1

A PROJECT REPORT
ON
“Analysis Of Mutual Fund Schemes Of Aditya Birla Sun Life Mutual fund”
AT

Submitted to
Vidyasagar University
Kolkata
Master of Business Administration
(2019-2021)
Submitted by
Kedaranatha padhy

BENGAL INSTITUTE OF BUSINESS STUDIES

KOLKATA

UNDER THE GUIDANCE OF

PROF.SUMITAVA PAUL
PROF.SHARBANI MUKHERJEE

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DECLARATION

I hereby that the study entitled “ANALYSIS OF MUTUAL FUND SCHEMES OF ABSL
MUTUAL FUND” is being submitted by me as my final year dissertation topic in
the partial fulfillment of the requirement for the award of masters of business
administration. The study is based on secondary sources of data/ information.

The material borrowed from similar titles other sources and incorporated in the
dissertation has been duly acknowledged.

The matter embodied in this project report has not been submitted to any other
university or institution for the award of degree. This project is my original work
and it has not been presented earlier in this manner. This information is purely of
academic interest.

Signature Date:

(Bengal Institute Of Business Studies)

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ACKNOWLEDGEMENT

I would like to express my special thanks to my guide as well as finance faculty Dr.
SUMITAVA PAUL for his valuable mentoring and inputs who gave me the golden

Opportunity to do this wonderful project on the topic ANALYSIS OF MUTUAL FUND

SCHEMES OF ABSL MUTUAL FUND, which also helped me in doing a lot of research
and I am really thankful to them.

Secondly I would also like to thank my parents and friends who helped me a lot in

finishing this project within the limited time

I am making these project not only for marks but to also my knowledge on gradually
transition of Indian economy in current scenario.

THANKS AGAIN TO ALL WHO HELPED ME.

Signature Of Student

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To whomever it may concern

This is to certify (Reg.No. Of 2019-2020 Roll no. )a

bonfide student of this College has completed his/ her dissertation as
per guidelines. He/she has done this completelyon his/her own and it is
a original work and not copied from any resource.

Thank you
Yours truly

Assistant Professor Bengal Institute of Business Studies

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ABSTRACT

Mutual funds mobilise the savings of the people and channelise it to the money
and capital market. One of the main advantages of mutual funds over any other
investment to small investor is that they give small investors access to
professionally managed, diversified portfolio of equities, bonds and other
securities, which is rather impossible for a small investor to create with a small
amount of capital he/ she owns. Mutual funds constitute a very important
component of the capital market in developed countries and are now becoming
vibrant in emerging markets like India. The origin of mutual funds industry in India
can be traced in the enactment of the Unit Trust of India (UTI) Act in 1963. Due to
historic reasons, the UTI enjoyed the total monopoly in the initial years and until
now continues to maintain the largest market share. The industry has now moved
from complete monopoly to that of a monopolistic competition. Presently, the
share of Net Assets of mutual funds is more than 7 percent of India’s gross domestic
product (GDP). Also, the monies accredited to mutual funds form an adequate part
of gross domestic savings (GDS) in the country. This indicates the important place
of mutual funds as an investment vehicle in the country. Majority of the money
parked in mutual funds come from the institutional segment including corporates,
banks and foreign institutional investors (FIIs). In which, corporates segment alone
account for about 90 percent of institutional AUM. The participation of retail
investors in AUM stands quite low, which shows the ample opportunity to be
tapped by the industry in coming years. The industry is dominated by the top 10
mutual fund players who control more than 80 percent of the AUM while the
bottom 10 mutual fund players control less than 1 percent of the AUM.
Geographically, 87 percent of AUM is covered by the top 15 cities of country. The
current situation reveals some hard and contradictory facts for the industry. Firstly,
the Indian mutual fund industry could not establish its worthiness as the preferred
investment vehicle among the general investors till now despite having more than
forty five years of its existence; even though the industry is growing consistently.
Secondly, there are some factors adversely affecting the investors’ confidence in
the industry but at the same time, fostering economic variables are giving faith for
its bright future. This contradictory state of mutual funds in the 2 country prompted
the researcher to conduct a study entitled “Problems and Prospects of Mutual
Funds in India”.

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CONTENTS

Sl no. Topic Page No.

1 Introduction 7

2 Literature Review 17

3 ABSL MF Equity Fund 19

4 ABSL MF Liquid Fund 35

5 ABSL MF Debt Fund 57

6 Research &Methodology 79

7 Recommendation &Suggestion 80

8 Conclusion &Bibilography 83

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INTRODUCTION
The objectives of mutual funds are as The Indian industry of mutual funds is evolving
continuously. There are several Indian industries bodies which are investing in investor
education. Investing in Mutual funds is still considered a risky option. The types of mutual fund
options available to an investor make it one of the most flexible and comprehensive investments
that are helpful for the people who are willing to invest.
The regulations of RBI and SEBI on mutual funds make it a safer option to maximize your profits
and invest money in something useful.

Concept of mutual funds in India

The name itself suggests that a ‘Mutual fund’ is like an investment channel that helps several
investors to combine their resources to purchase stocks, bonds, and other securities for their
earnings.

These combined funds which are referred to as Assets Under Management (AUM) are then
invested in a mutual fund company’s manager who has expertise in it. The mutual fund company
is called as an Asset Management Company (AMC).

This combined underlying holding of the fund is called the ‘portfolio’ and each investor owns
some portion of this portfolio and this portion which the person holds is in the form of units.

History of mutual funds in India

• In India, the industry dealing with mutual funds was established in the year 1963 with the
development of the Unit Trust of India (UTI) which was an initiative of the Indian
government and the Reserve Bank of India.
• The SBI Mutual Fund became the first NON-UTI mutual fund in India in the year 1987.
The year 1993 heralded a new era in this industry of mutual funds as it was marked by
the entry of private companies.
• The SEBI Mutual Fund Regulations came into being in 1996 after the passing of the
Securities and Exchange Board of India (SEBI) Act of 1992. After this, the Mutual fund
companies have extended and grown exponentially with the help of foreign institutions
setting companies in India through joint ventures and properties.
• The Association of Mutual Funds in India (AMFI), a non-profit organization, was founded
in 1995 as the industry developed. It was formed with the objective of promoting healthy
and ethical marketing practices in the mutual fund industry of India.
• SEBI has made the certificate of AMFI mandatory for all those who are engaged in
marketing mutual fund products.

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Objective of mutual funds

The objective of mutual fund are as follows:

• It helps in generating an additional source of income other than the general earnings.
• It helps in financing some of the future needs a person dreams of, such as buying a home,
post-retirement plans, education of children and their education, legacy planning, etc.
• It can help in increasing the savings a person possesses.
• It is useful in reducing tax liabilities.
• It helps in protecting your savings from inflation.

What is a mutual fund?

A mutual fund is a commercial product that invests in stocks or bonds.
A mutual fund is a pool of investment which is managed professionally for the purpose of
purchasing various securities and culminating them into a strong portfolio that will give you
attractive returns over and it will be above the risk-free returns which are currently being offered
by the market.

How mutual funds work in India ?

• The working of mutual funds in India is the same as that of the USA. These funds are
regulated by SEBI in India.
• In order to start funding, the starters need to have at least 5-year experience in the
financial industry.
• He should have maintained a net worth for 5 years after he gets registered.
• A minimum start-up capital of about Rs. 500 million and Rs. 200 million is required for
open ended and close-ended schemes respectively.
• SEBI registration is compulsory. After it, the sponsor should form a trust to hold all the
assets of the fund either by appointing a new company or by choosing any existing Asset
Management Company (AMC).
• The trust’s job is to overlook the funds and it should be done considering the best
interests of the shareholders.
• The Asset Management Company manages the portfolio of the fund and then shares the
information with the shareholders.
• The funds are invested in various sectors like IT, real estate, etc.
• In case one sector is unable to perform well then the others will compensate for it and
average out the loss suffered.
• The fund managers will send the account statements quarterly to the investors. The
financial reports of the fund are also sent to the investors so that they can monitor how
the fund is performing.
• Mutual fund investment is flexible in nature and it can be done in many ways as the
minimum investment amount is Rs. 500.

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• An investor can invest offline, online, directly or through fund managers. It provides
easy liquidity to investors as one can easily encash the money at the time of need.
• There is a transparency in the investment making since it is under the SEBI guidelines.
• A monthly report is shared by investors to make the investment more transparent.
• A load fund charges commission on the purchase and sometimes at the time of sale. But
no loan funds are free from commissions.

Regulation of Mutual Funds in India

The term “regulation” means a rule or directive made and controlled by an authority.

