP may also attract an Exit
Load like any Redemption. If the AMC introduces an Exit Load, a switch-out or a withdrawal
under SWP or transfer under STP may also attract the applicable Exit
No Exit load/CDSC will be chargeable in case of switches made
No Exit load will be chargeable in case of (i) Units allotted on account No Exit Load/CDSC will be chargeable in case of switches made
of dividend reinvestments; and (ii) Units issued by way of bonus, if between different options of the Scheme.
any. No Exit Load will be chargeable in case of (i) Units allotted on account
e) L&TTAF, L&TTSF, L&TUSTF, L&TGF and L&TLF: NIL of dividend reinvestments; and (ii) Units issued by way of bonus, if
any.
f) L&TTABF
k) L&TLDF: Nil
For Redemptions Load (% of
Applicable NAV) A switch-out or a withdrawal under SWP or a transfer under STP
On or before 3 months from the date of 1.5 (except a switch-out or a transfer under STP into any of the Equity
allotment or Purchase applying First in First Schemes or fund of funds schemes or L&TFBF or L&TSTIF) may also
out basis attract an Exit Load/CDSC like any Redemption.
After 3 months from the date of allotment or NIL No Exit Load/CDSC will be chargeable in case of switches made
Purchase applying First in First out basis between different options of the Scheme.
A switch-out or a withdrawal under SWP or a transfer under STP No Exit Load will be chargeable in case of; (i) Units allotted on
(except a switch-out or a transfer under STP into any of the Equity account of dividend reinvestments; and (ii) Units issued by way of
Schemes or fund of fund schemes) may also attract and Exit Load like bonus, if any.
any Redemption.
l) L&TIOF:
No Exit Load will be chargeable in case of switches made between
different options of the Scheme. For Redemptions Load (% of
Applicable NAV)
No Exit Load will be chargeable in case of (i) Units allotted on account
of dividend reinvestments; and (ii) Units issued by way of bonus, if Within 1 year from the date of allotment or Purchase 1
any. applying First in First out basis
After 1 year from the date of allotment or Purchase NIL
g) L&TFRF: applying First in First out basis
For Redemptions Load (% of Bonus units and units issued on reinvestment of dividends shall not
Applicable NAV) be subject to Exit Load.
Within 60 days from the date of allotment or 0.5
m) L&TSTIF:
purchase applying First in First out basis
After 60 days from the date of allotment or NIL For Purchases (including SIP) the following Exit Load shall be
Purchase applying First in First out basis applicable:
A switch-out or a withdrawal under SWP or a transfer under STP may
For Redemption: Load (% of
also attract an Exit Load/CDSC like any Redemption. No Exit Load/
Applicable NAV)
CDSC will be chargeable in case of switches made between different
options of the Scheme. Within 9 months from the date of allotment or Pur- 0.5
chase applying First in First Out basis
No Exit Load will be chargeable in case of (i) Units allotted on account
of dividend reinvestments; and (ii) Units issued by way of bonus, if A switch-out or a withdrawal under SWP or a transfer under STP
any. (except a switch-out or a transfer under STP into any of the Equity
Schemes or fund of funds schemes or L&TFBF ) may also attract an
h) L&TMIP: Exit Load/CDSC like any Redemption
For Redemption Load (% of No Exit Load/CDSC will be chargeable in case of switches made
Applicable NAV) between different options of the Scheme. No Exit Load will be
On or before 3 years from the date of allotment or 1 chargeable in case of redemption of; (i) Units allotted on account of
Purchase applying First in First Out basis dividend re-investments; and (ii) Units issued by way of bonus, if any.
After 3 years from the date of allotment or Purchase NIL n) L&TESF:
applying First in First out basis
Bonus units and units issued on reinvestment of dividends shall not For all investments Load (% of
be subject to Exit Load. Applicable NAV)
i) L&TFBF
For Redemption Load (% of
Applicable NAV) Bonus units and units issued on reinvestment of dividends shall not
be subject to Exit Load.
Within 6 months from the date of allotment or 0.5
134
o) L&TSTOF: For investments made directly i.e. without any distributor code, no
Exit Load will be charged for switch of investments to the Direct Plan
For Redemptions Load (% of of the same Scheme. Further, for the purpose of determining the Exit
Applicable NAV) Load for redemption of such units from Direct Plan, the date when
On or before 1 month from the date of allot- 0.50 such units were allotted in the Scheme (without any distributor code)
ment or Purchase applying First in First Out will be considered as the purchase/allotment date
basis No Exit Load will be charged for switch of units from the Direct Plan
After 1 month from the date of allotment or NIL to the non direct plan of the Scheme.
Purchase applying First in First out basis The Exit Load charged (net of service tax), if any, shall be credited to
the Scheme immediately.
Bonus units and units issued on reinvestment of dividends shall not
be subject to Exit Load. The investor is requested to check the prevailing load structure of the
respective Schemes/Plans before investing.
p) L&TAOF
For any change in load structure the AMC will issue an addendum
Entry Load : Nil
and display it on the website www. lntmf.com/Investor Service
Exit Load (for purchases (including SIP)): Centres.
For Redemptions Load (% of The Trustee retains the right to change/impose an Exit Load/CDSC, if
Applicable NAV) permitted under SEBI Regulations, subject to the provisions below:-
Within 3 months from the date of allotment 0.50 1. Any such changes/impositions would be chargeable only for
or Purchase applying First in First Out Basis prospective Purchases and Redemptions from such prospective
A switch-out or a withdrawal under SWP may also attract an Exit Purchases (applying First in First Out basis).
Load like any Redemption. 2. The AMC shall arrange to display a notice in all the ISCs before
No Exit Load will be chargeable in case of switches made between changing the prevalent Load structure. An addendum detailing the
different options of the Scheme. changes in Load structure will be attached to Scheme Information
Document and Key Information Memorandum. The addendum may
No Exit Load will be chargeable in case of (i) Units allotted on account be circulated to all distributors so that the same can be attached
of dividend re-investments; and (ii) Units issued by way of bonus, if to all the Scheme Information Documents and Key Information
any. Memorandum in stock with them. Unit Holders/Prospective investors
q) L&TBCF will be informed of changed/prevailing Load structures through
various means of communication such as public notice (given in
Entry Load : Nil respect of such changes in one English daily newspaper having
Exit Load (for purchases (including SIP)): nationwide circulation as well as in a newspaper published in the
language of region where the Head Ofce of the Mutual Fund is
For Redemptions Load (% of situated) and/or display at ISCs/Distibutors ofces, on account
Applicable NAV) statements, acknowledgements, investor newsletters, etc.
Within 18 months from the date of allotment 1.00 3. The Redemption Price will not be lower than 93% of the
or Purchase applying First in First Out Basis Applicable NAV and the Purchase Price will not be higher than 107%
r) L&TRICBF of the Applicable NAV, provided that the difference between the
Redemption Price and the Purchase Price at any point in time shall
For Redemptions Load (% of not exceed the permitted limit as prescribed by SEBI from time to
Applicable NAV) time, which is currently 7% calculated on the Purchase Price.
On or before 1 year from the date of allot- 2.00 Transaction Charge(s)
ment or Purchase applying First in First Out AMC shall deduct Transaction Charge(s) from the subscription
basis amount and pay it to the distributor who has opted to receive the
After 1 year but on or before 2 years from the 1.5 same. The details of the same are mentioned below:-
date of allotment or Purchase applying First in
First Out basis
(for Purchase/
After 2 years but on or before 3 years from 1.00 Subscription of Rs.
the date of allotment or Purchase applying 10,000 and above)
After 3 years NIL
A switch-out or a withdrawal under SWP may also attract an Exit Investor
In case of investments through SIP, Transaction Charge(s) shall
No Exit Load will be chargeable in case of switches made between be deducted only if the total commitment (i.e. amount per SIP
different options of the Scheme. instalment x Number of instalments) amounts to Rs. 10,000 or more.
No Exit Load will be chargeable in case of (i) Units allotted on account The Transaction Charge(s) will be deducted in four equal instalments.
of dividend re-investments; and (ii) Units issued by way of bonus, if However, Transaction Charge(s) will not be deducted for the
any. following:-
In case of units switched out/systematically transferred to another Purchase/Subscription submitted by investor at the Investor
option/Plan within the same Plan/Scheme and if subsequently service centres or through AMCs website viz. www. lntmf.com
redeemed, for the purpose of determining the Exit Load, the date and which are not routed through any distributor.
when such units were rst allotted in the respective Plan/Scheme will
Purchase/Subscription through a distributor for an amount less
be considered as the purchase/allotment date.
than Rs. 10,000.
For investments routed through a distibutor (i.e. made with a
distributor code), any switch of units to Direct Plan will be subject to Transactions such as Switches, STP i.e. all such transactions
applicable Exit Load, if any. wherein there is no additional cash ow at a Mutual Fund level
similar to Purchase/Subscription.
135
The Fund, in consultation with its Legal and Tax advisors has
VI. RIGHTS OF UNITHOLDERS
contested the applicability of such demand and believes at the
Please refer to SAI for details. moment that there is no need to make any provision in the nancial
statements and accordingly has not made any provision but made the
VII. PENALTIES, PENDING necessary disclosure by way of a note in the nancial statements of
the Fund. We believe that similar demands have been made by the
LITIGATION OR PROCEEDINGS,
Income Tax department against such mutual funds, the schemes of
FINDINGS OF INSPECTIONS OR which invested in the PTC of the Trust and hence this is not a matter
INVESTIGATIONS FOR WHICH restricted only to the Fund but is a matter impacting the entire mutual
fund industry.
ACTION MAY HAVE BEEN TAKEN
Further, through AMFI, the matter has also been raised with the
OR IS IN THE PROCESS OF BEING ministry of nance to seek necessary clarications in the matter from
TAKEN BY ANY REGULATORY them as well requesting them to make amendments in the provisions
of the Income Tax Act, if necessary.
AUTHORITY
5) Any deciency in the systems and operations of the Sponsor(s)
1) All disclosures regarding penalties and action(s) taken against and/or the AMC and/or the Board of Trustees/Trustee Company which
foreign Sponsor(s) may be limited to the jurisdiction of the country SEBI has specically advised to be disclosed in the SID, or which has
where the principal activities (in terms of income/revenue) of the been notied by any other regulatory agency, shall be disclosed. - NIL
Sponsor(s) are carried out or where the headquarters of the Sponsor(s)
is situated. Further, only top 10 monetary penalties during the last For details on how to pay, applications under power of attorney,
three years shall be disclosed. NIL. applications by a non-individual investor, mode of holding, how to
redeem, payment of redemption proceeds, effect of redemptions,
2) In case of Indian Sponsor(s), details of all monetary penalties suspension of the purchase and redemption of units, right to limit
imposed and/or action taken during the last three years or pending redemptions, please refer Statement of Additional Information.
with any nancial regulatory body or governmental authority, against
Sponsor(s) and/or the AMC and/or the Board of Trustees/Trustee Jurisdiction
Company; for irregularities or for violations in the nancial services The jurisdiction for any matters arising out of this Scheme shall reside
sector, or for defaults with respect to share holders or debenture with the courts in India.
holders and depositors, or for economic offences, or for violation of
securities law. Details of settlement, if any, arrived at with the aforesaid Omnibus Clause
authorities during the last three years shall also be disclosed. NIL. Besides the AMC, the Trustee/Sponsor may also absorb expenditures
3) Details of all enforcement actions taken by SEBI in the last three in addition to the limits laid down under Regulation 52. Further, any
years and/or pending with SEBI for the violation of SEBI Act, 1992 amendment/clarication and guidelines including in the form of
and Rules and Regulations framed there under including debarment notes or circulars issued from time to time by SEBI for the operation
and/or suspension and/or cancellation and/or imposition of monetary and management of mutual fund shall be applicable.
penalty/adjudication/enquiry proceedings, if any, to which the Notwithstanding anything contained in this Scheme Information
Sponsor(s) and/or the AMC and/or the Board of Trustees/Trustee Document, the provisions of the SEBI (Mutual Funds) Regulations,
Company and/or any of the directors and/or key personnel (especially 1996 and the guidelines thereunder shall be applicable.
the fund managers) of the AMC and Trustee Company were/are a
THE TERMS OF THE SCHEMES WERE APPROVED BY THE TRUSTEE.
party. The details of the violation shall also be disclosed. NIL.
THE TRUSTEES HAVE ENSURED THAT THE SCHEMES APPROVED ARE
4) Any pending material civil or criminal litigation incidental NEW PRODUCTS OFFERED BY L&T MUTUAL FUND AND ARE NOT