• Mutual funds are regulated by the Securities and Exchange Board of India (SEBI).
• In 1996, SEBI formulated the Mutual Fund Regulation.
• SEBI is additionally the apex regulator of capital markets and its intermediaries.
• The issuance and trading of capital market instruments also come under the purview of
SEBI.
• Along with SEBI, mutual funds are regulated by RBI, Companies Act, Stock exchange,
Indian Trust Act and Ministry of Finance.
• RBI acts as a regulator of Sponsors of bank-sponsored mutual funds, especially in the case
of funds offering guaranteed returns.
• In order to provide a guaranteed returns scheme, a mutual fund needs to take approval
from RBI.
• The Ministry of Finance acts as a supervisor of RBI and SEBI and appellate authority under
SEBI regulations.
• Mutual funds can appeal to the Ministry of finance on the SEBI rulings.

Types Of Mutual Funds –

Classification of mutual funds
March 18, 2013 By Rajasekhara Reddy. Modified On March 18, 2013
Types of Mutual Funds available can be classified based on parameters
like fund structure, investment horizon, objectives etc., Classification of
Mutual Funds according to their nature helps investors to choose better
funds based on their risk and return. In India, various types of
mutual funds are available with unique features to suit various investors
based on their age, expected returns, risk tolerance, needs and how
stable their finances are.

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Types of mutual funds by structure:

Mutual funds can be classified into open ended, closed ended and
interval schemes based on how they accept subscriptions from
investors.
Open ended mutual funds: These are most common funds
available. Fund houses buy and sell units of mutual funds directly from
investors at prevailing Net Asset Value (NAV). These funds provide exit
options for investors at NAV, which is actual worth of unit of mutual
funds. Fund houses publish NAV daily.
Close ended Mutual Funds: After closing of New Fund Offer (NFO),
investors can not buy or sell their units directly with fund house. Units
of close ended mutual funds are listed and traded in stock exchanges
like normal shares. They are not liquid as trading volumes are very less
and most of the times, the traded price is less than fair price of the unit.
Interval Funds : Interval funds are funds with features of both open
ended and close ended funds. They are close funds with an option to
transact with funds directly for certain pre mentioned periods. When
they are open for subscription / redemption during certain intervals
(periods), they have open ended fund nature and rest of the time close
ended fund nature.
Types of Mutual Fund by investment objective
Growth Schemes: Growth schemes have investment objective to
generate wealth in long term for investors. These are most suitable for
investors who are looking for accumulation of wealth for longer period
of time. Usually these are suitable for investors who are looking for goal
based investment like child education, own house and so on.
Income Schemes: Income schemes are for people who are looking for
regular income from their accumulated wealth. These are suitable for
people who are looking for regular income for their regular needs. For
example, for retired people who wish to invest certain amount and have
a regular income from them. Usually, incomes are paid by the way of
dividends and pay out of dividends are not guaranteed as required by
SEBI.
Balanced Fund Schemes: As the name indicates these funds try to
balance the components of capital appreciation, safety of capital and
incomes. To achieve this balance, these funds invest in a variety of
assets to achieve the balance.

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Money Market Schemes: Money market schemes are highly liquid

funds for investments as low as a day. These are used by companies
and organizations as a tool of treasury management to manage their
liquid funds and earn income on them.
Other Types of Mutual Funds
Tax Savings Schemes: Tax Savings schemes are popularly known as
Equity Linked Savings Schemes (ELSS). They are closed mutual funds
which invest primarily in equity related instruments to benefit from
available tax concession under Section 80C of income tax act. All ELSS
investments with a 3 year lock in period are eligible for tax exemption
up to 1,00,000 rupees per year.
Index Schemes: As the name indicates, these funds invest in index
funds by following passive management. Advantages of index schemes
are lesser fund management fees. They typically provide returns that of
index they are bench marked. Usually returns are little less than index
returns (Known as Tracking Error) due to fund fees, necessity to keep
liquid cash which is not invested etc.,
Sector Schemes: Sector Schemes invest in a particular sector. Little
variation of sector funds are theme funds which invest in a related theme
rather than in a single sector. These are high risk funds as every sector
has its life cycle with ups and downs. An example will be infrastructure
funds which did not perform since 2008 market collapse.
Fund of Funds: These funds invest in selected mutual funds and have
the advantage of further diversification of different investment styles of
different fund managers. Although direct expenses with funds are less
as they do not carry out transactions, research etc., they need to bear
the expenses of other funds in the proportionate ratio of their
investment.
This classification is based on amfiindia guidelines.
Also see another alternative types of mutual funds classification. (To be
updated)

Who regulates mutual funds in India

• Primarily, mutual funds are regulated by the Securities and Exchange Board of India
(SEBI).
• A mutual fund should have the approval of RBI in order to provide a guaranteed returns
scheme.
• The Ministry of Finance acts as a supervisor of RBI and SEBI and appellate authority under
SEBI regulations.

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• The Association of Mutual Funds in India (AMFI) has been made to develop this Mutual
Fund Industry of India on professional and ethical lines and to enhance and maintain
standards in all areas with a view to protect and promote the interests of mutual funds
and their unitholders.

Mutual Fund Investments – SEBI Guidelines

The regulator for markets in India, SEBI (Securities and Exchange Board of India), works
for the protection of investors’ interest in securities while regulating and promoting the
securities’ market. The organisation has created guidelines for investors to gain
awareness regarding the manner in which mutual funds function by offering the required
information. The regulator aims to simplify the wide variety of schemes that tend to
confuse investors due to their complexity. The guidelines regarding the consolidation and
merger of MF schemes are created in an effort to make it easier for investors to compare
different schemes made available by mutual fund companies.

Guidelines Regarding Structure

The guidelines regarding the structure of schemes define a Guarantor as someone who
introduces a mutual fund. The guarantor’s role is to generate revenue through the launch
of a mutual fund. The fund is then handed to a fund manager.
A sponsor, according to the guidelines, is defined as someone who sets up schemes in
keeping with the regulations of the Indian Trust Act, 1882. Sponsors primarily have the
role of listing the schemes with the Securities and Exchange Board of India.
The Securities and Exchange Board of India is responsible for making policies related to
mutual funds. It also has the responsibility of regulating the industry and laying down the
law so that investors’ interest is safeguarded. So far as ‘asset allocation’ and ‘investment
strategy’ are concerned, mutual funds can be very different from one another. The new
guidelines have focused on uniformity so far as the functioning of schemes is concerned.
Investors will, therefore, find it easier to make investment decisions. To make things
standard and to introduce uniformity in schemes that are similar to one another, the
following is the manner in which mutual funds are categorised:

• Equity funds
• Debt funds
• Balanced or hybrid funds
• Solution-oriented funds
• Other funds

Major Highlights of SEBI Regulations for Investment in

Mutual Funds
The following are the major highlights of the regulator’s guidelines regarding mutual
funds:
• Mutual funds have been categorised into 5 groups – equity, debt, balanced, solution-oriented,
and others.

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• Definitions of small, mid, and large cap have been made clearer to facilitate uniformity.
• Solution-oriented funds come with a lock-in period.
• Only one scheme is permitted in each category, apart from ETFs or index funds, thematic or
sectoral funds, and fund of funds.
Apart from laying down the law, the Securities and Exchange Board of India has also
created guidelines for investors.

SEBI Guidelines for Investors

• Assessing personal finances: Mutual funds are highly diverse investment options. As a result,
they carry some risk with them. Investors are urged to be clear when they assess their financial
standing. They are also asked to be careful when assessing their ability to bear risk in case a
scheme does not perform as expected. The risk appetite of investors must be considered
individually in keeping with each scheme.
• Research information regarding schemes: Before making investments in mutual funds, it is
essential for investors to attain detailed information regarding the scheme in which they wish to
invest. Equipping yourself with all the details regarding your investment options will make it
easy to make the right decision.
• Diversification of portfolios: Investors can spread their investments carefully by diversifying their
portfolios. As a result, the potential to mitigate risks or maximise profits of potentially major
losses increases. Diversification of portfolios is instrumental in gaining sustainable long-term
financial results.
• Refrain from cluttering portfolios: Select the right funds to create a portfolio needs professional
management of the schemes in addition to careful monitoring. Investors should ensure that
their portfolio is not cluttered while choosing the number of schemes to add to their portfolio in
order to ensure that the schemes can be well-managed individually as well as collectively.
• Assign time frames: Investors are advised to ensure that a time frame is assigned to each
scheme in order to ensure that the plan grows. If there is stability in the maintenance of the
schemes, market fluctuations and volatility can be curbed significantly.