to the business of the Mutual Fund to which the Sponsor(s) and/ MINOR MODIFICATIONS OF ITS EXISTING SCHEMES.
or the AMC and/or the Board of Trustees/Trustee Company and/
or any of the directors and/or key personnel are a party should
also be disclosed separately - As per the Regulations, mutual fund
For and on behalf of the Board of Directors of
schemes are permitted to invest in securitised debt. Accordingly the
L&T Investment Management Limited
Fund had made investment in certain Pass Through Certicates of a
(Asset Management Company for L&T Mutual Fund)
securitisation trust (the Trust).
The Fund received a notice from the Income Tax Department
demanding tax on income earned by some of the Funds schemes
(L&T Liquid Fund and L&T Ultra Short Term Fund) in respect of Kailash Kulkarni
the investment made in Pass Through Certicates of the Trust. Chief Executive Ofcer
The demand was initially raised on the Trust, which was created Place: Mumbai
as a Special Purpose Vehicle for securitisation purpose. The Trust Date: June 27, 2015
contested the demand on the ground of it being a pass-through
vehicle. Subsequently, the demand was also raised on the Fund for a
sum of Rs. 9.63 crores pursuant to the provisions of section 177 (3)
of the Income Tax Act in the capacity of a contributor to/beneciary
from the Trust.
136
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- 560042. Phone : 080-30574709, email : camsbgl@camsonline.com. 59, Skanda Puttanna Road, Basavanagudi, Bangalore 560004. Tel: 080-26600785, 080-26602852/9625, email -
bangaloremfd@karvy.com; No. 408, Cita Bldg, 1st Floor, Next to Vodafone Office, Koramangala, Bangalore - 560 095. Tel: 080-25501647, email - koramangalaext.bang@karvy.com; No.337,
GF-3, Karuna Complex, Sampige Road, Opp. New Vegetable Market, Malleswaram, Bangalore 560003. Tel : 080-2331897, email - malleswaramext.bang@karvy.com. Bangalore: 59,
Skanda Puttanna Road, Basavanagudi, Bangalore 560004. Tel: 080-26600785, 080-26602852/9625, email - bangaloremfd@karvy.com.No. 408, Cita Bldg, 1st Floor, Next to Vodafone
Office, Koramangala, Bangalore - 560 095. Tel: 080-25501647, email - koramangalaext.bang@karvy.com. No.337, GF-3, Karuna Complex, Sampige Road, Opp. New Vegetable Market,
Malleswaram, Bangalore 560003. Tel : 080-2331897, email - malleswaramext.bang@karvy.com. Bankura: KARVY Computershare Pvt Ltd, Ambika Market Complex (Ground Floor),
Nutanganj Post & Dist Bankura, Bankura 722101, Phone: 03242-255964, Email: mfsbankura@karvy.com. Bareilly: Computer Age Mgmt Services Pvt Ltd, F-62 63 IInd Floor, Butler Plaza
Commercial Complex, Civil Lines, Bareilly 243001, Phone: 0581-6450121, Email: camsbly@camsonline.com. Bareilly: KARVY Computershare Pvt Ltd, 1st Floor 165 Civil Lines, Opp.Hotel
Bareilly Palace, Near Railway Station, Bareilly 243001, Mobile: +91-9369918607, Email: mfsbareilly@karvy.com. Barhampore: KARVY Computershare Pvt Ltd, Thakur Market Complex,
Gorabazar Post Berhampore, Dist Murshidabad, 72 No Nayasarak Road, Barhampore 742101, Phone: 03482 274494, Email: mfsbarhampore@karvy.com. Begusarai: KARVY Computershare
Pvt Ltd, Near Hotel Diamond Surbhi Complex, O.C Township Gate, Kapasiya Chowk, Begusarai 851117, Mobile: +91-9308793949, Email: mfsbegusarai@karvy.com. Belgaum: Computer
Age Mgmt Services Pvt Ltd, 1st Floor 221/2A/1B, Vaccine Depot Road, Near 2nd Railway Gate, Tilakwadi, Belgaum 590006, Mobile: +91-9243689047, Email: camsbel@camsonline.com.
Belgaum: KARVY Computershare Pvt Ltd, CTS No 3939/ A2 A1, Above Raymonds Show Room, Beside Harsha Appliances, Club Road, Belgaum 590001, Phone: 0831 2402544, Email:
mfsbelgaum@karvy.com. Bellary: Computer Age Mgmt Services Pvt Ltd, # 60/5 Mullangi Compound, Gandhinagar Main Road, (Old Gopalswamy Road), Bellary 583101, Mobile: +91-
9243689044, Email: camsbry@camsonline.com. Bellary: KARVY Computershare Pvt Ltd, No. 1 KHB Colony, Gandhi Nagar, Bellary 583103, Phone: 08392 254750, Email: mfsbellary@
karvy.com. Berhampur: Computer Age Mgmt Services Pvt Ltd, Gandhi Nagar Main Road, 1st Floor Upstairs of Aroon Printers, Berhampur 760001, Mobile: +91-9238120071, Email:
camsbrp@camsonline.com. Berhampur: KARVY Computershare Pvt Ltd, Opp Divya Nandan Kalyan Mandap, 3rd Lane Dharam Nagar, Near Lohiya Motor, Berhampur 760001, Phone:
0680-2228106, Email: mfsberhampur@karvy.com. Betul: KARVY Computershare Pvt Ltd, 107 1st Floor Hotel Utkarsh, J. H. College Road, Betul 460001, Phone: 07141 - 231301, Email:
mfsbetul@karvy.com. Bhagalpur: Computer Age Mgmt Services Pvt Ltd, Krishna 1st Floor, Near Mahadev Cinema, Dr.R.P.Road, Bhagalpur 812002, Mobile: +91-9204790655, Email:
camsblp@camsonline.com. Bhagalpur: KARVY Computershare Pvt Ltd, 2nd Floor Chandralok Complex, Ghantaghar Radha Rani Sinha Road, Bhagalpur 812001, Mobile: +91-9386256100,
Email: mfsbhagalpur@karvy.com. Bharuch: KARVY Computershare Pvt Ltd, Shop No 147-148, Aditya Complex, Near Kasak Circle, Bharuch 392001, Phone: 02642-225022, Email:
mfsbharuch@karvy.com. Bhatinda: Computer Age Mgmt Services Pvt Ltd, 2907 GH GT Road, Near Zila Parishad, Bhatinda 151001, Phone: 0164-6050076, Email: camsbti@camsonline.
com. BHATINDA: KARVY Computershare Pvt Ltd, #2047-A 2nd Floor, The Mall Road, Above Max New York Life Insurance, New Delhi 151001, Phone: 0164-5006725, Email: mfsbhatinda@
karvy.com. Bhavnagar: Computer Age Mgmt Services Pvt Ltd, 305-306 Sterling Point, Waghawadi Road, Opp. HDFC Bank, Bhavnagar 364002, Phone: 0278-6540156, Email: camsbha@
camsonline.com. Bhavnagar: KARVY Computershare Pvt Ltd, Krushna Darshan Complex, Parimal Chowk, Office No. 306-307 3rd Floor, Above Jed Blue Show Room, Bhavnagar 364002,
Phone: 0278-3004116, Email: mfsbhavnagar@karvy.com. Bhilai: Computer Age Mgmt Services Pvt Ltd, Shop No. 117 Ground Floor, Khicharia Complex, Opposite IDBI Bank, Nehru Nagar
Square, Bhilai 490020, Mobile: +91-9203900630, Email: camsbhi@camsonline.com. BHILAI: KARVY Computershare Pvt Ltd, Shop No -1 First Floor, Plot No -1 Commercial Complex, Nehru
Nagar- East, Bhilai 490020, Phone: 0788-2295999 2295332, Email: mfsbhilai@karvy.com. Bhilwara: Computer Age Mgmt Services Pvt Ltd, Indra Prasta Tower IInd Floor, Syam Ki Sabji
Mandi, Near Mukerjee Garden, Bhilwara 311001, Mobile: +91-9214245810, Email: camsbhl@camsonline.com. Bhilwara: KARVY Computershare Pvt Ltd, Shop No. 27-28 1st Floor, Heera
Panna Market, Pur Road, Bhilwara 311001, Phone: 01482-246362 246364, Email: mfsbhilwara@karvy.com. BHOPAL: Computer Age Mgmt Services Pvt Ltd, Plot No 10 2nd Floor, Alankar
Complex, Near ICICI Bank, MP Nagar Zone II, Bhopal 462011, Mobile: +91-9203900546, Email: camsbhp@camsonline.com. Bhopal: KARVY Computershare Pvt Ltd, Kay Kay Business
Centre, 133 Zone I MP Nagar, Above City Bank, Bhopal 462011, Phone: 0755-4092712 4092715, Email: bhopalmfs@karvy.com. Bhubaneswar: Computer Age Mgmt Services Pvt Ltd, Plot
No 111 Varaha Complex Building, 3rd Floor Station Square, Kharvel Nagar Unit 3, Bhubaneswar 751001, Phone: 0674-6012120, Email: camsbhr@camsonline.com. Bhubaneswar: KARVY
Computershare Pvt Ltd, A/181 Back Side of Shivam Honda Show Room, Saheed Nagar, Bhubaneswar - 751007, Phone: 0674-6534585, M: 9777457817, Email: bhubaneswarmfd@karvy.
com, pratapkumar.sahoo@karvy.com. BHUJ: Computer Age Mgmt Services Pvt Ltd, No. 17 1st Floor Municipal Bldg., Opp. Hotel Prince Station Road, Bhuj 370001, Phone: 02832-650103,
Email: camsbuj@camsonline.com. Bikaner: Computer Age Mgmt Services Pvt Ltd, Shop No F 4 & 5, Bothra Compex, Modern Market, Bikaner 334001, Mobile: +91-9214245819, Email:
camsbkn@camsonline.com. Bikaner: KARVY Computershare Pvt Ltd, 70-71 2nd Floor, Dr.Chahar Building, Panchsati Circle, Sadul Ganj, Bikaner 334001, Phone: 0151-2200014, Email:
mfsbikaner@karvy.com. Bilaspur: Computer Age Mgmt Services Pvt Ltd, Beside HDFC Bank, Link Road, Bilaspur 495001, Mobile: +91-9203900626, Email: camsbil@camsonline.com.
Bilaspur: KARVY Computershare Pvt Ltd, Shop No-201 & 202 1st Floor, V R Plaza Link Road, Bilaspur C.G. Bilaspur - 495001, Phone: 07752-408436, Mobile: +91-9302502220, 9685516691,
Email: mfsbilaspur@karvy.com. Bokaro: Computer Age Mgmt Services Pvt Ltd, Mazzanine Floor F-4, City Centre, Bokaro Steel City, Bokaro 827004, Mobile: +91-9234300461, Email:
camsbkr@camsonline.com. Bokaro: KARVY Computershare Pvt Ltd, B-1 1st Floor City Centre, Sector- 4, Near Sona Chandi Jwellars, Bokaro 827004, Phone: 233330/31, Mobile: +91-
9204061959, Email: mfsbokaro@karvy.com. BURDWAN: Computer Age Mgmt Services Pvt Ltd, 399 G T Road, Basement of Talk of The Town, Burdwan 713101, Phone: 0342-3241808,
Email: camsbdw@camsonline.com. Burdwan: KARVY Computershare Pvt Ltd, 63 Gt Road, Halder Complex 1st Floor, Burdwan 713101, Phone: 0342-2665140, Email: mfsburdwan@karvy.
com. CALICUT: Computer Age Mgmt Services Pvt Ltd, 29 / 97G Gulf Air Building, 2nd Floor Arayidathupalam, Mavoor Road, Calicut 673016, Phone: 0495-6060031, Email: camsclt@
camsonline.com. CALICUT: KARVY Computershare Pvt Ltd, IInd Floor Soubhagya Shopping Complex, Arayidathpalam, Mavoor Road, Calicut 673004, Phone: 0495-4022480, Email:
mfscalicut@karvy.com. Chandigarh: Computer Age Mgmt Services Pvt Ltd, Deepak Towers, SCO 154-155 1st Floor, Sector 17-C, Chandigarh 160017, Email: camscha@camsonline.com.
Chandigarh: KARVY Computershare Pvt Ltd, Sco 2423-2424, Sector 22-C, First Floor, Chandigarh 160022, Phone: 0172-5101342, Email: chandigarhmfd@karvy.com. Chandrapur: KARVY
Computershare Pvt Ltd, Rauts Raghuvanshi Complex, Shop No-1 Office No-2, 1st Floor Beside Azad Garden Main Road, Chandrapur 442402, Phone: 07172-270262 277584, Email:
mfschandrapur@karvy.com. Chennai: New No 51, Gandhi Nagar First Main Road, Adyar, Chennai - 600020. Phone : 044 28151034, email: chennaimfd@karvy.com; F-11, Akshaya Plaza,
1st Floor, 108 Adhithanar Salai, Opp to Chief Metropolitan Court, Egmore, Chennai - 600002. Phone : 044-42028512 42028513, email: chennaimfd@karvy.com; No. 48, Saravana Square
Hotel 1st Floor, First Main Road, Nanganallur, Chennai - 600061. Phone: 044 - 28151034, email: chennaimfd@karvy.com; G1, Ground Floor Swathi Court, No 22 Vijayaraghava Road, T
Nagar, Chennai - 600017. Phone: 044 - 28151034, email: chennaimfd@karvy.com; No.178/10, Kodambakkam High Road, Ground Floor, Opp. Hotel Palmgrove, Nungambakkam, Chennai -
600034. email : camslb1@camsonline.com. New No 51, Gandhi Nagar First Main Road, Adyar, Chennai - 600020. Phone : 044 28151034, email: chennaimfd@karvy.com. F-11, Akshaya
Plaza, 1st Floor, 108 Adhithanar Salai, Opp to Chief Metropolitan Court, Egmore, Chennai - 600002. Phone : 044-42028512 42028513, email: chennaimfd@karvy.com. No. 48, Saravana
Square Hotel 1st Floor, First Main Road, Nanganallur, Chennai - 600061. Phone: 044 - 28151034, email: chennaimfd@karvy.com. G1, Ground Floor Swathi Court, No 22 Vijayaraghava Road,
T Nagar, Chennai - 600017. Phone: 044 - 28151034, email: chennaimfd@karvy.com. No.178/10, Kodambakkam High Road, Ground Floor, Opp. Hotel Palmgrove, Nungambakkam, Chennai
- 600034. email : camslb1@camsonline.com. Chinsurah: KARVY Computershare Pvt Ltd, J C Ghosh Saranu, Bhanga Gara, Chinsurah 712101, Phone: 033-26810164, Email: mfschinsura@
karvy.com. Cochin: Computer Age Mgmt Services Pvt Ltd, 1st Floor K C Centre, Door No. 42/227-B Chittoor Road, Opp. North Town Police Station, Kacheripady, Cochin 682018, Email:
camscoc@camsonline.com. Cochin: KARVY Computershare Pvt Ltd, Ali Arcade 1st Floor, Kizhavana Road, Panampilly Nagar, Near Atlantis Junction, Ernakualm 682036, Phone:
0484 3000232 3000231, Email: cochinmfd@karvy.com. Coimbatore: Computer Age Mgmt Services Pvt Ltd, 66 Lokamanya Street (West), R.S.Puram, Coimbatore 641002, Phone: 0422-
6455036, 6455028, Email: camscbe@camsonline.com. Coimbatore: KARVY Computershare Pvt Ltd, 3rd Floor Jaya Enclave, 1057 Avinashi Road, Coimbatore 641018, Phone: 0422
4388011 4388013 4388451 4388012 4388014, Email: mfscoimbatore@karvy.com. Cuttack: Computer Age Mgmt Services Pvt Ltd, Near Indian Overseas Bank, Cantonment Road, Mata
Math, Cuttack 753001, Mobile: +91-9238120072, Email: camscut@camsonline.com. Cuttack: KARVY Computershare Pvt Ltd, PO - Buxi Bazar, Opp Dargha Bazar Police Station, Dargha
Bazar, Cuttack - 753001, Mobile: +91-9238102118, 9438547866, Email: mfscuttack@karvy.com. Darbhanga: KARVY Computershare Pvt Ltd, Jaya Complex 2nd Floor, Above Furniture
Planet, Donar Chowk, Darbhanga 846003, Phone: 06272-220145, Email: mfsdarbhanga@karvy.com. Davangere: Computer Age Mgmt Services Pvt Ltd, Akkamahadevi Samaja Complex,
Church Road, P J Extension, Davangere 577002, Mobile: +91-9243689048, Email: camsdvg@camsonline.com. Davangere: KARVY Computershare Pvt Ltd, #15/9 1st Floor Sobagu
Complex, 2nd Main Road (AVK College Road), P J Extension, Davangere 577002, Phone: 0819-2258714, Email: mfsdavangere@karvy.com. Dehradun: Computer Age Mgmt Services Pvt
Ltd, 204/121 Nari Shilp Mandir, Margold Connaught Place, Dehradun 248001, Phone: 0135-6455486, Email: camsdun@camsonline.com. Dehradun: KARVY Computershare Pvt Ltd,
Kaulagarh Road Near, Sirmaur Marg, Above Reliance Webworld, Dehradun 248001, Mobile: +91-9369918608, Email: dehradunmfd@karvy.com. Deoghar: Computer Age Mgmt Services Pvt
Ltd, S S M Jalan Road, Ground Floor Opp. Hotel Ashoke, Caster Town, Deoghar 814112, Mobile: +91-9234300463, Email: camsdeo@camsonline.com. Deoria: KARVY Computershare Pvt
Ltd, 1st Floor Opp. Zila Panchayat, Civil Lines, Deoria 274001, Mobile: +91-7499496134, Email: mfsdeoria@karvy.com. Dewas: KARVY Computershare Pvt Ltd, 27 RMO House Station
Road, Above Maa Chamunda Gas Agency, Dewas 455001, Phone: 07272-426010 426010, Email: mfsdewas@karvy.com. Dhanbad: Computer Age Mgmt Services Pvt Ltd, Urmila Towers
Room No: 111 (1st Floor), Bank More, Dhanbad 826001, Phone: 0326-6450110, Email: camsdha@camsonline.com. Dhanbad: KARVY Computershare Pvt Ltd, 208 New Market 2nd Floor,
Katras Road,, Bank More, Dhanbad - 826001, Phone: 0326-6452027, 0326- 2301045, Email: mfsdhanbad@karvy.com. Dharwad: KARVY Computershare Pvt Ltd, 307/9-A 1st Floor, Elite
Business Center, Nagarkar Colony, P B Road, Dharwad - 580001, Phone: 2744208, Mobile: +91-9535073514, Email: mfsdharwad@karvy.com. Dhule: KARVY Computershare Pvt Ltd,
Ground Floor Ideal Laundry, Lane No 4 Khol Galli, Near Muthoot Finance, Opp Bhavasar General Store, Dhule 424001, Phone: 02562-282823 282823, Email: mfsdhule@karvy.com.
Dindigul: KARVY Computershare Pvt Ltd, No: 9 Old No:4/B, New Agraharam, Palani Road, Dindigul 624001, Phone: 0451- 6451043, Email: mfsdindigul@karvy.com. Durgapur: Computer
Age Mgmt Services Pvt Ltd, City Plaza Building 3rd Floor, City Centre, Durgapur 713216, Mobile: +91-9233500366, 9233500367, Email: camsdur@camsonline.com. Durgapur: KARVY
Computershare Pvt Ltd, Mwav-16 Bengal Ambuja, 2nd Floor City Centre, 16 Dt Burdwan, Durgapur - 713216, M: 9832176004, Email: mfsdurgapur@karvy.com, manas.neogi@karvy.com.
Eluru: KARVY Computershare Pvt Ltd, D.No:23B-5-93/1 Savithri Complex, Edaravari Street, Near Dr.Prabhavathi Hospital, R.R.Pet, Eluru 534002, Phone: 08812-227851 227852/53/54,
Email: mfseluru@karvy.com. Erode: Computer Age Mgmt Services Pvt Ltd, 171-E Sheshaiyer Complex First Floor, Agraharam Street, Erode 638001, Phone: 0424-6455440, Email:
camserd@camsonline.com. Erode: KARVY Computershare Pvt Ltd, No: 4 Veerappan Traders Complex, KMY Salai Sathy Road, Opp. Erode Bus Stand, Erode 638003, Phone: 0424-
4021212, Email: mfserode@karvy.com. Faridabad: Computer Age Mgmt Services Pvt Ltd, B-49 First Floor Nehru Ground, Behind Anupam Sweet House Nit, Faridabad 121001, Phone:
0129-6510516, Email: camsfdb@camsonline.com. Faridabad: KARVY Computershare Pvt Ltd, A-2B Ist Floor, Nehru Ground NIT, Faridabad 121001, Mobile: +91-9310448851, Email:
mfsfaridabad@karvy.com. Ferozepur: KARVY Computershare Pvt Ltd, The Mall Road, Chawla Bulding Ist Floor, Opp. Centrail Jail, Near Hanuman Mandir, Ferozepur 152002, Phone: 01632-
241814, Email: mfsferozpur@karvy.com. Gandhidham: KARVY Computershare Pvt Ltd, 204 2nd Floor Bhagwati Chamber, Kutchkala Road, Gandhidham 382007, Phone: 02836 651296,
Email: mfsgandhidham@karvy.com. Gandhinagar: KARVY Computershare Pvt Ltd, Plot No 945/2, Sector 7/C, Opp Pathika, Gandhinagar 382007, Phone: 079-23244955 232 44955, Email:
mfsgandhinagar@karvy.com. Gaya: KARVY Computershare Pvt Ltd, 1st Floor Lal Bhawan, Tower Chowk, Near Kiran Cinema, Gaya 823001, Phone: 0631-2220071, Email: mfsgaya@karvy.
com. Ghaziabad: Computer Age Mgmt Services Pvt Ltd, 113/6 Ist Floor, Navyug Market, Ghaziabad 201001, Phone: 0120-6510540, Email: camsgha@camsonline.com. Ghaziabad: KARVY
Computershare Pvt Ltd, 1st Floor C-7, Lohia Nagar, Ghaziabad 201001, Mobile: +91-9310448804, Email: mfsghaziabad@karvy.com. Ghazipur: KARVY Computershare Pvt Ltd, 2nd Floor
Shubhra Hotel Complex, Mahaubagh, Ghazipur 233001, Mobile: +91-7499496131, Email: mfsghazipur@karvy.com. Gonda: KARVY Computershare Pvt Ltd, Shri Market Sahabgunj, Station
Road, Gonda 271001, Mobile: +91-7499496127, Email: mfsgonda@karvy.com. Gorakhpur: Computer Age Mgmt Services Pvt Ltd, Shop No 3 2nd Floor, Cross Road The Mall, A D Chowk
Bank Road, Gorakhpur 273001, Phone: 0551-6061245, Email: camsgor@camsonline.com. Gorakhpur: KARVY Computershare Pvt Ltd, Above V.I.P. House, Ajdacent A.D. Girls College,
Bank Road, Gorakpur 273001, Mobile: +91-9369918610, Email: mfsgorakhpur@karvy.com. Gulbarga: KARVY Computershare Pvt Ltd, CTS No 2913 1st Floor, Asian Towers, Jagath Station
Main Road, Next To Adithya Hotel, Gulbarga 585105, Phone: 0847-2310040, Email: mfsgulbarga@karvy.com. Guntur: Computer Age Mgmt Services Pvt Ltd, Door No. 5-38-44 5/1 Brodipet,
Near Ravi Sankar Hotel, Guntur 522002, Phone: 0863-6572002, Email: camsgun@camsonline.com. Guntur: KARVY Computershare Pvt Ltd, D No 6-10-27, Srinilayam, Arundelpet 10/1,
Guntur 522002, Phone: 0863-2339094, Email: mfsguntur@karvy.com. Gurgaon: Computer Age Mgmt Services Pvt Ltd, SCO 16, Sector 14 First Floor, Gurgaon 122001, Phone: 0124-
6590211, Email: camsgur@camsonline.com. Gurgaon: KARVY Computershare Pvt Ltd, Shop No.18 Ground Floor, Sector 14 Opp. AKD Tower, Near HUDA Office, Gurgaon 122001, Mobile:
+91-9310448806, Email: mfsgurgaon@karvy.com. Guwahati: Computer Age Mgmt Services Pvt Ltd, A.K. Azad Road, Rehabari, Guwahati 781008, Phone: 0361-2607771, Email: camsgwt@
camsonline.com. Guwahati: KARVY Computershare Pvt Ltd, 1st Floor Bajrangbali Building, Near Bora Service Station, GS Road, Guwahati 781007, Mobile: +91-8811036746, Email:
mfsguwahati@karvy.com. Gwalior: Computer Age Mgmt Services Pvt Ltd, G-6 Global Apartment, Kailash Vihar Colony, Opp. Income Tax Office, City Centre, Gwalior 474002, Mobile: +91-
9203900504, Email: camsgwa@camsonline.com. Gwalior: KARVY Computershare Pvt Ltd, 2nd Floor Rajeev Plaza, Jayendra Ganj, Lashkar, Gwalior 474009, Mobile: +91-9300004262,
Email: mfsgwalior@karvy.com. Haldwani: KARVY Computershare Pvt Ltd, Above Kapilaz Sweet House, Opp LIC Building, Pilikothi, Haldwani 263139, Mobile: +91-9369918611, Email:
mfshaldwani@karvy.com. Haridwar: KARVY Computershare Pvt Ltd, 8 Govind Puri Opp. LIC 2, Above Vijay Bank Main Road, Ranipur More, Haridwar 249401, Mobile: +91-9369918612,
Email: mfsharidwar@karvy.com. Hassan: Karvy Computershare Pvt Ltd, SAS NO-212, Ground Floor, Sampige Road 1st Cross, Near Hotel Southern Star, K R Puram, Hassan 573201
Phone : 08172 262065/51/52/53/65/32, email : mfshassan@karvy.com. Hazaribag: Computer Age Mgmt Services Pvt Ltd, Municipal Market, Annanda Chowk, Hazaribag 825301, Mobile:
+91-9234300462, Email: camshaz@camsonline.com. Hisar: Computer Age Mgmt Services Pvt Ltd, 12 Opp. Bank of Baroda, Red Square Market, Hisar 125001, Mobile: +91-9254303804,
Email: camshsr@camsonline.com. Hisar: KARVY Computershare Pvt Ltd, SCO-71 1st Floor, Red Square Market, Hisar 125001, Mobile: +91-9315017303, Email: mfshissar@karvy.com.
Hoshiarpur: KARVY Computershare Pvt Ltd, 1st Floor The Mall Tower, Opp Kapila Hospital, Sutheri Road, Hoshiarpur 146001, Phone: 01882-500143, Email: mfshoshiarpur@karvy.com.
Hubli: Computer Age Mgmt Services Pvt Ltd, No.204 205 1st Floor, B Block Kundagol Complex, Opp. Court Club Road, Hubli 580029, Mobile: +91-9243689042, Email: camshub@
camsonline.com. Hubli: KARVY Computershare Pvt Ltd, CTC No.483/A1/A2, Ground Floor Shri Ram Plaza, Behind Kotak Mahindra Bank, Club Road, Hubli 580029, Phone: 0836-2252444,
Email: mfshubli@karvy.com. Hyderabad: Karvy Computershare Pvt. Ltd., Karvy Selenium, Plot No. 31 & 32, Tower B, Survey No. 115 /22, 115/24 & 115/25, Financial District, Gachibowli,
Nanakramguda, Serlingampally Mandal, Telangana state, Hyderabad- 500 032. Phone : 040-3321 5123. Indore: Computer Age Mgmt Services Pvt Ltd, 101 Shalimar Corporate Centre, 8-B
South Tukoganj, Opposite Green Park, Indore 452001, Mobile: +91-9203900531, Email: camsind@camsonline.com. Indore: KARVY Computershare Pvt Ltd, 2nd Floor 203-205 Balaji
Corporates, Above ICICI Bank 19/1 New Palasia, Near Cure Well Hospital, Janjeerwala Square, Indore 452001, Phone: 0731-4266828 4218902, Email: mfsindore@karvy.com. Jabalpur:
Computer Age Mgmt Services Pvt Ltd, 8 Ground Floor Datt Towers, Behind Commercial Automobiles, Napier Town, Jabalpur 482001, Mobile: +91-9203900548, Email: camsjab@camsonline.
com. Jabalpur: KARVY Computershare Pvt Ltd, Grover Chamber, 43 Naya Bazar Malviya Chowk, Opp Shyam Market, Jabalpur 482002, Phone: 0761-3204376, Email: mfsjabalpur@karvy.
com. Jaipur: Computer Age Mgmt Services Pvt Ltd, R-7 Yudhisthir Marg C-Scheme, Behind Ashok Nagar Police Station, Jaipur 302001, Mobile: +91-9214245814, 9214245815, Email:
camsjai@camsonline.com. Jaipur: KARVY Computershare Pvt Ltd, S16/A IIIrd Floor, Land Mark Building Opp Jai Club, Mahaver Marg C Scheme, Jaipur 302001, Phone: 0141-4167714
4167715/17, Email: jaipurmfd@karvy.com. Jalandhar: Computer Age Mgmt Services Pvt Ltd, 367/8 Central Town, Opp. Gurudwara Diwan Asthan, Jalandhar 144001, Phone: 0181-6050001,
Email: camsjal@camsonline.com. Jalandhar: KARVY Computershare Pvt Ltd, 1st Floor Shanti Towers, Sco No. 37 Puda Complex, Opposite Tehsil Complex, Jalandhar 144001, Phone:
0181-5094410, Email: mfsjalandhar@karvy.com. Jalgaon: Karvy Computershare Pvt. Ltd, 269 Jaee Vishwa, 1st floor, Above United Bank of India, Baliram Peth, Near Kishor Agencies,
Jalgaon - 425001. Phone : 0257-2226761, email: mfsjalgaon@karvy.com. Jalna: Computer Age Mgmt Services Pvt Ltd, Shop No 6 Ground Floor, Anand Plaza Complex, Bharat Nagar Shivaji
Putla Road, Jalna 431203, Phone: 02482-234766, Email: camsjna@camsonline.com. Jalpaiguri: KARVY Computershare Pvt Ltd, D B C Road, Opp Nirala Hotel, Jalpaiguri 735101, Phone:
03561-222136, Email: mfsjalpaiguri@karvy.com. Jammu: Computer Age Mgmt Services Pvt Ltd, JRDS Heights, Lane Opp. S & S Computers, Near Rbi Building Sector 14, Nanak Nagar,
Jammu 180004, Phone: 0191-2432601, Email: camsjmu@camsonline.com. Jammu: KARVY Computershare Pvt Ltd, 5 A/D Extension 2, Near Panama Chowk Petrol Pump, Panama Chowk,
Jammu 180012, Phone: 0191-2458820 2458818, Email: mfsjammu@karvy.com. Jamnagar: Computer Age Mgmt Services Pvt Ltd, 207 Manek Centre, P N Marg, Jamnagar 361001, Phone:
0288-6540116, Email: camsjam@camsonline.com. Jamnagar: KARVY Computershare Pvt Ltd, 136-137-138 Madhav Palaza, Opp SBI Bank, Nr Lal Bunglow, Jamnagar 361001, Phone:
0288-2558887, Email: mfsjamnagar@karvy.com. Jamshedpur: Computer Age Mgmt Services Pvt Ltd, Room No. 15 Ist Floor, Millennium Tower R Road, Bistupur, Jamshedpur 831001,
Phone: 0657-6450162, Email: camsjpr@camsonline.com. Jamshedpur: KARVY Computershare Pvt Ltd, 2nd Floor R R Square, SB Shop Area, Near Reliance Foot Print &, Hotel- BS Park
Plaza, Main Road Bistupur, Jamshedpur 831001, Phone: 0657-6655000 6655003 6655004 6655005 6655006 6655007 Email:, Jamshedpurmfd@karvy.com. Jaunpur: KARVY Computershare
Pvt Ltd, R N Complex 1-1-9-G, In Front of Pathak Honda, Ummarpur, Jaunpur 222002, Mobile: +91-9369918613, Email: mfsjaunpur@karvy.com. Jhansi: Computer Age Mgmt Services Pvt
Ltd, Opp. SBI Credit Branch, Babu Lal Karkhana Compound, Gwalior Road, Jhansi 284001, Mobile: +91-9235402124, Email: camsjhs@camsonline.com. Jhansi: KARVY Computershare
Pvt Ltd, 371/01 Narayan Plaza, Gwalior Road, Near Jeevan Shah Chauraha, Jhansi 284001, Mobile: +91-9369918614, Email: mfsjhansi@karvy.com. Jodhpur: Computer Age Mgmt Services
Pvt Ltd, 1/5 Nirmal Tower, 1st Chopasani Road, Jodhpur 342003, Mobile: +91-9214245817, Email: camsjpd@camsonline.com. Jodhpur: KARVY Computershare Pvt Ltd, 203 Modi Arcade,
Chopasni Road, Jodhpur 342001, Phone: 0291-6454590, Email: mfsjodhpur@karvy.com. Junagadh: Computer Age Mgmt Services Pvt Ltd, Aastha Plus 202-A 2nd Floor, Sardarbag Road
Nr.Alkapuri, Opp. Zansi Rani Statue, Junagadh 362001, Phone: 0285-6540002, Email: camsjdh@camsonline.com. Junagadh: KARVY Computershare Pvt Ltd, 124-125 Punit Shopping
Center, M.G Road Ranavav Chowk, Junagadh 362001, Phone: 0285-2652220 2652220, Email: mfsjunagadh@karvy.com. Kadapa: Computer Age Mgmt Services Pvt Ltd, Bandi
Subbaramaiah Complex, D.No:3/1718 Shop No: 8, Raja Reddy Street, Besides Bharathi Junior College, Kadapa 516001, Phone: 08562-651076, Email: camskdp@camsonline.com.
Kakinada: Computer Age Mgmt Services Pvt Ltd, No.33-1 44 Sri Sathya Complex, Main Road, Kakinada 533001, Phone: 0884-6560102, Email: camskkd@camsonline.com. Kalyani:
Computer Age Mgmt Services Pvt Ltd, A-1/50 Block Akalyani, Dist Nadia, Kalyani 741235, Phone: 033-32422712, Email: camskal@camsonline.com. Kannur: Computer Age Mgmt Services
Pvt Ltd, Room No. PP 14/435, Casa Marina Shopping Centre, Talap, Kannur 670004, Phone: 0497-6060003, Email: camsknr@camsonline.com. Kannur: KARVY Computershare Pvt Ltd,
2nd Floor Prabhath Complex, Fort Road Nr.ICICI Bank, Kannur 670001, Phone: 0497-2764190, Email: mfskannur@karvy.com. Kanpur: Computer Age Mgmt Services Pvt Ltd, First Floor
106-108, City Centre Phase II, 63/ 2 The Mall, Kanpur 208001, Phone: 0512-3918001, Email: camskpr@camsonline.com. Kanpur: KARVY Computershare Pvt Ltd, 15/46 B Ground Floor,
Opp: Muir Mills, Civil Lines, Kanpur 208001, Mobile: +91-9369918615/6, Email: kanpurmfd@karvy.com. Karaikudi: KARVY Computershare Pvt Ltd, No. 2 Gopi Arcade, 100 Feet Road,
Karaikudi 630001, Phone: 04565-237192, Email: mfskaraikudi@karvy.com. Karimnagar: Computer Age Mgmt Services Pvt Ltd, H.No.7-1-257, Upstairs S.B.H, Mankammathota, Karimnagar
505001, Phone: 0878-6500117, Email: camskri@camsonline.com. Karimnagar: KARVY Computershare Pvt Ltd, H.No.4-2-130/131 Above Union Bank, Jafri Road Rajeev Chowk, Karimnagar
505001, Phone: 0878-2261779 2244773 / 75 / 79, Email: mfskarimnagar@karvy.com. Karnal: KARVY Computershare Pvt Ltd, 18/369 Char Chaman, Kunjpura Road, Behind Miglani
Hospital, Karnal 132001, Phone: 0184-2252524, Email: mfskarnal@karvy.com. Karur: Computer Age Mgmt Services Pvt Ltd, 126 GVP Towers, Kovai Road, Basement of Axis Bank, Karur
639002, Mobile: +91-9244950001, Email: camskar@camsonline.com. Karur: KARVY Computershare Pvt Ltd, No.6 Old No.1304 Thiru-Vi-Ka Road, Near G.R.Kalyan Mahal, Karur 639001,
Phone: 04324-241755, Email: mfskarur@karvy.com. Kharagpur: Computer Age Mgmt Services Pvt Ltd, Shivhare Niketan, H.No.291/1 Ward No-15, Malancha Main Road, Opposite Uco
Bank, Kharagpur 721301, Mobile: +91-9233500715, Email: camskhg@camsonline.com. Kharagpur: KARVY Computershare Pvt Ltd, 180 Malancha Road, Beside Axis Bank Ltd, Kharagpur
721304, Phone: 03222-253380, Email: mfskharagpur@karvy.com. Kolhapur: Computer Age Mgmt Services Pvt Ltd, 2 B 3rd Floor Ayodhya Towers, Station Road, Kolhapur 416001, Phone:
0231-6450003, Email: camskhp@camsonline.com. Kolkata: 2nd Floor, Room No-226, 1 R N Mukherjee Road, Kolkata - 700001. Phone : 033-24659263, email: kolkatamfd@karvy.com; 166
A, Rashbihari Avenue 2nd Floor, Opp- Fortish Hospital, Kolkata -700029. Phone : 033-40611135/ 36 24659263 / 9267 , 24635432, 24669450, 24196462, email: ratul.Majumder@karvy.com,