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AMFI REGULATIONS FOR MUTUAL FUND:

Association of Mutual Funds in India

CODE OF CONDUCT FOR INTERMEDIARIES OF MUTUAL FUNDS(REVISED)
1. Consider investor's interest as paramount and take necessary steps to ensure that the
investor's interest is protected in all circumstances.
2. Adhere to SEBI Mutual Fund Regulations and guidelines issued from time to time related
to distributors, selling, distribution and advertising practices. Be fully conversant with the
key provisions of the Scheme Information Document (SID), Statement of Additional
Information (SAI) and Key Information Memorandum (KIM) as well as the operational
requirements of various schemes.
3. Comply with SEBI guidelines / requirements issued from time to time in preparation of
sales, promotional or any other literature about any schemes. Performance disclosures
should also comply with the requirements specified by SEBI. Provide full and latest
information of schemes to investors in the form of SAI, SID, addenda, performance
reports, fact sheets, portfolio disclosures and brochures; and recommend schemes
appropriate for the investor's risk profile and needs.
4. Highlight risk factors of each scheme, desist from misrepresentation and exaggeration
and urge investors to go through SAI/SID/KIM before deciding to make investments.
5. Disclose to the investors all material information including all the commissions (in the form
of trail or any other mode) received for the different competing schemes of various Mutual
Funds from amongst which the scheme is being recommended to the investors.
6. Abstain from indicating or assuring returns in any type of scheme, unless the SID is
explicit in this regard.
7. Maintain necessary infrastructure to support the AMCs in maintaining high service
standards to investors, and ensure that critical operations such as forwarding forms and
cheques to AMCs/registrars and despatch of statement of account and redemption
cheques to investors are done within the time frame prescribed in the SID/SAI and SEBI
Mutual Fund Regulations.
8. Do not collude with investors in faulty business practices such as bouncing of cheques,
wrong claiming of dividend/redemption cheques, splitting of applications in the schemes
to circumvent regulations for any benefit, etc.

9. Do not undertake commission driven malpractices such as:

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o recommending inappropriate products solely because the intermediary is getting higher

commissions therefrom.
o encouraging over transacting and churning of Mutual Fund investments to earn higher
commissions.
o Splitting of applications to earn higher transaction charges / commissions.
10. Abstain from making negative statements about any AMC or scheme and ensure that
comparisons, if any, are made with similar and comparable products along with complete
facts.
11. Intermediaries shall keep themselves abreast with the developments relating to the
Mutual Fund Industry as also changes in the scheme information and information on
mutual fund / AMC like changes in fundamental attributes, changes in controlling interest,
loads, liquidity provisions, and other material aspects and deal with the investors
appropriately having regard to the up to date information.
12. Maintain confidentiality of all investor details, deals and transactions.
13. Intermediaries shall keep investor's interest and suitability to their financial needs as
paramount and that extra commission or incentive should never form the basis for
recommending a scheme to the investor.
14. Intermediaries shall not rebate commission back to investors and abstain from attracting
investors through temptation of rebate/gifts etc.
15. To protect the investors from potential fraudulent activities, intermediary should take
reasonable steps to ensure that the investor's address and contact details filled in the
mutual fund application form are investor's own details, and not of any third party. Where
the required information is not available in the application form, intermediary should make
reasonable efforts to obtain accurate and updated information from the investor.
Intermediaries should abstain from filling wrong / incorrect information or information of
their own or of their employees, officials or agents as the investor's address and contact
details in the application form, even if requested by the investor to do so. Intermediary
should abstain from tampering in any way with the application form submitted by the
investor, including inserting, deleting or modifying any information in the application form
provided by the investor.
16. Intermediaries including the sales personnel of intermediaries engaged in sales /
marketing shall obtain NISM certification and register themselves with AMFI and obtain a
Employee Unique Identification Number (EUIN) from AMFI apart from AMFI Registration
Number (ARN). The Intermediaries shall ensure that the employees quote the EUIN in
the Application Form for investments. The NISM certification and AMFI registration shall
be renewed on timely basis. Employees in other functional areas should also be
encouraged to obtain the same certification.
17. Intermediaries shall comply with the Know Your Distributor (KYD) norms issued by AMFI.
18. Co-operate with and provide support to AMCs, AMFI, competent regulatory authorities,
Due Diligence Agencies (as applicable) in relation to the activities of the intermediary or
any regulatory requirement and matters connected thereto.
19. Provide all documents of its investors in terms of the Anti Money Laundering / Combating
Financing of Terrorism requirements, including KYC documents / Power of Attorney /

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investor's agreement(s), etc. with Intermediaries as may be required by AMCs from time
to time.
20. Be diligent in attesting / certifying investor documents and performing In Person
Verification (IPV) of investor's for the KYC process in accordance with the guidelines
prescribed by AMFI / KYC Registration Agency (KRA) from time to time.
21. Adhere to AMFI guidelines and Code of Conduct issued from time to time related to
distributors, selling, distribution and advertising practices.
22. Intimate the AMC and AMFI any changes in the intermediary's status, constitution,
address, contact details or any other information provided at the time of obtaining AMFI
Registration.
23. Observe high standards of ethics, integrity and fairness in all its dealings with all parties
- investors, Mutual Funds / AMCs, Registrars & Transfer Agents and other intermediaries.
Render at all times high standards of service, exercise due diligence, and ensure proper
care.
24. Intermediaries satisfying the criteria specified by SEBI for due diligence exercise, shall
maintain the requisite documentation in respect of the "Advisory" or " Execution Only"
services provided by them to the investors.
25. Intermediaries shall refund to AMCs, either by set off against future commissions or
payment, all incentives of any nature, including commissions received, that are subject to
claw-back as per SEBI regulations or the terms and conditions issued by respective AMC.
26. In respect of purchases (including switch-in's) into any fund w.e.f. January 1, 2013, in the
event of any switches from Regular Plan (Broker Plan) to Direct Plan, all upfront
commissions paid to distributors shall be liable to complete and / or proportionate claw-
back.
27. Do not indulge in fraudulent or unfair trade practices of any kind while selling units of
Schemes of any mutual fund. Selling of units of schemes of any mutual fund by any
intermediary directly or indirectly by making false or misleading statement, concealing or
omitting material facts of the scheme, concealing the associated risk factors of the
schemes or not taking reasonable care to ensure suitability of the scheme to the investor
will be construed as fraudulent / unfair trade practice.
Note: SID should be read in conjunction with SAI, and not in isolation.

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Review of Literature
Jack Treynor (1965) developed a methodology for performance evaluation of a mutual fund
that is referred to as reward to volatility measure, which is defined as average excess return
on the portfolio. This is followed by Sharpe (1966) reward to variability measure, which is
average excess return on the portfolio divided by the standard deviation of the portfolio.
Sharpe (1966) developed a composite measure of performance evaluation and imported
superior performance of 11 funds out of 34 during the period 1944-63.

Michael C. Jensen (1967) conducted an empirical study of mutual funds in the period of 1954-
64 for 115 mutual funds. The results indicate that these funds are not able to predict security
prices well enough to 30 outperform a buy the market and hold policy. The study ignored the
gross management expenses to be free. There was very little evidence that any individual
fund was able to do significantly better than which investors expected from mere random
chance.

Jensen (1968) developed a classic study; an absolute measure of performance based upon
the Capital Asset Pricing Model and reported that mutual funds did not appear to achieve
abnormal performance when transaction costs were taken into account.

Carlsen (1970) evaluated the risk-adjusted performance and emphasized that the conclusions
drawn from calculations of return depend on the time period, type of fund and the choice of
benchmark. Carlsen essentially recalculated the Jensen and Shape results using annual data
for 82 common stock funds over the 1948-67 periods. The results contradicted both Sharpe
and Jensen measures.

Fama (1972) developed a methodology for evaluating investment performance of managed

portfolios and suggested that the overall performance could be broken down into several
components.

John McDonald (1974) examined the relationship between the stated fund objectives and
their risks and return attributes. The study concludes that, on an average the fund managers
appeared to keep their portfolios within the stated risk. Some funds in the lower risk group
possessed higher risk than funds in the most risky group.

Dr. Kavita Chavali (2009) has done an empirical study named “Investment performance of
equity – linked saving schemes”. Analysis was made to compare equity linked saving schemes
with other traditional forms of tax saving schemes, analyzed equity linked saving schemes
picked at random on the basis of risk & return and also made an attempt to understand level
of awareness regarding mutual funds among balanced class and various factors that informed
individual investors to invest in equity linked saving schemes. The analysis has been made
by selecting 5 sectors and diversified portfolio composition of ELSS. The results of the study
were based upon comparison of ELSS funds on the basis of return, risk (SD Beta, Alpha,
Sharpe ratio) with its benchmarks S&P.CNX Nifty. The study is further extended by analyzing
the questionnaire filled in by the investors.

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Dr. Hitesh S. Viramgami (2009) in his article “Resource mobilization by Indian mutual fund
industry” has made an attempt to analyze total resource mobilization by the mutual funds
industry for eight year period (2001-2007). The study entitled “Resource mobilization by
Indian Mutual Fund Industry” shows that 70 percent of the resources mobilized are from liquid
/ MM Schemes, growth schemes, ELSS and income funds offered by private sector mutual
funds share of public sector has decreased to 8.81 percent over the study period.

Suppa-Aim and Teerapan (2010) in the thesis “Mutual fund performance in emerging markets
the case of Thailand” specifically investigates mutual funds in one of the emerging economies,
Thailand, using a more extensive dataset than previous studies; it controls for investment
policy and tax-purpose differences, as unique characteristics of mutual funds in Thailand.