sushmita.m@karvy.com; Saket Building, 44 Park Street, 2nd Floor, Kolkata - 700 016. Phone: 033-30582285, email: camscal@camsonline.com. Kolkata: 2nd Floor, Room No-226, 1 R N
Mukherjee Road, Kolkata - 700001. Phone : 033-24659263, email: kolkatamfd@karvy.com. 166 A Rashbihari Avenue 2nd Floor, Opp- Fortish Hospital, Kolkata -700029. Phone : 033-
40611135/ 36 24659263 / 9267 24635432 24669450 24196462 email: ratul.Majumder@karvy.com, sushmita.m@karvy.com. Saket Building, 44 Park Street, 2nd Floor, Kolkata - 700 016.
Phone: 033-30582285, email: camscal@camsonline.com. Kolhapur: KARVY Computershare Pvt Ltd, 605/1/4 E Ward Shahupuri 2nd Lane, Laxmi Niwas Near Sultane Chambers, Kolhapur
416001, Phone: 0231 2653656, Email: mfskolhapur@karvy.com. Kollam: Computer Age Mgmt Services Pvt Ltd, Kochupilamoodu Junction, Near VLC Beach Road, Kollam 691001, Phone:
0474-6060602, Email: camsklm@camsonline.com. Kollam: KARVY Computershare Pvt Ltd, Sree Vigneswara Bhavan, Shastri Junction, Kadapakada, Kollam 691001, Phone: 0474-
2747055, Email: mfskollam@karvy.com. Korba: KARVY Computershare Pvt Ltd, 1st Floor City Centre, 97 IRCC Transport Nagar, Korba 495677, Mobile: +91-9300155683, Email: mfskorba@
karvy.com. Kota: Computer Age Mgmt Services Pvt Ltd, B-33 Kalyan Bhawan, Triangle Part, Vallabh Nagar, Kota 324007, Mobile: +91-9214245811, Email: camskot@camsonline.com.
Kota: KARVY Computershare Pvt Ltd, 29 Ist Floor Near Lala Lajpat Rai Circle, Shopping Centre, Kota 324007, Phone: 0744-5100964, Email: mfskota@karvy.com. Kottayam: Computer Age
Mgmt Services Pvt Ltd, Building No: KMC IX / 1331 A, Opp.: Malayala Manorama, Railway Station Road, Thekkumkattil Building, Kottayam 686001, Phone: 0481-6060018, Email: camsktm@
camsonline.com. Kottayam: KARVY Computershare Pvt Ltd, 1st Floor Csiascension Square, Railway Station Road, Collectorate P O, Kottayam 686002, Phone: 0481-2300868, Email:
mfskottayam@karvy.com. Kumbakonam: Computer Age Mgmt Services Pvt Ltd, Jailani Complex, 47 Mutt Street, Kumbakonam 612001, Phone: 0435-6455433, Email: camskum@
camsonline.com. Kurnool: Computer Age Mgmt Services Pvt Ltd, H.No.43/8 Upstairs, Uppini Arcade, N R Peta, Kurnool 518004, Phone: 08518-650391, Email: camskrl@camsonline.com.
Kurnool: KARVY Computershare Pvt Ltd, Shop No.43 1st Floor, S V Complex Railway Station Road, Near SBI Main Branch, Kurnool 518004, Phone: 08158-228550, Email: mfskurnool@
karvy.com. Lucknow: KARVY Computershare Pvt Ltd, ALAMBAGH, KSM Tower CP-1 Sinder Dump, Near Alambagh Bus Station, Alambagh, Lucknow - 226005, Phone: 0522-3226977,
Email: alambaghext.luk@karvy.com. Lucknow: KARVY Computershare Pvt Ltd, B-1/2 Vijay Khand, Near Union Bank of India, Gomtinagar, Lucknow - 226010, Mobile: 0522-3226978
Email:gomtinagarext.luk@karvy.com. Lucknow: KARVY Computershare Pvt Ltd, HIG-67 Sector E, Aliganj, Lucknow - 226024, Phone: 0522-3226979, Email: aliganjext.luk@karvy.com.
Lucknow: KARVY Computershare Pvt Ltd, PREM NAGAR, 24 Prem Nagar, Ashok Marg, Lucknow 226001, Mobile: +91-9369918600, Email: lucknowmfd@karvy.com. Lucknow - Alambagh:
Computer Age Mgmt Services Pvt Ltd, No. 4 First Floor, Centre Court 5, Park Road, Hazratganj, Lucknow 226001, Phone: 0522-3918002, Email: camsluc@camsonline.com. Lucknow: Karvy
Computershare Pvt. Ltd., 1st Floor, A A Complex, Thaper House, 5 Park Road, Hazratganj, Lucknow - 226001, Mobile : +91-9369918600 Email : lucknowmfd@karvy.com. Ludhiana:
Computer Age Mgmt Services Pvt Ltd, U/GF Prince Market, Green Field Near Traffic Lights, Sarabha Nagar, Pulli Pakhowal Road, (Above Dr. Virdis Lab), P.O. Model Town, Ludhiana 141002,
Phone: 0161-3018002, Email: camsldh@camsonline.com. Ludhiana: KARVY Computershare Pvt Ltd, SCO 136, 1st Floor Above Airtel Showroom, Feroze Gandhi Market, Ludhiana 141001,
Phone: 0161-4648747, Email: mfsludhiana@karvy.com. Madurai: Computer Age Mgmt Services Pvt Ltd, # Ist Floor 278, North Perumal Maistry Street, (Nadar Lane), Madurai 625001,
Phone: 0452-6455009, Email: camsmdu@camsonline.com. Madurai: KARVY Computershare Pvt Ltd, Rakesh Towers, 30-C Ist Floor, Bye Pass Road, Opp Nagappa Motors, Madurai
625010, Phone: 0452-2605856, Email: mfsmadurai@karvy.com. Malappuram: KARVY Computershare Pvt Ltd, First Floor Cholakkal Building, Near U P School Up Hil, Malappuram 676505,
Phone: 0483-2731480, Email: mfsmalappuram@karvy.com. Malda: KARVY Computershare Pvt Ltd, Sahis Tuli Under Ward No.6, No.1 Govt Colony, English Bazar Municipality, Malda
732101, Phone: 03512-223763, Email: mfsmalda@karvy.com. Mandi: KARVY Computershare Pvt Ltd, 149/11 School Bazaar, Mandi 175001, Mobile: +91-9318873501, Email: mfsmandi@
karvy.com. Mangalore: Computer Age Mgmt Services Pvt Ltd, No. G4 & G5 Inland Monarch, Opp. Karnataka Bank, Kadri Main Road Kadri, Mangalore 575003, Phone: 0824-6511026, Email:
camsman@camsonline.com. Mangalore: KARVY Computershare Pvt Ltd, Mahendra Arcade Opp Court Road, Karangal Padi, Mangalore 575003, Phone: 0824-2496289, Email:
mangaloremfd@karvy.com. Margao: Computer Age Mgmt Services Pvt Ltd, Virginkar Chambers I Floor, Near Kamat Milan Hotel, New Market Near Lily Garments, Old. Station Road, Margao
403601, Phone: 0832-6480250, Email: camsmrg@camsonline.com. Margao: KARVY Computershare Pvt Ltd, 2nd Floor Dalal Commercial Complex, Pajifond, Margao 403601, Phone: 0832-
2731823, Email: mfsmargoa@karvy.com. Mathura: KARVY Computershare Pvt Ltd, Ambey Crown IInd Floor, In Front of BSA College, Gaushala Road, Mathura 281001, Mobile: +91-
9369918618, Email: mfsmathura@karvy.com. Meerut: Computer Age Mgmt Services Pvt Ltd, 108 1st Floor Shivam Plaza, Opposite Eves Cinema, Hapur Road, Meerut 250002, Phone:
0121-6454521, Email: camsmee@camsonline.com. Meerut: KARVY Computershare Pvt Ltd, 1st Floor Medi Centre, Opp ICICI Bank, Hapur Road Near Bachha Park, Meerut 250002, Mobile:
+91-9369918619, Email: mfsmeerut@karvy.com. Mehsana: Computer Age Mgmt Services Pvt Ltd, 1st Floor Subhadra Complex, Urban Bank Road, Mehsana 384002, Mobile: +91-
9228000256, Email: camsmna@camsonline.com. Mehsana: KARVY Computershare Pvt Ltd, UL/47 Apollo Enclave, Opp Simandhar Temple, Modhera Cross Road, Mehsana 384002,
Phone: 02762-242950, Email: mfsmehsana@karvy.com. Mirzapur: KARVY Computershare Pvt Ltd, Above HDFC Bank, Dankeenganj, Mirzapur 231001, Mobile: +91-7499496133, Email:
mfsmirzapur@karvy.com. Moga: KARVY Computershare Pvt Ltd, 1st Floor Dutt Road, Mandir Wali Gali, Civil Lines Barat Ghar, Moga 142001, Phone: 01636-230792, Email: mfsmoga@
karvy.com. Moradabad: Computer Age Mgmt Services Pvt Ltd, B-612 Sudhakar, Lajpat Nagar, Moradabad 244001, Phone: 0591-6450125, Email: camsmbd@camsonline.com. Moradabad:
KARVY Computershare Pvt Ltd, Om Arcade Parker Road, Above Syndicate Bank, Chowk Tari Khana, Moradabad 244001, Mobile: +91-9369918620, Email: mfsmoradabad@karvy.com.
Morena: KARVY Computershare Pvt Ltd, Moti Palace, Near Ramjanki Mandir, Morena 476001, Mobile: +91-7489361265, Email: mfsmorena@karvy.com. Mumbai: A-1, Himanshu Building,
Sodawala Cross Lane, Near Chamunda Circle, Borivali West, Mumbai 400092. Phone number : 022 28916319, email : borivaliext.mum@karvy.com; CTS No 411, 202 Citi Point 2nd Floor,
Telli Galli, Rajashree Shahu Maharaj Marg, Above C.T. Chatwani Hall, Opp. Hero Honda Showroom, Andheri East, Mumbai - 400069. Phone : 022-32208018, email:- camsadh@camsonline.
com; Rajabahdur Compound Ground Floor, Opp Allahabad Bank, Behind ICICI Bank, 30. Mumbai Samachar Marg, Fort, Mumbai - 400023. Phone : 022-30282478, email : camscsm@
camsonline.com; 24/B, Raja Bahadur Compound Ambalal Doshi Marg, Behind BSE Bldg, Fort - 400 001. Tel.: 022-66235353, email: mumbaimfd@karvy.com; Shop No.4, Ground Floor,
Shram Saflya Bldg., N. G. Acharya Marg, Chembur, Mumbai - 400 071. Tel.: 022-25211839, email: chemburext.mum@karvy.com; Shop No.43-A, Ground Floor, Vashi Plaza, Sector-17, Near
Apna Bazar, Vashi, Mumbai - 400 705. Tel.: 022-27802684, email: Vashiext.mum@karvy.com; 101, Yashwant Building, Ram Ganesh, Godkari path, Ram Maruti Road, Naupada,Thane,
Mumbai - 400 602. Tel.: 022-25428475, email: Thaneext.mum@karvy.com; 104, Sangam Arcade; V P Road, Opp: Railway Station, Above Axis Bank, Vile Parle (west), Mumbai - 400 056,
Tel.: 022-26100967, email: VileParleext.mum@karvy.com; 131 Andheri Industrial Estate, Veera Desai Road, Andheri (west), Mumbai - 400 053. Tel.: 022-26730799, email: Andheriext.mum@
karvy.com; 3rd Floor Nalanda Chambers B Wing, Gokhale Road, Near Hanuman Temple, Naupada, Thane (West), Mumbai - 400602. Mobile : +91-9223600642, email : camsthn@
camsonline.com. 24/B, Raja Bahadur Compound Ambalal Doshi Marg, Behind BSE Bldg, Fort - 400 001. Tel.: 022-66235353, email: mumbaimfd@karvy.com. Shop No.4, Ground Floor,
Shram Saflya Bldg., N. G. Acharya Marg, Chembur, Mumbai - 400 071. Tel.: 022-25211839, email: chemburext.mum@karvy.com. Shop No.43-A, Ground Floor, Vashi Plaza, Sector-17, Near
Apna Bazar, Vashi, Mumbai - 400 705. Tel.: 022-27802684, email: Vashiext.mum@karvy.com. Grd. Flr., Himanshu Bldg., Sodawala Lane, Lina Chandawarkar Rd., Borivali, Mumbai - 400 091.
Tel.: 022-28916319, email: Borivaliext.mum@karvy.com. 101, Yashwant Building, Ram Ganesh, Godkari path, Ram Maruti Road, Naupada,Thane, Mumbai - 400 602. Tel.: 022-25428475,
email: Thaneext.mum@karvy.com. 104, Sangam Arcade; V P Road, Opp: Railway Station, Above Axis Bank, Vile Parle (west), Mumbai - 400 056, Tel.: 022-26100967, email: VileParleext.
mum@karvy.com. 131 Andheri Industrial Estate, Veera Desai Road, Andheri (west), Mumbai - 400 053. Tel.: 022-26730799, email: Andheriext.mum@karvy.com. Thane (w.e.f April 15, 2015):
103-105, Orion Business Park, Ghodbunder Road, Kapurbawdi, Thane (West) 400 607, Phone : +91 22 3952 6363 /2584 6363 Email: mfuthn@mfuindia.com. CTS No 411, 202 Citi Point 2nd
Floor, Telli Galli, Rajashree Shahu Maharaj Marg, Above C.T. Chatwani Hall, Opp. Hero Honda Showroom, Andheri East, Mumbai - 400069. Phone : 022-32208018, email:- camsadh@
camsonline.com. Rajabahdur Compound Ground Floor, Opp Allahabad Bank, Behind ICICI Bank, 30. Mumbai Samachar Marg, Fort, Mumbai - 400023. Phone : 022-30282478, email :
camscsm@camsonline.com. Thane: 3rd Floor Nalanda Chambers B Wing, Gokhale Road, Near Hanuman Temple, Naupada, Thane (West), Mumbai - 400602. Mobile : +91-9223600642 ,
email : camsthn@camsonline.com. Muzaffarpur: Computer Age Mgmt Services Pvt Ltd, Brahman Toli, Durgasthan Gola Road, Muzaffarpur 842001, Phone: 0621-6499023, Email:
camsmuz@camsonline.com. Muzaffarpur: KARVY Computershare Pvt Ltd, Ist Floor Uma Market, Thana Gumtimoti Jheel, Muzaffarpur 842001, Mobile: +91-9386256101, Email:
mfsmuzaffarpur@karvy.com. Mysore: Computer Age Mgmt Services Pvt Ltd, No.1 1st Floor Ch.26, 7th Main 5th Cross, Above Trishakthi Medicals, Saraswati Puram, Mysore 570009, Mobile:
+91-9243689043, Email: camsmys@camsonline.com. Mysore: KARVY Computershare Pvt Ltd, L-350 Silver Tower, Ashoka Road Opp.Clock Tower, Mysore 570001, Phone: 0821-2438006,
Email: mfsmysore@karvy.com. Nadiad: KARVY Computershare Pvt Ltd, 104/105 Near Paras Cinema, City Point Nadiad, Nadiad 387001, Phone: 0268-2563245, Email: mfsnadiad@karvy.
com. Nagercoil: KARVY Computershare Pvt Ltd, 3A South Car Street, Parsans Complex, Nagercoil 629001, Phone: 04652 233552, Email: mfsnagarkoil@karvy.com. Nagpur: Computer Age
Mgmt Services Pvt Ltd, 145 Lendra Park, Behind Shabari, New Ramdaspeth, Nagpur 440010, Phone: 0712-6450492, Email: camsnpr@camsonline.com. Nagpur: KARVY Computershare
Pvt Ltd, Plot No 2/1 House No 102/1, Mata Mandir Road, Mangaldeep Appartment, Opp Khandelwal Jewelers, Dharampeth, Nagpur 440010, Phone: 0712-2533040, Email: nagpurmfd@
karvy.com. Namakkal: KARVY Computershare Pvt Ltd, 105/2 Arun Towers, Paramathi Street, Namakkal 637001, Phone: 04286- 234801, Email: mfsnamakkal@karvy.com. Nanded: KARVY
Computershare Pvt Ltd, Shop No.4 Santakripa Market, G G Road Opp.Bank of India, Nanded 431601, Phone: 02462-237885, Email: mfsnanded@karvy.com. Nasik: Computer Age Mgmt
Services Pvt Ltd, Ruturang Bungalow 2, Godavari Colony, Behind Big Bazar, Near Boys Town School, Off College Road, Nasik 422005, Phone: 0253-6450102, Email: camsnsk@camsonline.
com. Nasik: KARVY Computershare Pvt Ltd, F-1 Suyojit Sankul, Sharanpur Road, Nasik 422002, Phone: 0253-6611395, Email: nasikmfs@Kavry.Com. Navsari: Computer Age Mgmt
Services Pvt Ltd, 16 1st Floor Shivani Park, Opp. Shankheswar Complex, Kaliawadi, Navsari 396445, Phone: 02637-650144, 236164, Email: camsnvs@camsonline.com. Navsari: KARVY
Computershare Pvt Ltd, 1/1 Chinmay Aracade, Opp Sattapir Rd, Tower Rd, Navsari 396445, Phone: 02637-280367 280367, Email: mfsnavsari@karvy.com. Nellore: Computer Age Mgmt
Services Pvt Ltd, 9/756 First Floor, Immadisetty Towers, Ranganayakulapet Road, Santhapet, Nellore 524001, Phone: 0861-6510536, Email: camsnel@camsonline.com. Nellore: KARVY
Computershare Pvt Ltd, 16-2-230 Room No: 27, 2nd Floor Keizen Heights, Gandhi Nagar, Pogathota, Nellore 524001, Phone: 0861-2349940, Email: mfsnellore@karvy.com. New Delhi: 7-E,
4th Floor, Deen Dayaal Research Institute Bldg, Swamiram Tirath Nagar, Jhandewalan Extn, Near Videocon Tower, New Delhi 110055. Phone : 011-3048 2468, email : camsdel@
camsonline.com; 305 New Delhi House, 27 Barakhamba Road, New Delhi 110001. Tel : 011-43681700, 011-43681704, email - delhimfd@karvy.com. 305 New Delhi House, 27 Barakhamba
Road, New Delhi 110001. Tel : 011-43681700, 011-43681704, email - delhimfd@karvy.com. Nizamabad: KARVY Computershare Pvt Ltd, H No:5-6-430, Above Bank of Baroda First Floor,
Beside HDFC Bank, Hyderabad Road, Nizamabad 503003, Phone: 08462-224366, Email: mfsnizamabad@karvy.com. Noida: Computer Age Mgmt Services Pvt Ltd, C-81 First Floor, Sector
2, Noida 201301, Phone: 0120-6500124, Email: camsnoi@camsonline.com. Noida: KARVY Computershare Pvt Ltd, 307 Jaipuria Plazad, 68 A 2nd Floor, Opp Delhi Public School, Sector
26, Noida 201301, Mobile: +91-9310448805, Email: mfsnoida@karvy.com. Palakkad: Computer Age Mgmt Services Pvt Ltd, 10 / 688 Sreedevi Residency, Mettupalayam Street, Palakkad
678001, Phone: 0491-6060313, Email: camspkd@camsonline.com. Palakkad: KARVY Computershare Pvt Ltd, No: 20 & 21 Metro Complex, H.P.O.Road, Palakkad 678001, Phone: 491
6061110, Email: mfspalghat@karvy.com. Panipat: Computer Age Mgmt Services Pvt Ltd, SCO 83-84 Ist Floor, Devi Lal Shopping Complex, Opp Rbs Bank, G T Road, Panipat 132103,
Mobile: +91-9254303801, Email: camspan@camsonline.com. Panipat: KARVY Computershare Pvt Ltd, 1st Floor Krishna Tower, Above Amertex, G.T. Road, Panipat 132103, Mobile: +91-
9315017304, Email: mfspanipat@karvy.com. Panjim: Karvy Computershare Pvt Ltd, Flat No.1-A, H. No. 13/70,Timotio Bldg, Heliodoro Salgado Road, Next to Navhind Bhavan (Market Area),
Panaji, Goa 403001. Phone : 0832-2426873, email : panjimmfd@karvy.com. Pathankot: KARVY Computershare Pvt Ltd, 1st Floor 9 A, Improvement Trust Building, Patel Chowk, Pathankot
145001, Phone: 0186-5080188, Email: mfspathankot@karvy.com. Patiala: Computer Age Mgmt Services Pvt Ltd, 35 New Lal Bagh Colony, Patiala 147001, Phone: 0175-6050002, Email:
camsptl@camsonline.com. Patiala: KARVY Computershare Pvt Ltd, SCO 27 D, Chotti Baradari, Near Car Bazaar, Patiala 147001, Phone: 0175-5004349, Email: mfspatiala@karvy.com.
Patna: Computer Age Mgmt Services Pvt Ltd, G-3 Ground Floor, Om Vihar Complex, SP Verma Road, Patna 800001, Phone: 0612-6500367, Email: camspat@camsonline.com. Patna:
KARVY Computershare Pvt Ltd, 3A 3rd Floor Anand Tower, Exhibition Road Opp ICICI Bank, Patna 800001, Phone: 0612-6453098, Mobile: +91-7781023134, Email: mfspatna@karvy.com.
Pollachi: KARVY Computershare Pvt Ltd, 146/4 Ramanathan Building, 1st Floor New Scheme Road, Pollachi 642002, Phone: 04259- 235111 235122 235133, Email: mfspollachi@karvy.
com. Pondicherry: Computer Age Mgmt Services Pvt Ltd, S-8 100 Jawaharlal Nehru Street, (New Complex Opp. Indian Coffee House), Pondicherry 605001, Phone: 0413-6455015, Email:
camspdy@camsonline.com. Pondicherry: KARVY Computershare Pvt Ltd, No:7 Thiayagaraja Street, Pondicherry 605001, Phone: 0413 2220640, Email: mfspondy@karvy.com. Proddatur:
KARVY Computershare Pvt Ltd, Shop No:4 Araveti Complex, Mydukur Road, Beside Syndicate Bank, Proddatur 516360, Phone: 08564 242898, Email: mfsproddatur@karvy.com.
Pudukottai: KARVY Computershare Pvt Ltd, Sundaram Masilamani Towers, TS No. 5476 5479, PM Road Old Tirumayam Salai, Near Anna Statue Jublie Arts, Pudukottai 622001, Phone:
04322 220050, Email: mfspudukottai@karvy.com. Pune: Karvy Computershare Pvt. Ltd., Mozaic Building, CTS No.1216/1, Final Plot No.576/1 TP, Scheme No.1, F C Road, Bhamburda,
Shivaji Nagar, Pune 411004, Phone : 020-30214851/52 Email : punemfd@karvy.com. Office # 16, Ground Floor, Shrinath Plaza, Near Dyaneshwar Paduka Chowk, F C Road, Pune -
411005. Phone : 020-2553 3795/9957, email: punemfd@karvy.com. Nirmiti Eminence Off No. 6, I Floor Opp Abhishek Hotel, Mehandale Garage Road, Erandawane, Pune - 411004. email:
camspun@camsonline.com. RAIPUR: Computer Age Mgmt Services Pvt Ltd, HIG C-23 Sector 1, Devendra Nagar, Raipur 492004, Mobile: +91-9203900584 Email: camsrai@camsonline.
com. RAIPUR: KARVY Computershare Pvt Ltd, Shop No. 31 Third Floor, Millenium Plaza Above Indian House, Behind Indian Coffee House, Raipur - 492001, Phone: 0771-4052620, Email:
mfsraipur@karvy.com, trinath.reddy@karvy.com. Rajahmundry: Computer Age Mgmt Services Pvt Ltd, Door No: 6-2-12 1st Floor, Rajeswari Nilayam Near, Vamsikrishna Hospital, Nyapathi
Vari Street, T Nagar, Rajahmundry 533101, Phone: 0883-6560401, Email: camsrmd@camsonline.com. Rajahmundry: KARVY Computershare Pvt Ltd, D.No.6-1-4 Rangachary Street, T.
Nagar Near Axis Bank Street, Rajahmundry 533101, Phone: 0883-2434468 2434470, Email: mfsrajahmundry@karvy.com. Rajapalayam: KARVY Computershare Pvt Ltd, Sri Ganapathy
Complex, 14B/5/18 T P Mills Road, Virudhungar Dist, Rajapalayam 626117, Phone: 04563 232952, Email: mfsrajapalayam@karvy.com. Rajkot: Computer Age Mgmt Services Pvt Ltd, Office
207 210 Everest Building, Opp Shastri Maidan, Limda Chowk, Rajkot 360001, Phone: 0281-6540124, Email: camsraj@camsonline.com. Rajkot: KARVY Computershare Pvt Ltd, 104 Siddhi
Vinyak Com., Opp Ramkrishna Ashram, Dr Yagnik Road, Rajkot 360001, Phone: 0281-6545888, Email: rajkotmfd@karvy.com. Ranchi: Computer Age Mgmt Services Pvt Ltd, 4 HB Road
No: 206, 2nd Floor Shri Lok Complex, Ranchi 834001, Phone: 0651-6450126, Email: camsran@camsonline.com. Ranchi: KARVY Computershare Pvt Ltd, Room No 307 3rd Floor,
Commerce Tower, Beside Mahabir Tower, Ranchi 834001, Phone: 0651-2331320, Email: mfsranchi@karvy.com. Ratlam: KARVY Computershare Pvt Ltd, 1 Nagpal Bhawan, Free Ganj Road,
Do Batti Near Nokia Care, Ratlam 457001, Phone: 07412-402007, Email: mfsratlam@karvy.com. Renukoot: KARVY Computershare Pvt Ltd, Radhika Bhavan, Opp. Padmini Hotel, Murdhwa,
Renukoot 231217, Mobile: +91-7499495854, Email: mfsrenukoot@karvy.com. Rewa: KARVY Computershare Pvt Ltd, Ist Floor Angoori Building, Besides Allahabad Bank, Trans University
Road, Civil Lines, Rewa 485001, Mobile: +91-7489755878, Email: mfsrewa@karvy.com. Rohtak: Computer Age Mgmt Services Pvt Ltd, 205 2nd Floor Building No: 2, Munjal Complex, Delhi
Road, Rohtak 124001, Mobile: +91-9254303802, Email: camsrok@camsonline.com. Rohtak: KARVY Computershare Pvt Ltd, 1st Floor Ashoka Plaza, Delhi Road, Rohtak 124001, Mobile:
+91-9315017305, Email: mfsrohtak@karvy.com. Roorkee: KARVY Computershare Pvt Ltd, Shree Ashadeep Complex, 16 Civil Lines, Near Income Tax Office, Roorkee 247667, Mobile:
+91-9369918621, Email: mfsroorkee@karvy.com. Rourkela: Computer Age Mgmt Services Pvt Ltd, 1st Floor Mangal Bhawan, Phase II Power House Road, Rourkela 769001, Mobile: +91-
9238120073, Email: camsrou@camsonline.com. Rourkela: KARVY Computershare Pvt Ltd, 1st Floor Sandhu Complex, Kachery Road, Uditnagar, Rourekla 769012, Phone: 0661-2500005,
Email: mfsrourkela@karvy.com. Sagar: KARVY Computershare Pvt Ltd, Above Poshak Garments, 5 Civil Lines, Infront of Income Tax Office, Sagar 470002, Phone: 07582-402404, Email:
mfssagar@karvy.com. Saharanpur: Computer Age Mgmt Services Pvt Ltd, I Floor Krishna Complex, Opp. Hathi Gate Court Road, Saharanpur 247001, Phone: 0132-6450137, Email:
camssah@camsonline.com. Saharanpur: KARVY Computershare Pvt Ltd, 18 Mission Market, Court Road, Saharanpur 247001, Mobile: +91-9369918622, Email: mfssaharanpur@karvy.
com. Salem: Computer Age Mgmt Services Pvt Ltd, No.2 I Floor Vivekananda Street, New Fairlands, Salem 636016, Phone: 0427-6455121, Email: camssal@camsonline.com. Salem:
KARVY Computershare Pvt Ltd, No:40 Brindavan Road, Fairlands, Near Perumal Koil, Salem 636016, Phone: 0427-4020300, Email: mfssalem@karvy.com. Sambalpur: Computer Age
Mgmt Services Pvt Ltd, Opp. Town High School, Sansarak, Sambalpur 768001, Mobile: +91-9238120074, Email: camssam@camsonline.com. Sambalpur: KARVY Computershare Pvt Ltd,
Ground Floor Quality Massion, Infront of Bazaar Kolkata, Nayapara, Sambalpur - 768001, Phone: 0663-2522105, M: +91 09861785131, 09861114141, Email: mfssambalpur@karvy.com.
Sangli: Computer Age Mgmt Services Pvt Ltd, Jiveshwar Krupa Bldg, Shop. No.2 Ground Floor, Tilak Chowk Harbhat Road, Sangli 416416, Phone: 0233-6600510, Email: camssgi@
camsonline.com. Satara: Computer Age Mgmt Services Pvt Ltd, 117 / A / 3 / 22 Shukrawar Peth, Sargam Apartment, Satara 415002, Phone: 02162-645297, Email: camssat@camsonline.
com. Satna: KARVY Computershare Pvt Ltd, 1st Floor Gopal Complex, Near Bus Stand, Rewa Road, Satna 485001, Mobile: +91-9300004263, Email: mfssatna@karvy.com. Secunderabad:
Computer Age Mgmt Services Pvt Ltd, 208 II Floor Jade Arcade, Paradise Circle, Secunderabad 500003, Email: camshyd@camsonline.com. Secunderabad: KARVY Computershare Pvt
Ltd, 1st Floor Thirumala Complex, Paradise Circle S.D Road, Opp. Hotel Kamat, Secunderabad 500003, Phone: 040-44677348, Email: mfshyderabad@karvy.com. Shaktinagar: KARVY
Computershare Pvt Ltd, 1st/A-375 V V Colony, Dist Sonebhadra, Shaktinagar 231222, Mobile: +91-7499496129, Email: mfsshaktinagar@karvy.com. Shillong: KARVY Computershare Pvt
Ltd, Annex Mani Bhawan, Lower Thana Road, Near R K M LP School, Shillong 793001, Phone: 0364 2506106, Email: mfsshillong@karvy.com. Shimla: Computer Age Mgmt Services Pvt
Ltd, 1st Floor Opp Panchayat Bhawan, Main Gate, Bus Stand, Shimla 171001, Phone: 0177-6190997, Email: camssml@camsonline.com. Shimla: KARVY Computershare Pvt Ltd, Triveni
Building, By Pas Chowkkhallini, Shimla 171002, Mobile: +91-9318644501, Email: mfsshimla@karvy.com. Shimoga: Computer Age Mgmt Services Pvt Ltd, Near Gutti Nursing Home,
Kuvempu Road, Shimoga 577201, Mobile: +91-9243689049, Email: camsshi@camsonline.com. Shimoga: KARVY Computershare Pvt Ltd, Sri Matra Naika Complex 1st Floor, Above
Shimoga Diagnostic Centre, LLR Road Durgigudi, Shimoga 577201, Phone: 08182-228799 227485, Email: mfsshimoga@karvy.com. Shivpuri: KARVY Computershare Pvt Ltd, 1st Floor
M.P.R.P. Building, Near Bank of India, Shivpuri 473551, Mobile: +91-9303028921, Email: mfsshivpuri@karvy.com. Sikar: KARVY Computershare Pvt Ltd, First Floor Super Tower, Behind
Ram Mandir, Near Taparya Bagichi, Sikar 332001, Phone: 01572-250398, Email: mfssikar@karvy.com. Silchar: KARVY Computershare Pvt Ltd, N.N. Dutta Road, Chowchakra Complex,
Premtala, Silchar 788001, Phone: 03842 261714, Email: mfssilchar@karvy.com. Siliguri: Computer Age Mgmt Services Pvt Ltd, 17B Swamiji Sarani, Siliguri 734001, Mobile: +91-
9233500714, Email: camssil@camsonline.com. Siliguri: KARVY Computershare Pvt Ltd, Nanak Complex, Sevoke Road, Siliguri - 734001, Phone: 0353-2526393, Email: mfssiliguri@karvy.
com. Sitapur: KARVY Computershare Pvt Ltd, 12/12-A Sura Complex, Arya Nagar, Opp Mal Godam, Sitapur 261001, Mobile: +91-9369918623, Email: mfssitapur@karvy.com. Sivakasi:
KARVY Computershare Pvt Ltd, 363 Thiruthangal Road, Opp: TNEB, Sivakasi 626123, Phone: 04562 228816, Email: mfssivakasi@karvy.com. Solan: KARVY Computershare Pvt Ltd, Sahni
Bhawan, Adjacent Anand Cinema Complex, The Mall, Solan 173212, Mobile: +91-9318991871, Email: mfssolan@karvy.com. Solapur: Computer Age Mgmt Services Pvt Ltd, Flat No 109 1st
Floor, A Wing Kalyani Tower, 126 Siddheshwar Peth, Near Pangal High School, Solapur 413001, Phone: 0217-6450555, Email: camsslp@camsonline.com. Solapur: KARVY Computershare
Pvt Ltd, Block No 06 Vaman Nagar, Opp D-Mart Jule Solapur, Solapur 413004, Phone: 0217-2300021 2300318, Email: mfssolapur@karvy.com. Sonepat: KARVY Computershare Pvt Ltd,
205 R Model Town, Above Central Bank of India, Sonepat 131001, Mobile: +91-9315457164, Email: mfssonepat@karvy.com. SRI Ganganagar: Computer Age Mgmt Services Pvt Ltd, 18 L
Block, Sri Ganganagar 335001, Mobile: +91-9214245818, Email: camssgnr@camsonline.com. SRI Ganganagar: KARVY Computershare Pvt Ltd, 35E Block, Opp: Sheetla Mata Vaateka,
Sri Ganganagar 335001, Phone: 0154-2470177, Email: mfssriganganagar@karvy.com. Srikakulam: KARVY Computershare Pvt Ltd, D.No-4-1-28/1, Venkateswara Colony, Near Income Tax
Office, Srikakulam 532001, Phone: 08942-225382 225362, Email: mfssrikakulam@karvy.com. Sultanpur: KARVY Computershare Pvt Ltd, Karvy Computershare Pvt. Ltd. 1077/3, Civil
Lines,Opp Bus Stand,, Sultanpur 228001, Mobile: +91 9369918624, Email: mfssultanpur@karvy.com. Surat: Computer Age Mgmt Services Pvt Ltd, Plot No.629 2nd Floor, Office No.2-C/2-D,
Mansukhlal Tower, Beside Seventh Day Hospital, Opp.Dhiraj Sons Athwalines, Surat 395001, Phone: 0261-6540128, Email: camssur@camsonline.com. Surat: KARVY Computershare Pvt
Ltd, G-5 Empire State Buliding, Nr Udhna Darwaja, Ring Road, Surat 395002, Phone: 0261-3042170 3042170, Email: suratmf@karvy.com. Thanjavur: KARVY Computershare Pvt Ltd, No.
70 Nalliah Complex, Srinivasam Pillai Road, Tanjore 613001, Phone: 04362-275415, Email: mfsthanjavur@karvy.com. Thiruvalla: Computer Age Mgmt Services Pvt Ltd, 24/590-14, C.V.P
Parliament Square Building, Cross Junction, Thiruvalla 689101, Phone: 0469-6061004, Email: camstvl@camsonline.com. Thiruvalla: KARVY Computershare Pvt Ltd, 2nd Floor Erinjery
Complex, Ramanchira, Opp Axis Bank, Thiruvalla 689107, Phone: 0469-3205676, Email: mfstiruvalla@karvy.com. Tirunelveli: Computer Age Mgmt Services Pvt Ltd, 1st Floor Mano Prema
Complex, 182/6 S. N High Road, Tirunelveli 627001, Phone: 0462-6455081, Email: camstrv@camsonline.com. Tirunelveli: KARVY Computershare Pvt Ltd, 55/18 Jeney Building, S N Road
Near Aravind Eye Hospital, Tirunelveli 627001, Phone: 0462 2335137, Email: mfstirunelveli@karvy.com. Tirupathi: Computer Age Mgmt Services Pvt Ltd, Shop No: 6 Door No: 19-10-8, (Opp
To Passport Office), Air Bypass Road, Tirupathi 517501, Phone: 0877-6561003, Email: camstpt@camsonline.com. Tirupathi: KARVY Computershare Pvt Ltd, H.No:10-13-425 1st Floor, Tilak
Road Opp: Sridevi Complex, Tirupathi 517501, Phone: 0877-6544567, Email: mfstirupathi@karvy.com. Tirupur: Computer Age Mgmt Services Pvt Ltd, 1 (1) Binny Compound, 2nd Street
Kumaran Road, Tirupur 641601, Phone: 0421-6455232, Email: camstrp@camsonline.com. Tirupur: KARVY Computershare Pvt Ltd, First Floor 244 A, Kamaraj Road, Opp To Cotton Market
Complex, Tirupur 641604, Phone: 0421-2214221, Email: mfstirupur@karvy.com. Trichur: Computer Age Mgmt Services Pvt Ltd, Room No 26 & 27, Dee Pee Plaza, Kokkalai, Trichur 680001,
Phone: 0487-6060019, Email: camstur@camsonline.com. Trichur: KARVY Computershare Pvt Ltd, 2nd Floor Brothers Complex, Naikkanal Junction Shornur Road, Near Dhanalakshmi
Bank H O, Thrissur 680001, Phone: 0487-3246231, Email: mfstrichur@karvy.com. Trichy: Computer Age Mgmt Services Pvt Ltd, No 8 I Floor 8th Cross, West Extn. Thillainagar, Trichy
620018, Phone: 0431-6455024, Email: camstri@camsonline.com. Trichy: KARVY Computershare Pvt Ltd, 60 Sri Krishna Arcade, Thennur High Road, Trichy 620017, Phone: 0431-4020227,
Email: mfstrichy@karvy.com. Trivandrum: Computer Age Mgmt Services Pvt Ltd, R S Complex, Opposite of LIC Buildings, Pattom P O, Trivandrum 695004, Phone: 0471-6060049, Email:
camstvm@camsonline.com. Trivandrum: KARVY Computershare Pvt Ltd, 2nd Floor Akshaya Tower, Sasthamangalam, Trivandrum 695010, Phone: 0471-2725728, Email: mfstrivandrum@
karvy.com. Tuticorin: KARVY Computershare Pvt Ltd, 4 B A34 A37, Mangalmal Mani Nagar, Opp. Rajaji Park, Palayamkottai Road, Tuticorin 628003, Phone: 0461-2334603, Email:
mfstuticorin@karvy.com. Udaipur: Computer Age Mgmt Services Pvt Ltd, 32 Ahinsapuri, Fatehpura Circle, Udaipur 313004, Mobile: +91-9214245812, Email: camsudp@camsonline.com.
Udaipur: KARVY Computershare Pvt Ltd, 201-202 Madhav Chambers, Opp G P O, Chetak Circle, Udaipur 313001, Phone: 0294-2429370, Email: mfsudaipur@karvy.com. Ujjain: KARVY
Computershare Pvt Ltd, 101 Aashta Tower, 13/1 Dhanwantri Marg, Freeganj, Ujjain 456010, Phone: 0734-4250007 4250008, Email: mfsujjain@karvy.com. Vadodara: Computer Age Mgmt
Services Pvt Ltd, 103 Aries Complex BPC Road, Off R.C. Dutt Road, Alkapuri, Vadodara 390007, Email: camsvad@camsonline.com. Vadodara: KARVY Computershare Pvt Ltd, SB-5
Mangaldeep Complex, Opp. Masonic Hall, Productivity Road, Alkapuri, Vadodara 390007, Phone: 0265-6640870 6640871, Email: barodamfd@karvy.com. Valsad: Computer Age Mgmt
Services Pvt Ltd, Gita Nivas 3rd Floor, Opp. Head Post Office, Halar Cross Lane, Valsad 396001, Mobile: +91-9228000239, Email: camsval@camsonline.com. Valsad: KARVY Computershare
Pvt Ltd, Shop No 2 Phiroza Corner, Opp Next Show Room, Tithal Road, Valsad 396001, Phone: 02632-258481, Email: mfsvalsad@karvy.com. Vapi: Computer Age Mgmt Services Pvt Ltd,
208 2nd Floor Heena Arcade, Opp. Tirupati Tower, Near G.I.D.C. Char Rasta, Vapi 396195, Phone: 0260-6540104, Email: camsvap@camsonline.com. Vapi: KARVY Computershare Pvt Ltd,
Shop No-12 Ground Floor, Sheetal Appatment, Near K P Tower, Vapi 396195, Mobile: +91-9228012909, Email: mfsvapi@karvy.com. Varanasi: Computer Age Mgmt Services Pvt Ltd, Office
No 1 Second Floor, Bhawani Market, Building No. D58/2A1 Rathyatra, Beside Kuber Complex, Varanasi 221010, Mobile: +91-9235405922, Email: camsvar@camsonline.com. Varanasi:
KARVY Computershare Pvt Ltd, D-64/1321st Floor, Anant Complex Sigra, Varanasi 221010, Mobile: +91-9369918626, Email: varanasimfd@karvy.com. Vellore: Computer Age Mgmt
Services Pvt Ltd, No.1 Officers Line 2nd Floor, MNR Arcade Opp. ICICI Bank, Krishna Nagar, Vellore 632001, Phone: 0416-6455223, Email: camsvel@camsonline.com. Vellore: KARVY
Computershare Pvt Ltd, 1 M N R Arcade, Officers Line, Krishna Nagar, Vellore 632001, Phone: 0416 2215007, Email: mfsvellore@karvy.com. Vijayawada: Computer Age Mgmt Services Pvt
Ltd, 40-1-68 Rao & Ratnam Complex, Near Chennupati Petrol Pump, M.G Road Labbipet, Vijayawada 520010, Phone: 0866-6500103, Email: camsvij@camsonline.com. Vijayawada:
KARVY Computershare Pvt Ltd, 39-10-7 Opp: Municipal Water Tank, Labbipet, Vijayawada 520010, Phone: 0866-2475126, Email: vijayawadamfd@karvy.com. Visakhapatnam: Computer
Age Mgmt Services Pvt Ltd, 47/9/17 1st Floor, 3rd Lane Dwaraka Nagar, Visakhapatnam 530016, Phone: 0891-6502009, 6502010, Email: camsviz@camsonline.com. Visakhapatnam:
KARVY Computershare Pvt Ltd, Door No: 48-8-7, Dwaraka Diamond, Ground Floor Srinagar, Visakhapatnam 530016, Phone: 0891-2714125, Email: vizagmfd@karvy.com. Vizianagaram:
KARVY Computershare Pvt Ltd, Soubhagya 19-6-1/3, 2nd Floor Near Fort Branch, Opp: Three Temples, Vizianagaram 535002, Phone: 08922-236962, Email: mfsvijayanagaram@karvy.com.
Warangal: Computer Age Mgmt Services Pvt Ltd, A.B.K Mall, Near Old Bus Depot Road, F-7 Ist Floor Ramnagar, Hanamkonda, Warangal 506001, Phone: 0870-6560141, Email: camswgl@
camsonline.com. Warangal: KARVY Computershare Pvt Ltd, 5-6-95 1 St Floor, Opp: B.Ed Collage, Lashkar Bazar, Chandra Complex, Hanmakonda, Warangal 506001, Phone: 0870-
2501664, Email: mfswarangal@karvy.com. Yamuna Nagar: Computer Age Mgmt Services Pvt Ltd, 124 B/R Model Town, Yamuna Nagar 135001, Mobile: +91-9254303803, Email: camsynr@
camsonline.com. Yamuna Nagar: KARVY Computershare Pvt Ltd, Jagdhari Road, Above Uco Bank, Near D.A.V. Girls College, Yamuna Nagar 135001, Mobile: +91-9315017306, Email:
mfsyamunanagar@karvy.com.
Computer Age Management Services Private Limited (CAMS) / CAMS Service Centre
Ahmedabad: 111-113,1st Floor - Devpath Building, Off C G Road, Behind Lal Bungalow, Ellis Bridge, Ahmedabad 380 006. Agartala: Advisor Chowmuhani (Ground Floor), Krishnanagar,
Agartala, Agartala 799 001. Agra: No. 8, II Floor, Maruti Tower, Sanjay Place, Agra 282 002. Ahmednagar: 203-A, Mutha Chambers, Old Vasant Talkies, Market Yard Road, Ahmednagar
414 001. Ajmer: AMC No. 423/30, Near Church, Brahampuri, Opp T B Hospital, Jaipur Road, Ajmer 305 001. Akola: Opp. RLT Science College, Civil Lines, Akola 444 001. Aligarh: City
Enclave, Opp. Kumar Nursing Home, Ramghat Road, Aligarh 202 001. Allahabad: 30/2, A&B, Civil Lines Station, Besides Vishal Mega Mart, Strachey Road, Allahabad 211 001. Alleppey:
Doctors Tower Building, Door No. 14/2562, 1st floor, North of Iorn Bridge, Near Hotel Arcadia Regency, Alleppey 688 011. Alwar: 256A, Scheme No:1, Arya Nagar, Alwar-301001. Amaravati:
81, Gulsham Tower, 2nd Floor, Near Panchsheel Talkies, Amaravati 444 601. Ambala: Opposite Peer, Bal Bhavan Road, Ambala 134 003. Amritsar: SCO-18J, C, Block Ranjit Avenue,
Amritsar 140 001. Anand: 101, A.P. Tower, B/H, Sardhar Gunj, Next to Nathwani Chambers, Anand 388 001. Anantapur: 15-570-33, I Floor, Pallavi Towers, Anantapur 515 001. Andheri:
CTS No 411, Citipoint, Gundivali, Teli Gali, Above C.T. Chatwani Hall, Andheri 400 069. Ankleshwar-Bharuch: Shop No-F-56, First Floor, Omkar Complex, Opp Old Colony, Nr Valia Char
Rasta, GIDC, Ankleshwar- Bharuch 393 002. Asansol: Block G 1st Floor, P C Chatterjee Market Complex, Rambandhu Talab P O Ushagram, Asansol 713 303. Aurangabad: Office No.
1, 1st Floor, Amodi Complex, Juna Bazar, Aurangabad 431 001. Balasore: B C Sen Road, Balasore 756 001. Bangalore: Trade Centre, 1st Floor, 45, Dikensen Road, (Next to Manipal
Centre), Bangalore 560 042. Bareilly: F-62-63, Butler Plaza, Civil Lines, Bareilly 243 001. Basti: Office no 3, Ist Floor, Jamia Shopping Complex, (Opposite Pandey School), Station Road,
Basti 272 002. Belgaum: 1st Floor, 221/2A/1B, Vaccine Depot Road, Near 2nd Railway gate, Tilakwadi, Belgaum 590 006. Bellary: 60/5, Mullangi Compound, Gandhinagar Main Road, (Old
Gopalswamy Road), Bellary 583 101. Berhampur: First Floor, Upstairs of Aaroon Printers, Gandhi Nagar Main Road, Orissa, Berhampur 760 001. Bhagalpur: Krishna, I Floor, Near Mahadev
Cinema, Dr.R.P.Road, Bhagalpur 812 002. Bharuch (parent: Ankleshwar TP): F-108, Rangoli Complex, Station Road, Bharuch 392 001. Bhatinda: 2907 GH, GT Road, Near Zila Parishad,
Bhatinda 151 001. Bhavnagar: 305-306, Sterling Point, Waghawadi Road, Opp. HDFC Bank, Bhavnagar 364 002. Bhilai: Shop No. 117, Ground Floor, Khicharia Complex, Opposite IDBI
Bank, Nehru Nagar Square, Bhilai 490 020. Bhilwara: Indraparstha tower, Second floor, Shyam ki sabji mandi, Near Mukharji garden, Bhilwara 311 001. Bhopal: Plot no 10, 2nd Floor,
Alankar Complex, Near ICICI Bank, MP Nagar, Zone II, Bhopal 462 011. Bhubaneswar: Plot No-111, Varaha Complex Building, 3rd Floor, Station Square, Kharvel Nagar, Unit 3, Bhubaneswar
751 001. Bhuj-Kutch: Data Solution, Office No:17, Ist Floor, Municipal Building Opp Hotel Prince, Station Road, Bhuj-Kutch 370 001. Bhusawal (Parent: Jalgaon TP): 3, Adelade Apartment,
Christain Mohala, Behind Gulshan-E-Iran Hotel, Amardeep Talkies Road, Bhusawal 425 201. Bikaner: F 4,5 Bothra Complex, Modern Market, Bikaner 334 001. Bilaspur: 2 nd Floor, Gwalani
Chambers, St Xavier School Road, In Front of CIT (Income Tax) Office, Vyapar vihar, Bilaspur, 495 001. Bokaro: Mezzanine floor, F-4, City Centre, Sector 4, Bokaro Steel City, Bokaro 827
004. Burdwan: 399, G T Road, Basement of Talk of the Town, Burdwan 713 101. Calicut: 29/97G 2nd Floor, Gulf Air Building, Mavoor Road, Arayidathupalam, Calicut 673 016. Chandigarh:
Deepak Tower, SCO 154-155,1st Floor, Sector 17-C, Chandigarh 160 017. Chennai: Ground Floor No.178/10, Kodambakkam High Road, Opp. Hotel Palmgrove, Nungambakkam, Chennai
600 034. Chhindwara: Shop No. 01, Near Puja Lawn, Prarasia Road, Chhindwara, Madhya Pradesh, Chhindwara 480 001. Chittorgarh: 3 Ashok Nagar, Near Heera Vatika, Chittorgarh 312
001. Cochin: 1st Floor, K.C. Centre, Door No 42/227B, Chittoor Road, Opp. North Town Police Station, Kacheripady, Cochin-682018. Coimbatore: Old # 66 New # 86, Lokamanya Street
(West), Ground Floor, R.S.Puram, Coimbatore 641 002. Cuttack: Near Indian Overseas Bank, Cantonment Road, Mata Math, Cuttack 753 001. Darbhanga: Shahi Complex, 1st Floor, Near
RB Memorial hospital, V.I.P. Road, Benta, Laheriasarai, Darbhanga 846 001. Davengere: 13, Ist Floor, Akkamahadevi Samaj Complex, Church Road, P.J.Extension, Davengere 577 002.
Dehradun: 204/121 Nari Shilp Mandir Marg, Old Connaught Place, Dehradun 248 001. Deoghar: S S M Jalan Road, Ground floor, Opp. Hotel Ashoke, Caster Town, Deoghar 814 112.
Dhanbad: Urmila Towers, Room No: 111 (1st Floor), Bank More, Dhanbad 826 001. Dharmapuri: 16A/63A, Pidamaneri Road, Near Indoor Stadium, Dharmapuri 636 701. Dhule: H. No.
1793/A, J.B. Road, Near Tower Garden, Dhule 424 001. Durgapur: City Plaza Building, 3rd floor, City Centre, Durgapur 713 216. Erode: 197, Seshaiyer Complex, Agraharam Street, Erode
638 001. Faizabad: Amar Deep Building, 3/20/14, IInd Floor, Niyawan, Faizabad - 224001. Faridabad: B-49, Ist Floor, Nehru Ground, Behind Anupam Sweet House, NIT, Faridabad 121
001. Gandhidham: Plot No. 261, 1st Floor, Sector 1A, Om Mandap Galli, Gandhidham 370 201. Ghaziabad: 113/6 I Floor, Navyug Market, Ghaziabad 201 001. Panaji (Goa): No.108, 1st
Floor, Gurudutta Bldg, Above Weekender, M G Road, Panaji (Goa) 403 001. Gondal (Parent Rajkot): A/177, Kailash Complex, Opp. Khedut Decor, Gondal 360 311. Gorakhpur: Shop No.
3, Second Floor, The Mall, Cross Road, A.D. Chowk, Bank Road, Gorakhpur 273 001. Gulbarga: Pal Complex, Ist Floor, Opp. City Bus Stop, Super Market, Gulbarga 585 101. Guntur: Door
No 5-38-44, 5/1 Brodipet, Near Ravi Sankar Hotel, Guntur 522 002. Gurgaon: SCO-16, Sector-14, First floor, Gurgaon 122 001. Guwahati: A.K. Azad Road, Rehabari, Guwahati 781 008.
Gwalior: G-6 Global Apartment, Kailash Vihar Colony, Opp. Income Tax Office, City Centre, Gwalior 474 002. Haldia: 2nd Floor, New Market Complex, 2nd Floor, New Market Complex,
Durgachak Post Office, Purba Medinipur District, Haldia 721 602. Haldwani: Durga City Centre, Nainital Road, Haldwani 263 139. Hazaribagh: Municipal Market, Annanda Chowk,
Hazaribagh 825 301. Himmatnagar: D-78 First Floor, New Durga Bazar, Near Railway Crossing, Himmatnagar 383 001. Hisar: 12, Opp.Bank of Baroda, Red Square Market, Hisar 125 001.
Hoshiarpur: Near Archies Gallery, Shimla Pahari Chowk, Hoshiarpur 146 001. Hosur: No.9/2, 1st Floor, Attibele Road, HCF Post, Behind RTO office Mathigiri, Hosur, 635 110. Hubli:
No.204-205, 1st Floor, B Block, Kundagol Complex, Opp.Court, Club Road, Hubli 580 029. Secunderabad: 208, II Floor, Jade Arcade, Paradise Circle, Secunderabad 500 003. Indore: 101,
Shalimar Corporate Centre, 8-B, South tukogunj, Opp.Greenpark, Indore 452 001. Jabalpur: 8, Ground Floor, Datt Towers, Behind Commercial Automobiles, Napier Town, Jabalpur 482001.
Jaipur: R-7, Yudhisthir Marg,C-Scheme, Behind Ashok Nagar Police Station, Jaipur 302 001. Jalandhar: 367/8, Central Town, Opp.Gurudwara Diwan Asthan, Jalandhar 144 001. Jalgaon:
Rustomji Infotech Services, 70, Navipeth, Opp. Old Bus Stand, Jalgaon 425 001. Jalna: Shop No 6, Ground Floor, Anand Plaza Complex, Bharat Nagar, Shivaji Putla Road, Jalna 431 203.
Jammu: JRDS Heights, Lane Opp. S&S Computers, Near RBI Building, Sector 14, Nanak Nagar, Jammu 180 004. Jamnagar: 207, Manek Centre , P.N. Marg, Jamnagar, 361008. Jamshedpur:
Millennium Tower, R Road, Room No:15 First Floor, Bistupur, Jamshedpur 831 001. Jaunpur: 248, Fort Road, Near Amber Hotel, Jaunpur 222 001. Jhansi: Opp SBI Credit Branch, Babu
Lal Kharkana Compound, Gwalior Road, Jhansi 284 001. Jodhpur: 1/5, Nirmal Tower, Ist Chopasani Road, Jodhpur 342 003. Junagadh: Aastha Plus PLUS, 202-A, 2nd Floor, Sardarbagh
Road, Near Alkapuri, Opp: Zansi Rani Statue, Junagadh 362 001. Kadapa: Bandi Subbaramaiah Complex, No:3/1718, Shop No: 8, Raja Reddy Street, Kadapa 516 001. Kakinada: No.33-1,
44 Sri Sathya Complex, Main Road, Kakinada 533 001. Kalyani: A-1/50, Block-A, Dist Nadia, Kalyani 741 235. Kannur: Room No.14/435, Casa Marina Shopping Centre, Talap, Kannur 670
004. Kanpur: I Floor 106 to 108, City Centre Phase II, 63/2, The Mall, Kanpur 208 001. Karimnagar: HNo.7-1-257, Upstairs S B H, Mangammathota, Karimnagar 505 001. Karnal (Parent
: Panipat TP): 7, IInd Floor, Opp. Bata Showroom, Kunjapura Road, Haryana, Karnal 132 001. Karur: 126 G, V.P.Towers, Kovai Road, Basement of Axis Bank, Karur 639 002. Katni: 1st
Floor, Gurunanak Dharmakanta, Jabalpur Road, Bargawan, Katni 483 501. Kestopur: S. D. Tower, Sreeparna Apartment, AA-101, Prafulla Kannan (West), Shop No. 1M, Block-C, Ground
Floor, Kolkata, Kestopur 700 101. Khammam: Shop No: 11-2-31/3, 1st floor, Philips Complex, Balajinagar, Wyra Road, Near Baburao Petrol Bunk, Khammam 507 001. Kharagpur: H.
NO.291/1, Ward No-15, Malancha Main Road, Opposite UCO Bank, Kharagpur 721 301. Kolhapur: 2 B, 3rd Floor, Ayodhya Towers, Station Road, Kolhapur 416 001. Kolkata: Saket
Building, 44 Park Street, 2nd Floor, Kolkata 700 016. Kolkata: Room No. 3A, Commerce House, 4th Floor, Kolkata 700 013. Kollam: Kochupilamoodu Junction, Near VLC, Beach Road,
Kollam 691 001. Kota: B-33 Kalyan Bhawan, Triangle Part, Vallabh Nagar, Kota 324 007. Kottayam: CAMS Service Center, Jacob Complex, Building No - Old No-1319F, New No -
2512D,Behind Makkil Centre, Good Shepherd Road, Kottayam 686001. Phone 0481-6060018, email: camsktm@camsonline.com. Kumbakonam: Jailani Complex, 47, Mutt Street,