ADITYA BIRLA SUN LIFE EQUITY FUND

(An open ended equity scheme investing across large cap,
mid cap, small cap stocks)

This Product is suitable for investors who are seeking*:

• Long term capital growth

• investments in equity and equity related securities

*Investors should consult their financial advisers if in doubt whether the

product is suitable for them
Continuous Offer of units at NAV based prices

NAME OF THE ASSET MANAGEMENT NAME OF MUTUAL FUND

COMPANY
ADITYA BIRLA SUN LIFE AMC LIMITED
(formerly known as Birla Sun Life Asset
Management Co Ltd)
One Indiabulls Centre, Tower-1, 17th floor,
Jupiter Mill
Compound, 841, Senapati Bapat Marg,
Prabhadevi, Mumbai - 400 013 Tel.: +91-22
43568000
Fax No. +91-22 43568110 / 8111
CIN: U65991MH1994PLC080811
ADITYA BIRLA SUN LIFE MUTUAL FUND
(ABSLMF)
One India Bulls Centre, Tower 1, 17th Floor,
Jupiter Mill
Compound, 841, Senapati Bapat Marg,
Prabhadevi, Mumbai
- 400 013 Tel. +91-22 43568000
Fax No. +91-22 43568110 / 8111
Website
www.mutualfund.adityabirlacapital.com

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Information Memorandum (KIM) sets forth the information, which a prospective investor
ought to know before investing. For further details of the scheme/Mutual Fund, due
diligence certificate by the AMC, Key Personnel, investors’ rights & services, risk
factors, penalties & pending litigations etc. investors should, before investment,
refer to the Scheme Information Document and Statement of Additional Information
available free of cost at any of the Investor Service Centres or distributors or from
the website www.mutualfund.adityabirlacapital.com.

The Scheme particulars have been prepared in accordance with Securities and
Exchange Board of India (Mutual Funds) Regulations 1996, as amended till date,
and filed with Securities and Exchange Board of India (SEBI). The units being
offered for public subscription have not been approved or disapproved by SEBI,
nor has SEBI certified the accuracy or adequacy of this KIM.

Name of the Aditya Birla Sun Life Equity Fund

Scheme
Type of Scheme An open ended equity scheme investing across large cap, mid cap, small cap
stocks.
Investment The objective of the scheme is long term growth of capital, through a portfolio
Objective with a target allocation of 90% equity and 10% debt and money market
securities.
Inception Date August 27, 1998
No. of Folios & Folios: 5,66,330
AUM (As on April AUM in crs: Rs. 11,113.78
30, 2019)

19 | P a g e
 20

Under normal circumstances, the asset allocation pattern shall be as under:

(% age of net assets)
Instrument Asset Range
Allocation
Equity and Equity Related 90% 80% -
Instruments 100%
Debt & Money Market Instruments 10% 0% - 20%
(including securitized debt)
The Fund Manager will review the portfolio for adherence with the above
asset allocation patterns and rebalance them within 30 days to conform to
the above limits.
Asset Allocation
Pattern of the Investments may be made in listed or unlisted instruments. Listed securities
Scheme may be listed on any of the recognised Indian stock exchanges including the
National Stock Exchange and the Over the Counter Exchange of India
(OTCEI). Investments may be made as secondary market purchases, initial
public offers, private placements, negotiated investments, rights offers, etc.
The Mutual Fund under this Scheme may invest in non-publicly offered debt
securities (including convertible securities). The investments may have
tenors that could be short-term (i.e. less than one year) or long-term (i.e.
greater than one year). The Scheme reserves the right to invest in newer
investment products including foreign securities (i.e. offshore investments)
subject to approval of the Trustee Company and in compliance with the
applicable SEBI Regulations. From time to time it is possible that the
portfolio may hold cash.
The portion of the Scheme's portfolio invested in each type of security will
vary in accordance with economic conditions, the general level of stock
prices, interest rates and other relevant considerations, including the risks
associated with each investment. The Scheme will, in order to reduce the
risks associated with any one security, utilize a variety of investments and
performance will depend on the Asset Management Company's ability to
assess accurately and react to changing market conditions.

Not more than 5% of the net assets of the Scheme may be invested in equity
and equity-related securities that are not listed on any stock exchange
(including the OTCEI). Any such investments will only be made if the Asset
Management Company believes that such securities may be listed within a
two-year period. This policy, however, is not applicable to the Scheme's
acquisition of equity and equity-related securities in initial public offerings
that at the time of acquisition are not yet either listed or quoted on any stock
exchange, but pursuant to the terms of such initial public offering will be so
listed. The Mutual Fund under this Scheme, will not invest more than 10% of
its net assets in the debt (including non-publicly offered debt securities) and
money market securities of any one issuer excluding call money.

20 | P a g e
21

Upto 5% of the Scheme's net assets may be invested in unlisted equity and
equity-related securities as stated in the previous paragraph. Further, since a
significant section of the debt market consists of non-publicly offered debt
securities, the Scheme could invest upto 20% of its net assets (i.e. its entire
allocation to debt and money market securities) in non-publicly offered debt
securities. In the event investments made in unlisted equity and equity-
related securities and non-publicly offered debt securities affect the ability of
the Scheme to make redemption payments within the stipulated time frame
set forth herein then redemption payments.
The Scheme also intends to participate in derivatives trading within the equity
component of their portfolios. The scheme intends to use derivatives
instruments like options on stocks and stock indices, interest rate swaps,
forward rate agreements or such other derivative instruments as may be
introduced from time to time subject to framework specified by SEBI, for the
purpose of hedging, portfolio balancing and other permitted usages as
provided under the regulations and guidelines. The value of derivative
contracts outstanding will be limited to 50% of net assets of the scheme. RBI
has permitted Mutual Funds to participate in Interest Rate Swaps and
Forward Rate Agreements. SEBI has also permitted trading of interest rate
derivatives through stock exchanges.

The scheme may also trade in these instruments.

The Scheme intends to invest in ADR/GDR of Indian companies subject to a

limit based on the net assets of the Mutual Fund in accordance with SEBI
Guidelines issued from time to time
Notwithstanding the foregoing investment policies for the scheme, for
temporary defensive purposes (e.g., during periods in which the Asset
Management Company believes changes in the securities market or
economic or other conditions warrant), the scheme may invest in Indian
Government T-Bills and hold cash or cash equivalents and other money
market instruments. The Trustee of the Mutual Fund may from time to time
alter these limitations in conformity with the SEBI (MF) Regulations, 1996
and other guidelines or notifications that may be issued by SEBI.

21 | P a g e
 22

Change in Asset Allocation

The above mentioned investment pattern is indicative and may change for
short duration.
Subject to the SEBI (MF) Regulations, the asset allocation pattern indicated
above may change from time to time, keeping in view market conditions,
market opportunities, and political and economic factors. It must be clearly
understood that the percentages stated above are only indicative and not
absolute and that they can vary substantially depending upon the perception
of the Investment Manager, the intention being at all times to seek to protect
the interests of the unit holders. Such changes in the investment pattern will
be for short term and defensive considerations. However, 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
the Unit Holders. The Fund Manager shall rebalance the portfolio within 30
days from the date of deviation to bring it in line with the asset allocation
pattern as indicated in this SID. Further, in case the rebalancing is not done
within the specified period, justification for the same shall be provided to the
Investment Committee and the reason for the same shall be recorded in
writing.
The Investment Committee shall then decide on the course of action.
Provided further and subject to the above, any change in the asset allocation
affecting the investment profile of the Scheme shall be effected only in
accordance with the provisions of sub regulation (15A) of Regulation 18 of
the SEBI (MF) Regulations.

The Scheme would adopt top-down and bottom-up approach of

investing and will aim at being diversified across various industries and / or
sectors and/ or market capitalization. The investment emphasis of the
scheme would be on identifying companies with sound corporate
managements and prospects of good future growth. Essentially, the focus
would be on stocks driven by long-term fundamentals. However, short term
opportunities would also be seized, provided underlying values supports
these opportunities. A portion of the scheme will also be invested in IPOs,
emerging sectors, concept stocks and other primary market offerings that
Investment meet our investment criteria.
Strategy
The scheme would invest a substantial portion of its investible assets (80% -
100%) in equity and equity related instruments. Pending investment of the
scheme may be invested in debt & money market instruments and other
liquid instruments or both. The scheme may have prudent exposure to
Futures & Options (F&O) to capture opportunities arising out of market
imperfection and to hedge the portfolio, whenever necessary.