Kumbakonam 612 001. Kurnool: H.No.43/8, Upstairs, Uppini Arcade, N R Peta, Kurnool 518 004. Lucknow: Off # 4,1st Floor,Centre Court Building, 3/c, 5-Park Road, Hazratganj, Lucknow
226 001. Ludhiana: U/GF, Prince Market, Green Field, Near Traffic Lights, Sarabha Nagar Pulli, Pakhowal Road, Ludhiana 141 002. Madurai: Ist Floor, 278, North Perumal Maistry street,
Nadar Lane, Madurai 625 001. Malda: Daxhinapan Abasan, Opp Lane of Hotel Kalinga, SM Pally, Malda 732 101. Mangalore: No. G 4 & G 5, Inland Monarch, Opp. Karnataka Bank, Kadri
Main Road, Kadri, Mangalore 575 003. Manipal: Trade Centre, 2nd Floor, Syndicate Circle, Starting Point, Manipal 576 104. Mapusa (Parent ISC : Goa): Office no.CF-8, 1st Floor, Business
Point, Above Bicholim Urban Co-op Bank, Angod, Mapusa 403 507. Margao: Virginkar Chambers I Floor, Near Kamath Milan Hotel, New Market, Near Lily Garments, Old Station Road,
Margao 403 601. Mathura: 159/160 Vikas Bazar, Mathura 281 001. Meerut: 108 Ist Floor Shivam Plaza, Opposite Eves Cinema, Hapur Road, Meerut 250 002. Mehsana: 1st Floor, Subhadra
Complex, Urban Bank Road, Mehsana 384 002. Moga: Gandhi Road, Opp Union Bank of India, Moga 142 001. Moradabad: B-612 Sudhakar, Lajpat Nagar, Moradabad 244 001. Mumbai:
Rajabahdur Compound, Ground Floor, Opp Allahabad Bank, Behind ICICI Bank, 30, Mumbai Samachar Marg, Fort, Mumbai 400 023. Muzaffarpur: Brahman toli, Durgasthan, Gola Road,
Muzaffarpur 842 001. Mysore: No.1, 1st Floor, CH. 26 7th Main, 5th Cross, (Above Trishakthi Medicals), Saraswati Puram, Mysore 570 009. Nadiad (Parent TP: Anand TP): F-142, 1st Floor,
Ghantakarna Complex, Gunj Bazar, Nadiad 387 001. Nagpur: 145 Lendra, New Ramdaspeth, Nagpur 440 010. Namakkal: 156A/1, First Floor, Lakshmi Vilas Building, Opp. To District
Registrar Office, Trichy Road, Namakkal, Namakkal 637 001. Nasik: Ruturang Bungalow, 2 Godavari Colony, Behind Big Bazar, Near Boys Town School, Off College Road, Nasik 422 005.
Navasari: 16, 1st Floor, Shivani Park, Opp. Shankheswar Complex, Kaliawadi, Navasari-396445 Nellore: 97/56, I Floor Immadisetty Towers, Ranganayakulapet Road, Santhapet, Nellore
524 001. New Delhi: 7-E, 4th Floor, Deen Dayaal Research Institute Building, Swami Ram Tirath Nagar, Near Videocon Tower Jhandewalan Extension, New Delhi 110 055. New Delhi (CC):
Flat No. 512, Nariman Manzil, 23, Barakhamba Road, Connaught Place, New Delhi 110 001. Noida: C-81,1st floor, Sector-2, Noida 201 301. Palakkad: 10/688, Sreedevi Residency,
Mettupalayam Street, Palakkad, Palakkad 678 001. Palanpur: 3rd Floor, T-11, Opp.Goverment Quarter, College Road, Palanpur 385 001. Panipat: 83, Devi Lal Shopping Complex, Opp ABN
Amro Bank, G.T.Road, Panipat 132 103. Patiala: 35, New Lal Bagh Colony, Patiala 147 001. Patna: G-3, Ground Floor, Om Vihar Complex, SP Verma Road, Patna 800 001. Pondicherry:
S-8, 100, Jawaharlal Nehru Street, (New Complex, Opp. Indian Coffee House), Pondicherry 605 001. Pune: Nirmiti Eminence, Off No. 6, I Floor, Opp Abhishek Hotel Mehandale Garage
Road, Erandawane, Pune 411 004. RaeBareli: 17, Anand Nagar Complex, Rae Bareli 229 001. Raipur: HIG,C-23 , Sector-1, Devendra Nagar, Raipur 492 004. Rajahmundry: Door No:
6-2-12, 1st Floor, Rajeswari Nilayam, Near Vamsikrishna Hospital, Nyapathi Vari Street, T Nagar, Rajahmundry 533 101. Rajapalayam: No 59 A/1, Railway Feeder Road, Near Railway
Station, Rajapalayam 626 117. Rajkot: Office 207-210, Everest Building, Harihar Chowk, Opp Shastri Maidan, Limda Chowk, Rajkot 360 001. Ranchi: 4, HB Road, No: 206, 2nd Floor Shri
Lok Complex, H B Road Near Firayalal, Ranchi 834 001. Ratlam: Dafria & Co, 18, Ram Bagh, Near Scholars School, Ratlam 457 001. Ratnagiri: Kohinoor Complex, Near Natya Theatre,
Nachane Road, Ratnagiri 415 639. Rohtak: 205, 2nd Floor, Blg. No. 2, Munjal Complex, Delhi Road, Rohtak 124 001. Roorkee: 22 Civil Lines Ground Floor, Hotel Krish Residency, Roorkee
247 667. Rourkela: 1st Floor, Mangal Bhawan, Phase II, Power House Road, Rourkela 769 001. Sagar: Opp. Somani Automobiles, Bhagwanganj, Sagar 470 002. Saharanpur: I Floor,
Krishna Complex, Opp. Hathi Gate, Court Road, Saharanpur 247 001. Salem: No.2, I Floor Vivekananda Street, New Fairlands, Salem 636 016. Sambalpur: C/o Raj Tibrewal & Associates,
Opp.Town High School,Sansarak, Sambalpur 768 001. Sangli: Jiveshwar Krupa Bldg, Shop. No 2, Ground Floor, Tilak Chowk, Harbhat Road, Sangli 416 416. Satara: 117/A/3/22, Shukrawar
Peth, Sargam Apartment, Satara 415 002. Shahjahanpur: Bijlipura, Near Old Distt Hospital, Near Old Distt Hospital, Shahjahanpur 242 001. Shimla: I Floor, Opp. Panchayat Bhawan Main
gate, Bus stand, Shimla 171 001. Shimoga: Nethravathi, Near Gutti Nursing Home, Kuvempu Road, Shimoga 577 201. Siliguri: 17B. Swamiji Sarani, Siliguri, 734001. Sirsa: Beside
Overbridge, Next to Nissan Car Showroom, Hissar Road, Sirsa 125 055. Sitapur: Arya Nagar, Near Arya Kanya School, Sitapur 261 001. Solan: 1st Floor, Above Sharma General Store,
Near Sanki Rest house, The Mall, Solan 173 212. Solapur: Flat No 109, 1st Floor, A Wing, Kalyani Tower, 126 Siddheshwar Peth, Near Pangal High School, Solapur 413 001. Sri
Ganganagar: 18 L Block, Sri Ganganagar 335 001. Srikakulam: Door No 5-6-2, Punyapu Street, Palakonda Road, Near Krishna Park, Srikakulam 532 001. Sultanpur: 967, Civil Lines, Near
Pant Stadium, Sultanpur 228 001. Surat: Plot No.629, 2nd Floor, Office No.2-C/2-D, Mansukhlal Tower, Beside Seventh Day Hospital, Opp.Dhiraj Sons, Athwalines, Surat 395 001.
Surendranagar: 2 M I Park, Near Commerce College, Wadhwan City, Surendranagar 363 035. Thane: 3rd Floor, Nalanda Chambers, B Wing, Gokhale Road, Near Hanuman Temple,
Naupada, Thane 400 602. Tirupur: 1(1), Binny Compound, II Street, Kumaran Road, Tirupur 641 601. Thiruvalla: Central Tower, Above Indian Bank, Cross Junction, Thiruvalla 689 101.
Tinsukia: Dhawal Complex, Ground Floor, Durgabari, Rangagora Road, Near Dena Bank, Tinsukia 786 125. Tirunelveli: 1 Floor, Mano Prema Complex, 182/6, S.N High Road, Tirunelveli
627 001. Tirupathi: Shop No 6, Door No 19-10-8 ( Opposite Passport office),AIR Bypass Road, Tirupathi 517501. Trichur: Room No. 26 & 27, Dee Pee Plaza, Kokkalai, Trichur 680
001. Trichy: No 8, I Floor, 8th Cross West Extn, Thillainagar, Trichy 620 018. Trivandrum: R S Complex, Opposite of LIC Building, Pattom PO, Trivandrum 695 004. Tuticorin: Ground Floor,
Mani Nagar, Tuticorin 628 003. Udaipur: 32 Ahinsapuri, Fatehpura Circle, Udaipur 313 004. Ujjain:, 123, 1st Floor, Siddhi Vinanyaka Trade Centre, Saheed Park, Ujjain 456 010. Unjha
(Parent: Mehsana): 10/11, Maruti Complex, Opp. B R Marbles, Highway Road, Unjha 384 170. Vadodara: 103 Aries Complex,BPC Road, Off R.C. Dutt Road, Alkapuri, Vadodara 390 007.
Valsad: 3rd floor, Gita Nivas, opp Head Post Office, Halar Cross Lane, Valsad 396 001.Vapi: 208, 2nd Floor, Heena Arcade, Opp. Tirupati Tower, Near G.I.D.C., Char Rasta, Vapi, Gujarat-396
195. Varanasi: Office no 1, Second floor, Bhawani Market, Building No. D-58/2-A1, Rathyatra, Beside Kuber Complex,Varanasi-221 010. Vasco (Parent Goa): No DU 8, Upper Ground Floor,
Behind Techoclean Clinic, Suvidha Complex, Near ICICI Bank, Vasco da gama 403 802. Vellore: No.1, Officers Line, 2nd Floor, MNR Arcade, Opp. ICICI Bank, Krishna Nagar, Vellore 632
001. Vijayawada: 40-1-68, Rao & Ratnam Complex, Near Chennupati Petrol Pump, M.G Road, Labbipet, Vijayawada 520 010. Visakhapatnam: 47/9/17, 1st Floor, 3rd Lane, Dwaraka Nagar,
Visakhapatnam 530 016. Warangal: A.B.K Mall, Near Old Bus Depot Road, F-7, 1st Floor, Ramnagar, Hanamkonda, Warangal 506 001. Yamuna Nagar: 124-B/R Model Town, Yamuna Nagar
135 001. Yavatmal: Pushpam, Tilakwadi, Opp. Dr. Shrotri Hospital, Yavatmal 445 001.
L&T Investment Management Limited - Investor Service Centres
Ahmedabad: 301, Raindrops Buildng, Opp. Cargo motors, C.G. Road, Ellis bridge, Ahmedabad 380 006. Bengaluru: 17, AL-NOOR, Palace
Road, High Grounds, Bengaluru 560 052. Chandigarh: Meeting Point, Cabin No 3, 1st Floor, SCO 487-488, Sector 35-C, Chandigarh
160 022. Bhubaneshwar: 1st Floor, Rajdhani House, 77 Janpath, Kharvel Nagar, Bhubaneshwar - 751 001, Orissa. Chennai: KGN
Towers, 06th floor No.62, Ethiraj Salai, (Commander- In-Chief Road) Egmore, Chennai 600 105. Cochin: Door No. 66/622, Chicago
Plaza, 4th Floor, Rajaji Road, Cochin - 682035. Goa: Edcon Towers, 1st Floor, Shop No. F2, Menezes Braganza Road, Panaji 403 001.
Hyderabad: 4th floor, APDL Estates, 7-1-21/A, Survey No. 341/1, Diagonally opposite to Country Club Begumpet, Hyderabad 500 017.
Indore: Unit No 406, 4th floor, City Center, 570 M. G. Road, Indore 452001. Jaipur: Unit No. 201 & 202, Trimurty, V-Jay City Point,
D-52, Ahinsa Circle, Ashok Marg, C-Scheme, Jaipur 302 001. Jamshedpur: Shop no- B, 1st Floor, RR Square, Bistupur, Jamshedpur 831
001. Kanpur: 5th Floor, Unit 512, Kan Chamber, 14/113 Civil Lanes, Kanpur- 208001. Kolkata: L&T House, 1st Floor, 3-B, Shakespeare
Sarani, Kolkata 700 071. Lucknow: Office No.104, 1st Floor, Sky high Chamber, 5 Park Road, Lucknow 226 001. Ludhiana: SCO-122,
1st Floor, Feroze Gandhi Market, Ludhiana 141 001. Mumbai (HO): 6th Floor, Brindavan, Plot No. 177, CST Road Kalina, Santacruz East
Mumbai 400 068. Mumbai: Ground Floor, Bakhtawar, Nariman Point, Mumbai 400 021. Nagpur: Chamber No-S3, Yoshoda Apartment,
Plot No-20, Near Mata Mandir, Dharampeth, Nagpur 440 010. New Delhi: 6th Floor, DCM Building, 16, Barakhamba Road, Connaught
Place, Above Barakhamba Road Metro Station, New Delhi 110 001. Patna: Unit No. 609, 6th Floor, Hariniwas Complex, Dak Bunglow
Road, Patna 800 001. Pune: Unit No-406, 4t Floor, Nucleus Mall, 1, Church Road, Opposite to Police Commisioner Office, Camp, Pune
411 001. Surat: Ground Floor, C Wing , Office No. G-9, ITC Building, Majuragate, Surat 395 002. Vadodara: 2A, Ground Floor, Soham
Flats, Opp. HDFC Bank, 49, Alkapuri Society, Alkapuri, Vadodara 390 007.
L&T Investment Management Limited - Sales Offices
Agra: Block No 9/4, Shanker Point, Adjacent Income Tax, Sanjay Place, Agra 282 002. Allahabad: UG -12,Vashishtha Vinayak Tower,
Tashkent Marg, Civil Lines, Allahabad 211 001. Amritsar: S.C.O. 25, Mezzanine Floor, Dist: Shopping Complex, Ranjit Avenue B-Block,
Amritsar 143 001. Bhavnagar: Shop No-FF-5, Gopi Arcade, Waghawadi Road, Bhavnagar 364 002. Bhopal: MM-31- Block C, Mansarover
Complex, Habibganj, Bhopal 462 016. Coimbatore: 306, Aishwarya Commercial Centre, 196/37, T.V. Samy Road West, R.S. Puram,
Coimbatore 641 002 . Cuttack: 1st Floor, OSL Tower-3, Badambadi Square, Cuttack 753 009.. Dehradun: Ground Floor-24, Sri Radha
Palace, Plot No78, Rajpur Road, Opp. Pizza Hut, Dehradun 248 001. Dhanbad: 1st floor, Rathod Mansion, Bank More, Below UCO
Bank, Dhanbad 826 001. Durgapur: B-27, Biplabi Rasbihari, Basu Sarani, Bidhan Nagar, Sector 2A, Durgapur 713 212. Gorakhpur:
Shop No.19, 2nd Floor, Cross Road, The Mall, Bank Road, Gorakhpur 273 001. Gwalior: 2nd Floor, JJ Plaza, Huzrat Chauraha, Lashkar,
Gwalior 474 001. Guwahati: 3rd Floor, D D Tower Christian Basti Guwahati 781 005. Hubli: B Block, 1st Floor, Mohinder Plaza, Opp.
Galgali Nursing Home, Travellers Bungalow Road, Deshpande Nagar, Hubli 580 029. Jalandhar: SCO 47, 2nd floor, Gauri, Tower, Puda
complex, Opp. Tehsil complex, Jalandhar 144 001. Jammu: 70 D/C, Gandhi Nagar, Near Valmiki Chawk, Jammu 180 004. Jamnagar:
G-43, Ground Floor, Madhav Plaza, Opp. SBI Bank, Near Lal Bunglow Jamnagar 361 001. Jodhpur: Jaya Enclave, 78-79/4, 1st A Road,
Sardarpura, Jodhpur 342 003. Kolhapur: 1st Floor, F01 & F02, Jaduben Plaza, 1108/E, Shahupuri, Kolhapur-416 001. Madurai: 278,
North Perumal Maistry Street, 1st Floor, Nadar Lane, Madurai 625 001. Mangalore: No-14-4-511-50-, 3rd floor, Crystal ARC, Balmata
Road, Hampanakatta, Mangalore 575 001. Meerut: 2nd Floor, Metro Arcade, Tezgarhi, Near BSNL Office, Meerut 250 004. Moradabad:
8/8/4/A, First Floor, Near Raj Mahal Hotel, Civil Lines, Moradabad, U.P. 244001. Mysore: Kiran Mansion, First Floor, No. 646, Chamaraja
Double Road, Mysore 570024. Nashik: 719 & 720, Plot No 28, Vise Mala Area, Sulochana Co operative Housing Society Limited,
Nashik 422 005. Raipur: 1st floor, Mezzanine Floor, Chawla Complex, Sainagar, Devendra Nagar Road, Raipur 492 001. Rajkot: 302,
Metro Plaza, Near Eagle Travels, Moti Taki Chowk, Rajkot 360 001. Ranchi: 1st Floor, 45, Garikhana, Near PNB, Harmu Road, Ranchi
834 001. Rourkela: Sector 19, L&T House, Ambagan, Rourkela 769 005. Siliguri: C/O Sona Motors, 3rd mile, 3rd floor, Sevoke Road,
Siliguri 734 008. Thiruvanthapuram: Parmeswara Towers, T C 15/1948(4), Ganapathy Kovil Road, Opp. Canara Bank, Vazhuthacaud,
Thiruvanthapuram 695 014. Trichy: 2nd Floor, Sai Krishna Enclave, Block No. 14 Salai Road, Near Hotel Kanappa, Trichy 620 018.
Varanasi: Unit No- D64/127, CH Arihant Complex, Sigra, Varanasi 221 010. Vijaywada: Door No- 40-5-6/1, Brundavana Colony, Tikkil
Road, Street opposite to DV Manor Hotel, Labbipeta, Vijaywada 520 010. Vishakapatnam: D.No: 47-14-5/1, Flat No: 303, 2rd Floor,
Eswara Paradise, Beside State Bank of India, Dwarakanagar Main Road, Visakhapatnam 530 016.
The Funds website www.lntmf.com will be an official point of acceptance for accepting transactions in the units of the Scheme of the Fund.
Further, CAMS will be the official point of acceptance for electronic transactions received from specified banks, financial institutions, distribution channels,
etc. (mobilised on behalf of their clients) with whom the AMC has entered/may enter into specific arrangements for purchase/sale/switch of units.
Applications from Institutional investors will be accepted by LTIML via facsimile on 1800 4190 500 as well as via an electronic email sent at - transact@lntmf.
co.in, subject to satisfaction of requirements specified by LTIML.
For Further details please call at 1800 2000 400 or 1800 4190 200 Our phone lines are open from Monday to Friday, 9.00 am to 6.00 pm
call 1800 2000 400/1800 4190 200

www.lntmf.com

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Scheme Information Document

Continuous offer of units at applicable NAV

MUTUAL FUND INVESTMENT MANAGER

Asset Management Company

Registrar and Transfer Agent

Auditors to the Fund

I. Highlights of the Scheme

Type of Investor Transaction Charge(s)

Name of the scheme L&T Infrastructure Fund (L&TIF)

Name of the scheme L&T Infrastructure Fund (L&TIF)

Type of Investor Transaction Charge(s)

Name of the scheme L&T India Prudence Fund (L&TIPF)

Name of the scheme L&T India Prudence Fund (L&TIPF)

Exit Load For Redemption Load (% of Applicable NAV)

Load Structure Entry Load : Nil Entry Load : Nil

For Redemption Load For Redemption Load

Name of the Scheme L&T Equity Savings Fund (L&TESF)

Name of the Scheme L&T Equity Savings Fund (L&TESF)

Type of Investor Transaction Charge(s)

Type of Investor Transaction Charge(s)

Type of Investor Transaction Charge(s)

Type of Investor Transaction Charge(s)

Name of the scheme L&T Short Term Income Fund (L&TSTIF)

Name of the scheme L&T Short Term Income Fund (L&TSTIF)

Type of Investor Transaction Charge(s)

However, Transaction Charge(s) will not be deducted for the following:-

Name of the scheme L&T Short Term Opportunities Fund (L&TSTOF)

Name of the scheme L&T Short Term Opportunities Fund (L&TSTOF)

Type of Investor Transaction Charge(s)

Type of Investor Transaction Charge(s)

instruments can be expected to decline), general levels of

(E) Due diligence by the Asset Management Company

L&TIF : L&T Infrastructure Fund

Any other domestic xed income securities;

f) Benchmark The exposure to Derivatives will be calculated on notional value of

Money market instruments: Returns for last 3 years 23.98% 20.86%

(e) Investment Strategy Absolute Returns

(c) Asset allocation pattern 6. Convertible debentures.

Characteristics/Type of Mortgage Commercial Car 2 wheelers Micro Personal Single Others

6. Credit Rating for the instrument

reasons for the delay in rebalancing will be recorded in writing. 0.00

with the terms of prospectus/offer document of the Underlying

4.00 Equity & Equity related 20% 0% 5% Medium to

Portfolio Event Equity Derivative Total Risks:

Absolute Returns Type of Security Maximum Minimum Risk Profile

of investments in various oating and xed interest rate securities

** There were no investors in L&TFBF-Growth option as on March 31, 2011.

4.00 Subject to regulations and prevailing laws as applicable, the portfolio

CRISIL Short Term Bond Fund Index

All investments made by the Scheme will be made in accordance with

(g) How has the Scheme Performed? Portfolio Turnover

4.00 Obligations of banks (both public and private sector) including

b) Investment objective Certicate of Deposit (CDs);

(B) FUND MANAGERS

Fund Schemes managed Fund Schemes managed

Mr. Shriram L&T Income Opportunities Fund, L&T Triple Ace

Experience and Qualification of Fund Managers

(C) Fundamental Attributes (D) Portfolio Turnover

(J) Product Differentiation

(L) Investment in the Scheme(s) by the AMC, Sponsor or their

The application(s) will be processed under Direct / Non-Direct

5 Rate of tax with indexation benet Foreign Securities - Equity

The Mutual Fund shall value its investments according to the