22 | P a g e
 23

Mutual Fund Units involve investment risks including the possible loss of
principal. Please read the Scheme Information Memorandum (SID) carefully
for details on risk factors before investment. Scheme specific Risk Factors
are summarized below:
Investments in the Scheme are subject to various risk factors including but
not limited to risks associated with: investment in Equity and Equity related
instruments, investments in Fixed Income Securities such as Price-Risk or
Interest-Rate Risk, Credit Risk, Liquidity or Marketability Risk, Reinvestment
Risk etc., investments in Derivatives (The risks associated with the use of
derivatives are different from or possibly greater than, the risks associated
Risk Profile of with investing directly in securities and other traditional investments),
the investments in Securitised Debt assets which would be in the nature of
Scheme Mortgage backed securities (MBS) and Asset backed securities (ABS) with
underlying pool of assets and receivables like Housing Loans, Auto loans
and corporate loans. The various risks associated with securitised assets
include Prepayment Risk, Credit Risk, Liquidity Risk, Conversion risk, Price
risks etc. Different types of securities in which the Scheme would invest as
given in the Scheme Information Document/Key Information Memorandum
carry different levels and types of risk. Accordingly the scheme’s risk may
increase or decrease depending upon its investment pattern. e.g. corporate
bonds carry a higher amount of risk than Government securities. The above
are some of the common risks associated with investments in various
securities. There can be no assurance that a Scheme's investment
objectives will be achieved, or that there will be no loss of capital. Investment
results may
Minimum Purchase (Incl. Switch- Additional Purchase Repurchase
Application in) (Incl. Switch-in) In Multiples of Re. 1/- or
Amount / Minimum of Rs. 100/- Minimum of Rs. 100/- 0.001 units.
Number of and in and in
Units multiples of Re. 1/- multiples of Re. 1/-
thereafter thereafter
Despatch of Within 10 working days of the receipt of the redemption request at the official
Proceeds of points of acceptance of Aditya Birla Sun Life Mutual Fund.
Repurchase
(Redemption)
Request
Benchmark S&P BSE 200 TRI
Index The fund reserves the right to change the benchmark for evaluation of the
performance of the scheme from time to time, subject to SEBI Regulations
and other prevailing guidelines if any.
Dividend Policy Dividends will be declared subject to availability of distributable surplus and
at the discretion of the AMC/Trustee. On payment of Dividends, the NAV will
stand reduced by the amount of dividend and dividend distribution tax, if any.

23 | P a g e
24

Name of the
Fund Manager Fund Manager Managing Tenure
and Tenure for Since
which the fund Mr. Anil Shah October 03, 6.49 years
manager has
2012
been managing
the
Scheme
Name of the Aditya Birla Sun Life Trustee Private Limited (formerly known as Birla Sun
Trustee Life Trustee Company
Company Private Limited)

I. PERFORMANCE OF THE SCHEMES AS AT APRIL 30, 2019

Last 1 Last 5 Since
Returns Last 3 years
Year * Years Inception
Aditya Birla Sun Life Equity -0.64 14.92 17.26 23.04
Fund (Inception - August
27,1998)
S&P BSE 200 Total Return 5.36 15.40 14.35 15.16
Index
Aditya Birla Sun Life Equity 0.37 16.14 18.44 17.39
Fund -
Direct Plan (Inception -
January 01,2013)
Performance of S&P BSE 200 Total Return 5.36 15.40 14.35 13.18
the Scheme Index
Note: Past performance may or may not be sustained in future
*Absolute Returns For dividend option, the returns would assume
reinvestment of dividend, net of distribution taxes, if any.

24 | P a g e
25

II. ABSOLUTE YEARWISE RETURNS (FY APR-MAR)

– – DP@
60.00% 53.32%
51.90%
50.00%
40.00% 35.00% 36.26%
33.77%

30.00% 24.03%

20.00% 12.07% 12.59% 11.24%

9.91%
10.00% 6.13%
0.37%
0.00%
-10.00% -5.57% -6.42% -4.73%
Apr 2018 - Mar Apr 2017 - Mar Apr 2016 - Mar Apr 2015 - Mar Apr 2014 - Mar
2019 2018 2017 2016 2015

Aditya Birla Sun Life Equity Fund– RP$, S&P BSE 200 TRI, Aditya Birla Sun
Life Equity Fund

Past performance may or may not be sustained in future. The Returns

are in %. Loads and Taxes not considered. Performance of dividend option
under the scheme for the investors would be net of distribution tax, if any.

25 | P a g e
26

Expenses of Entry Load*: Nil

the Exit Load: For redemption/switch out of units within 365 days from the date
Scheme: of allotment: 1.00% of applicable NAV. For redemption/switch out of units
after 365 days from the date of allotment: Nil *In terms of SEBI circular no.
(i) Load SEBI/IMD/CIR No.4/ 168230/09 dated June 30, 2009, no entry load will be
Structure charged by the Scheme to the investor effective August 01, 2009. The
upfront commission, if any, on investment made by the investor shall be paid
by the investor directly to the Distributor, based on his assessment of various
factors including the service rendered by the Distributor.
(ii) Recurring Actual (unaudited) expenses for the financial year ended March 29, 2019:
expenses 2.24% (Reg) 1.04% (Dir)
(As a % of daily Maximum estimated permissible expenses, including investment
net assets) management and advisory fees, as a % per annum of daily net assets:
Maximum estimated permissible expense as a % per annum of daily
net assets
A. Expense Head / Nature of expense % of daily net
assets
Investment Management and Advisory Fees (AMC fees)
Trustee fee
Registrar & Transfer Agent (RTA) Fees
Audit fees
Custodian fees
Marketing & Selling expense including agent commission
Cost related to investor communications
Cost of fund transfer from location to location
Cost of providing account statements/allotment advice and
dividend/ redemption cheques and warrants Upto 2.25%
Costs of Statutory advertisements
Cost towards investor education & awareness (at least 2
bps)^
Brokerage & transaction cost over and above 12 bps and
5 bps for cash and derivative market trades respectively.
GST on expenses other than investment management and
advisory fees
GST on brokerage and transaction cost
Other expenses
Maximum total expense ratio (TER) permissible under Upto 2.25%
Regulation 52(6)(c)
B. Additional expenses under Regulation 52 (6A) (c) Upto 0.05%
C. Additional expense for gross new inflows from specified
cities under Regulation 52 (6A) (b) to improve Upto 0.30%
geographical reach of scheme.
The purpose of the above table is to assist the investor in understanding the
various costs and expenses that an investor in the scheme will bear directly

26 | P a g e
27

or indirectly. The above estimates for recurring expense are for indicative
purposes only and have been made in good faith as per the information
available to the AMC based on past experience. Note:
(a) Atleast 10%# of the TER is charged towards distribution expenses/
commission in the Regular Plan. The TER of the Direct Plan will be lower
to the extent of the abovementioned distribution expenses/ commission (at
least 10% #) which is charged in the Regular Plan. For eg.: In case the
TER charged under Regular Plan is 2.00% p.a., then in such case, the
TER charged under Direct plan will be lower by atleast 10% p.a. (i.e. 10%
of 2.00% p.a.).
#The expected difference in Total Expense Ratio to be charged to Direct
Plan and Regular Plan under the Scheme.
(b) ^ In terms of SEBI Circular No. CIR/IMD/DF/21/2012 dated September 13,
2012, the AMC / Mutual Fund shall annually set apart at least 2 basis points
(i.e. 0.02%) on daily net assets of the scheme within the maximum limit of
Total Expense Ratio as per Regulation 52 of the SEBI (MF) Regulations
for investor education and awareness initiatives.
(c) In terms of SEBI Circular No. CIR/IMD/DF/21/2012 dated September 13,
2012, AMC may charge the following :
a. Investment Management and Advisory Fees: AMC may charge GST
on investment

27 | P a g e
28

management and advisory fees to the scheme in addition to the maximum limit of
Total Expense Ratio as prescribed under Regulation 52 of the SEBI (MF) Regulations.
b. Other than Investment Management and Advisory Fees: AMC may charge
GST on expenses other than investment management and advisory fees to
the scheme within the maximum limit of Total Expense Ratio as prescribed
under Regulation 52 of the SEBI (MF) Regulations. Further, GST on
Brokerage and transaction cost incurred for execution of trades, will be within
the maximum limit of Total Expense Ratio as prescribed under Regulation 52
of the SEBI (MF) Regulations
(d) As per Regulation 52(6)(c) of SEBI (MF) Regulations, the total expenses of the
scheme, including Investment Management and Advisory Fees, shall be subject to
following limits as specified below:
Assets under management Slab Total expense ratio limits
(In Rs. crore)
on the first Rs.500 crores of the daily 2.25%
net assets
on the next Rs.250 crores of the daily 2.00%
net assets
on the next Rs.1,250 crores of the 1.75%
daily net assets
on the next Rs.3,000 crores of the 1.60%
daily net assets
on the next Rs.5,000 crores of the 1.50%
daily net assets
On the next Rs.40,000 crores of the Total expense ratio reduction of
daily net assets 0.05% for every increase of Rs.
5,000 crores of daily net assets or
part thereof.
On balance of the assets 1.05%

(e) Additional Expenses upto 0.05% of daily net assets as permissible under
Regulation 52 (6A) (c) may be charged by AMC under different heads of expenses
mentioned under Regulation 52 (2) and (4) and more specifically stated in table
above.
(f) Fungibility of Maximum Permissible expense: The maximum total expense ratio
(TER) that can be charged to the scheme will be subject to such limits as prescribed
under the SEBI (MF) Regulations. The said maximum TER shall either be
apportioned under various expense heads as enumerated above, without any sub
limit or allocated to any of the said expense head(s) at the discretion of AMC. Also,
the types of expenses charged shall be as per the SEBI (MF) Regulations
Investors should note that the total recurring expenses of the scheme excluding issue
or redemption expenses, whether initially borne by the Mutual Fund or by the AMC,
but including the investment management and advisory fee, shall not exceed the
limits as prescribed under Regulation 52 of the SEBI (MF) Regulations. Subject to the
SEBI (MF) Regulations, expenses over and above the prescribed ceiling will be
borne by the AMC.

28 | P a g e
 29

Waiver of Not Applicable

Load for
Direct
Applications
Tax Investors are advised to refer to the details in the Statement of Additional Information
treatment for and also independently refer to his tax advisor.
the
Investors
(Unitholders)
Daily Net The NAV will be calculated and disclosed for every Business Day. The NAVs of the
Asset Value Scheme will be calculated upto two decimals. AMC shall update the NAV on the
(NAV) AMFI website (www.amfiindia.com) and on the website of the Mutual Fund
Publication (www.mutualfund.adityabirlacapital.com) by 9.00 pm on the day of declaration of the
NAV.
For Investor Aditya Birla Sun Life AMC Ltd Registrar & Transfer Agents:
Grievances (formerly known as Birla Sun Life Computer Age Management Services
please Asset Management Company Pvt. Ltd. (CAMS)
contact Limited)
Rayala Towers, 158, Anna Salai, Chennai
One India Bulls Centre, Tower 1, 17th – 600 002.
Floor,
Contact Details: 1800-425-2267
Jupiter Mill Compound, 841, Senapati
E-
Bapat
mail:www.mutualfund.adityabirlacapital.com
Marg, Prabhadevi, Mumbai 400 013
Website Address:www.camsonline.com
Tel.: 1800-270-7000 / 1800-22-
7000, E-mail:
care.mutualfunds@adityabirlacapital.com

29 | P a g e
Scheme Portfolio a) Top 10 holdings (as on April 30, 2019)
Holdings
Issuer % to net
assets
HDFC Bank Limited 9.04
ICICI Bank Limited 8.77
Clearing Corporation of India Limited 5.15
ITC Limited 4.31
Dr. Reddy's Laboratories Limited 4.28
Tata Steel Limited 3.96
Tech Mahindra Limited 3.78 b) Sector-
Infosys Limited 3.52 wise
Tata Chemicals Limited 3.25 Allocation
Bajaj Finance Limited 2.53 (as on April
30, 2019)

Sector % to net
assets
Banks 25.55
Consumer non - durables 9.88
Finance 9.38
Software 9.08
Pharmaceuticals 7.95
Cement 5.42
Others 5.40
Ferrous metals 3.96
Chemicals 3.76
Non - ferrous metals 3.63
Media & entertainment 2.61
Auto 2.47
Petroleum products 2.32
Consumer durables 2.27
Industrial products 1.97
Power 0.84
Industrial capital goods 0.78
Minerals/mining 0.67
Telecom - services 0.64
Auto ancillaries 0.52
Healthcare services 0.41
Gas 0.27
Engineering services 0.09
Textile products 0.08
 Retailing 0.04
Miscellaneous -
Grand total 100.00%
** includes Cash / Tri-party / Interest Rate Swap /Bills Rediscounting
/Fixed Deposit /REPO / Margin Fixed Deposit / net receivables /
payables/ Warrants

The monthly portfolio of the scheme (alongwith ISIN) shall also be

made available on the website of
Mutual Fund (www.mutualfund.adityabirlacapital.com) on or before
tenth day of the succeeding month

Portfolio Turnover Ratio 0.46

of the Scheme
Transaction SEBI has, with the intent to enable investment by people with small saving
Charges potential and to increase reach of Mutual Fund products in urban areas and
in smaller towns, wherein the role of the distributor is considered vital,
allowed AMCs vide its circular
(For Lumpsum
 Purchases and SIP No. Cir/ IMD/ DF/13/ 2011 dated August 22, 2011 to deduct transaction
Investments charges for subscription of Rs.10,000/- and above.
routed through In accordance with the said circular, BSLAMC / Mutual Fund will deduct the
distributor / agent) transaction charges from the subscription amount and pay to the
distributors as shown below (who have opted-in to receive the transaction
charges on basis of type of product). Thereafter, the balance of the
subscription amount

Date: May 16, 2019

Place: Mumbai
shall be invested.
1. Transaction charges shall be deducted for Applications for purchase/
subscription relating to new inflows and routed through distributor/ agent:
Investor Type Transaction charges^
First Time Mutual Fund Investor Rs. 150 for subscription application
(across Mutual Funds) of Rs.10,000 and above.
Investor other than First Time Rs. 100 for subscription application
Mutual Fund Investor of Rs.10,000 and above.
2. ^The transaction charge, if any, shall be deducted by the BSLAMC from
the subscription amount and paid to the distributor; and the balance shall
be invested and accordingly units allotted. The statement of account shall
clearly state the net investment as gross subscription less transaction
charge and depict the number of units allotted against the net investment
amount.
However, Transaction charges in case of investments through
Systematic Investment Plan (SIP) from first time mutual fund investor and
investor other than first time mutual fund investor shall be deducted only
if the total commitment (i.e. amount per SIP installment x No. of
installments) amounts to Rs. 10,000/- or more. The transaction charges
shall be deducted in 3-4 installments.
3. Transaction charges shall not be deducted/applicable for:
(a) purchases / subscriptions for an amount less than Rs. 10,000/-;
(b) Transaction other than purchases / subscriptions relating to new
inflows such as Switches, etc.
(c) Purchases / subscriptions made directly with the Mutual Fund
(i.e. not routed through any distributor / agent).
(d) Transactions carried out through the Stock Exchange Platforms for
Mutual Funds.
4. Investor should note that, as per SEBI circular no. SEBI/IMD/CIR No. 4/
168230/09, dated June 30, 2009, the upfront commission, if any, on
investment made by the investor shall continue to be paid by the investor
directly to the Distributor by a separate cheque, based on his assessment
of various factors including the service rendered by the Distributor.
Scheme Name Risk 5 year Fund Objective
return
(%)

Aditya Birla Moderately 16.35 The scheme aims at achieving long term growth of
Sun Life high capital by maintaining a portfolio which is diversified
Frontline across various industries in line with the benchmark
Equity Fund index Nifty 50. The fund manager allocates 100% of
the fund’s assets in equity and equity related securities

Aditya Birla Moderately 16.34 The scheme attempts to generate capital appreciation in
Sun Life Equity high the long term and current income, by investing in equity,
Hybrid ’95 fixed-income and money market securities. The fund is
Fund involved in income generation and distribution of
dividend. Investors who are eager to take exposure in
equity with a hint of debt may consider investing in this.

Aditya Birla Moderately 21.55 It is an open-ended scheme which maintains a portfolio

Sun Life Equity high of diversified equity shares which invests across the large
Fund cap, mid cap, small cap stocks. The scheme aims to
achieve capital appreciation in the long term allocating
90% of the fund’s assets in equity and equity-related
securities and rest in money market securities.

Aditya Birla Moderately 21.81 Being an open-ended growth scheme, it generates

Sun Life high capital appreciation in the long run by investments in
Advantage equity and equity related securities and maintaining a
Fund diversified research-based approach. The basis of
earning returns is leveraging on the dynamic business
cycles via fundamental research approach.

Aditya Birla Moderately 16.90 Being an open-ended fund, the scheme aims to achieve
Sun Life high capital appreciation in the long term by investing in
Focused large-cap equity shares of up to 30 companies. The
Equity Fund scheme is suitable for investors who want to invest in
equity and equity-related securities in the form of a
concentrated portfolio.
ADITYA BIRLA SUN LIFE LIQUID FUND

NAME OF THE This Product is suitable for investors who are seeking*:
SCHEME
Aditya Birla Sun • reasonable returns with high levels of safety and convenience
Life of liquidity over short term
Liquid Fund • investments in high quality debt and money market
instruments with maturity of upto 91 days

*Investors should consult their financial advisers if in doubt whether the product is
suitable for them

Continuous Offer of units at NAV based prices

NAME OF THE ASSET MANAGEMENT NAME OF MUTUAL FUND

COMPANY
ADITYA BIRLA SUN LIFE AMC LIMITED
One Indiabulls Centre, Tower-1, 17th floor,
Jupiter Mill
Compound, 841, Senapati Bapat Marg,
Prabhadevi, Mumbai
- 400 013 Tel.: +91-22 43568000
Fax No. +91-22 43568110 / 8111
CIN: U65991MH1994PLC080811
ADITYA BIRLA SUN LIFE MUTUAL
FUND
One India Bulls Centre, Tower 1, 17th
Floor, Jupiter Mill
Compound, 841, Senapati Bapat Marg,
Prabhadevi, Mumbai
- 400 013 Tel. +91-22 43568000
Fax No. +91-22 43568110 / 8111
Website
www.mutualfund.adityabirlacapital.com

This Key Information Memorandum (KIM) sets forth the information, which a
prospective investor ought to know before investing. For further details of the
scheme/Mutual Fund, due diligence certificate by the AMC, Key
Personnel, investors’ rights & services, risk factors, penalties & pending
litigations etc. investors should, before investment, refer to the Scheme
Information Document and Statement of Additional Information available
free of cost at any of the Investor Service Centres or distributors or from
the website www.mutualfund.adityabirlacapital.com

The Scheme particulars have been prepared in accordance with

Securities and Exchange Board of India (Mutual Funds) Regulations
1996, as amended till date, and filed with Securities and Exchange Board
of India (SEBI). The units being offered for public subscription have not
been approved or disapproved by SEBI, nor has SEBI certified the
accuracy or adequacy of this KIM.

The Mutual Fund/AMC and its empanelled broker(s) has not given and
shall not give any indicative portfolio and indicative yield in any
communication, in any manner whatsoever. Investors are advised not to
rely on any communication regarding indicative yield/portfolio with
regard to the scheme.

This KIM is dated September 05, 2019

Name of the Aditya Birla Sun Life Liquid Funds

Scheme
Structure An Open ended Liquid Scheme
Inception Date June 16, 1997
No. of Folios & Folios: 135511
AUM Rs. 58,606.20 crs
(as on August
30, 2019)
Investment The objective of the scheme is to provide reasonable returns at a
Objective high level of safety and liquidity through judicious investments in
high quality debt and money market instruments.
Asset The Scheme will invest the entire net assets in fixed income and
Allocation money market securities with flexibility to invest in the whole
Pattern of the spectrum of debt and money market instruments. Depending
Scheme upon liquidity needs and other considerations, the scheme may
also hold cash or cash equivalents including call money.
The endeavour will be to optimise returns while providing liquidity
and safety. The investments shall be made in various securities
including treasury bills and other Government securities, PSU
bonds, listed and unlisted corporate papers including non-
convertible debentures and bonds, commercial paper,
commercial bills arising out of genuine trade/commercial
transactions and accepted/co-accepted by banks, certificates of
deposit and other such instruments, permitted by SEBI from time
to time.
Under normal circumstances the following investments limits will
apply:
(% of net assets)
Asset Category Asset Category Risk
Exposure Profile
All Money Market Instruments Upto 90% Low to
Mediu
m
Corporate Debt, Financial
Institutions & Banking Low to
Sector Bonds, Public Sector At least 10% Mediu
Bonds, Government Guaranteed m
Bonds and related Instruments
The
( Scheme may invest a maximum of 30% in securitised debt.
The
( scheme may also invest upto 50% of the portfolio (i.e. net
assets including cash) in such derivative instruments as may be
introduced from time to time subject to framework specified by
(
SEBI, for the purpose of hedging and portfolio balancing and other
uses as may be permitted under SEBI Regulations.
Under normal circumstances each scheme shall not have an
exposure of more than 15% of its net assets in foreign securities.
However, the AMC with a view to protecting the interests of the
investors, may increase exposure in foreign securities as deemed
fit from time to time In accordance with SEBI Circular No.
13/150975/09 dated January 19, 2009 Aditya Birla Sun Life Liquid
Fund shall have the following additional characteristics with regard
to its portfolio:
i) The Scheme shall make investment in/ purchase debt and money
market securities with maturity of
upto 91 days only.
ii) In case of securities with put and call options (daily or otherwise)
the residual maturity shall not be
greater than 91 days.
iii) Inter-scheme transfers of Debt and Money Market Instruments in
the Scheme shall be carried out in
respect of securities with the maturity of upto 91 days.

Explanatory Notes:
1. In case of securities where the principal is to be repaid in a
single payout, the maturity of the securities shall mean residual
maturity. In case the principal is to be repaid in more than one
payout then the maturity of the securities shall be calculated on the
basis of weighted average maturity of security.
2. In case the maturity of the security falls on a non-business
day then settlement of securities will take place on the next
business day The Scheme may remain fully invested in money
market instruments during periods of high volatility of the corpus,
including expectations of large redemptions, and when uncertain
prospects in the debt markets prevent the fund managers from
making long term commitments. The fund will undertake regular
credit analysis of issuers of the instruments to build an appropriately
high-quality portfolio at a low level of risk.
 Portfolio Turnover
Investment
Strategy
Portfolio turnover will depend upon the circumstances prevalent
at any time. Under normal circumstances the portfolio turnover is
not likely to exceed 200%. This will exclude the turnover caused
on account of:
• investing the initial subscription,
• subscriptions and redemptions undertaken by the unit holders.

Purchase and sale of securities attract transaction costs of the

nature of brokerage, stamp duty, custodian transaction charges,
etc. The above limit of portfolio turnover is essential to regularly
explore trading opportunities to optimise returns for the scheme
and enable portfolio restructuring when required.

Mutual Fund Units involve investment risks including the

possible loss of principal. Please read the Scheme Information
Document carefully for details on risk factors before investment.
Scheme Specific Risk Factors are summarized below:
Investments in the Scheme are subject to various risk factors
Risk Profile of including but not limited to risks associated with: investments in
the Fixed Income Securities such as Price-Risk or Interest-Rate
Scheme Risk, Credit Risk, Liquidity or Marketability Risk, Reinvestment
Risk etc., investments in unrated securities, investments in
Derivatives, including Interest rate swaps, (The risks associated
with the use of derivatives are different from or possibly greater
than, the risks associated with investing directly in securities and
other traditional investments), investments in Securitised Debt
assets which would be in the nature of Mortgage backed
securities (MBS) and Asset backed securities (ABS) with
underlying pool of assets and receivables like Housing Loans,
Auto loans and corporate loans. The various risks associated
with securitised assets include Prepayment Risk, Credit Risk,
Liquidity Risk, Conversion risk, Price risks etc. The Scheme
shall also be subject to risks associated with investments in repo
transactions in corporate bond and foreign securities. Different
types of securities in which the Scheme would invest as given in
the Scheme Information Document/Key Information
Memorandum carry different levels and types of risk.
Accordingly the scheme’s risk may increase or decrease
depending upon its investment pattern. e.g. corporate bonds
carry a higher amount of risk than Government securities. The
above are some of the common risks associated with
investments in various securities. There can be no assurance
that a Scheme's investment objectives will be achieved, or that
 there will be no loss of capital. Investment results may vary
substantially on a monthly, quarterly or annual basis. Further,
the Fund/AMC is not guaranteeing or assuring any returns.
Further, it should be noted that the actual distribution of
dividends and the frequency thereof are indicative and will
depend, inter-alia, on availability of distributable surplus.
Dividend payouts will be entirely at the discretion of the Trustee.
Investors may, if they wish, consult their legal, tax, investment
and other professional advisors to determine possible legal, tax,
financial or other considerations of subscribing to or redeeming
Units, i.e. before making a decision to invest/redeem Units.
Investors in the Scheme are not being offered any
guaranteed returns. Please refer to SID for detailed scheme
specific risk factors.

Since investing requires disciplined risk management; in order to

protect the interest of investors, Aditya Birla Sun Life AMC
Limited would incorporate adequate safeguards for controlling
risks in the portfolio. As a prudent measure, Aditya Birla Sun Life
AMC Limited has broad internal investment norms and
investments made by the scheme would be in accordance with
the investment objectives of the scheme and provisions of SEBI
Risk Control Regulations. Where required, Scheme specific guidelines are
Strategies also in place. Concentration risk is mitigated by defining issuer
level limits. The Investment Committee is an overseeing body for
the performance and the risk indicators of the portfolios of the
respective Schemes.
Rigorous in depth credit evaluation of the issuers proposed to be
invested, will be conducted by the Investment team. As part of
credit evaluation, a study on the operating environment, past
track record as well as future prospects of the issuer, short as
well as long term financial health of the issuer. Aditya Birla Sun
Life AMC Limited will be guided by the ratings of accredited
agencies such as CRISIL, CARE, ICRA etc and the internal
credit policy which defines the norms for credit exposure and the
approval authorisation matrix.
While these measures are expected to mitigate the above risks
to a large extent, there can be no assurance that these risks
would be completely eliminated.
Plans/Options Scheme will have Regular Plan and Direct Plan** with a
common portfolio and separate NAVs. Investors should indicate
the Plan for which the subscription is made by indicating the
choice in the application form. Each of the above (Regular and
Direct) Plan under the Scheme will have the following Options:

(i) Daily Dividend Option (Reinvestment)

(ii) Weekly Dividend Option ^ (Payout & Reinvestment)
(iii) Dividend Option (Payout & Reinvestment)
(iii) Growth Option

^ Friday of each week

**DIRECT PLAN:
i. Direct Plan is only for investors who purchase /subscribe
Units in a Scheme directly with the Mutual Fund and is not
available for investors who route their investments through
a Distributor.

ii. Eligible investors: All categories of investors (whether existing or

new Unitholders) as permitted under the Scheme Information
Document of the Scheme are eligible to subscribe under Direct Plan.
iii. Modes for applying: Investments under Direct Plan can be made
through various modes offered by the Mutual Fund for investing
directly with the Mutual Fund [except through Stock Exchange
Platforms for Mutual Funds and all other Platform(s) where investors’
applications for subscription of units are routed through Distributors].
iv. How to apply:
a. Investors desirous of subscribing under Direct Plan of a Scheme
will have to ensure to indicate “Direct Plan” against the Scheme
name in the application form.
b. Investors should also indicate “Direct” in the ARN column of the
application form.
Default Default Option: Daily Dividend Option (Reinvestment).
Plan / In case of valid application received without indicating choice between
Option / options under the scheme, the same shall be considered as Daily
Sub- Dividend Option (Reinvestment) and processed accordingly.
option
Default Plan:
(In case the Investors are requested to note the following scenarios for the
investor applicability of “Direct Plan or Regular Plan” for valid applications
fails to received under the Scheme:
specify his
preference, Scenario Broker Code Plan mentioned Default Plan to
the given mentioned the by be captured
default plan by the investor
/ option / investor
sub-option 1 Not Not mentioned Direct Plan
would mentioned
apply.) 2 Not Direct Direct Plan
mentioned
3 Not Regular Direct Plan
mentioned
4 Mentioned Direct Direct Plan

5 Direct Not Mentioned Direct Plan

6 Direct Regular Direct Plan

7 Mentioned Regular Regular Plan

8 Mentioned Not Mentioned Regular Plan

In cases of wrong/ invalid/ incomplete ARN codes mentioned on the

application form, the application shall be processed under Regular
Plan. The AMC shall contact and obtain the correct ARN code within
30 calendar days of the receipt of the application form from the
investor/ distributor. In case, the correct code is not received within 30
calendar days, the AMC shall reprocess the transaction under Direct
Plan from the date of application without any exit load.
Applicabl In accordance with provisions of SEBI circular CIR/IMD/DF/21/2012
e NAV dated September 13, 2012, SEBI circular dated No. Cir/ IMD/ DF/ 19/
(after the 2010 dated November 26, 2010, SEBI Circular No. IMD/ CIR No. 11 /
scheme 142521 / 08 dated October 24, 2008 and SEBI Circular SEBI/ IMD/
opens for CIR No.11/ 78450/ 06 dated
repurchas October 11, 2006 and further amendments if any, thereto, the following
cut-off timings shall be observed by Mutual Fund in respect of
e and
purchase/ redemption/ switches of units of the scheme, and the
sale) following NAVs shall be applied in each case:

I. APPLICABLE NAV FOR SUBSCRIPTIONS/ PURCHASE

INCLUDING SWITCH-IN OF UNITS:
• where the application is received upto 2.00 p.m. on a day and
funds are available for utilization 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 application;
• where the application is received after 2.00 p.m. on a day and
funds are available for utilization 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
• irrespective of the time of receipt of application, where the funds
are not available for utilization 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 utilization.

For allotment of units in respect of subscriptions / purchase including

switch-in of units for Liquid Scheme/s, it shall be ensured that:
(i) Application / switch-in request is received before the applicable
cut-off time.
(ii) Funds for the entire amount of subscription / purchase as per the
application/switch-in request are credited to the bank account of the
Liquid Scheme before the cut-off time.
 (iii) The funds are available for utilization before the cut-off time
without availing any credit facility whether intra-day or otherwise,
by the Liquid Scheme.

II. APPLICABLE NAV FOR REDEMPTIONS INCLUDING

SWITCH-OUTS

• In respect of valid applications received upto 3.00 p.m., the

closing NAV of the day immediately preceding the next business
day ;
• In respect of valid applications received after 3.00 p.m., the
closing NAV of the next business day.

#Investors are requested to note that the following practice of

aggregating multiple / split applications / transactions shall be
followed and accordingly the closing Net Asset Value (NAV) of the
day on which the funds are available for utilization is being
implemented where the aggregated amount of investments is Rs.
2 lacs and above.
(a) All transactions received on same Business Day (as per cut-off
timing and Time stamping rule prescribed under SEBI (Mutual
Funds) Regulations,1996 or circulars issued thereunder from
time to time).Transactions shall include purchases, additional
purchases, and exclude Switches, if any.
(b) Aggregation of transactions shall be done on the basis of
investor(s) Permanent Account Number (PAN). In case of joint
holding in folios, transactions with similar holding pattern will be
aggregated.
(c) Such aggregation shall be done irrespective of the number of
folios under which the investor is investing and irrespective of
source of funds, mode of payment, location and time of
application
(d) All transactions will be aggregated where investor holding
pattern is same as stated above, irrespective of whether the
amount of the individual transaction is above or below Rs. 2 lacs.
(e) Only transactions in the same scheme shall be clubbed. This will
include transactions at plan / options level (i.e. Regular Plan,
Direct Plan, Dividend Option, Growth Option, etc).
(f) Transactions in the name of minor received through guardian
will not be aggregated with the transaction in the name of same
guardian. However, two or more transactions in the same folio
of a minor will be considered for aggregation
Minimum Purchase (Incl. Additional Purchase Repurchase
Application Switch-in) (Incl. Switch-in) In Multiples of
Amount / Minimum of Rs. Rs.1/- or 0.001
Number of 1,000/- and in units.
Units multiples of Rs. 1/- Minimum of Rs. 1,000/-
thereafter and in multiples of Rs.
1/- thereafter
Despatch of Within 10 working days of the receipt of the redemption request at
Proceeds of the official points of acceptance of Aditya Birla Sun Life Mutual
Repurchase Fund.
(Redemption)
Request
Benchmark CRISIL Liquid Fund Index
Index The Fund reserves the right to change the benchmark for
evaluation of the performance of the scheme from time to time,
subject to SEBI (MF) Regulations and other prevailing guidelines,
if any.
Dividend Dividends will be declared subject to availability of distributable
Policy surplus and at the discretion of the AMC/Trustee. On payment of
Dividends, the NAV will stand reduced by the amount of dividend
payout and dividend distribution tax, if any.

Name of the Fund Fund Manager Managing Since Tenure

Manager and
Mr. Kaustubh Gupta July 15, 2011 8.13 years
Tenure for which
the fund manager Ms. Sunaina da Cunha July 15, 2011 8.13 years
has been
managing the
scheme

Name of the Aditya Birla Sun Life Trustee Private Limited

Trustee
Company
Performance I. PERFORMANCE OF SCHEMES AS AT AUGUST 30, 2019.
of the
Scheme Returns Last 1 Last 3 Last 5 Years Since
Year years Inception
ABSL Liquid
Fund - Regular
7.42 7.07 7.59 7.56
Plan Inception –
March 29, 2004
CRISIL Liquid 7.49 7.13 7.56 7.08
Fund Index
ABSL Liquid
7.42 7.07 7.59 7.51
Fund – Retail
 Plan^ Inception -
June 16, 1997
CRISIL Liquid 7.49 7.13 7.56 -
Fund Index
ABSL Liquid
Fund -Direct
7.52 7.17 7.69 8.10
Plan Inception –
January 1, 2013

CRISIL Liquid Fund Index 7.49 7.13 7.56 7.96

ABSL Liquid Fund - 7.42 7.07 7.59 7.23
Institutional Plan
Crisil Liquid Fund Index
7.49 7.13 7.56 -
Inception - April 11,2003

Note: Past performance may or may not be sustained in future.

*Absolute Returns
For dividend option, the returns would assume reinvestment of dividend,
net of distribution taxes, if any

II. ABSOLUTE YEARWISE RETURNS (FY APR-MAR)

Note: Past performance may or may not be sustained in future.

Returns are in % and absolute returns for period less than 1 year & CAGR
for period 1 year or more. Load and taxes not considered.
 Entry
Load*: Nil
Exit Load:
Expenses Nil.
of
the
*In terms of SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June
Scheme
30, 2009, no entry load will be charged by the Scheme to the investor
effective August 01, 2009. The upfront commission, if any, on investment
(i) Load made by the investor shall be paid by the investor directly to the
Structure Distributor, based on his assessment of various factors including the
service rendered by the Distributor.
• No Exit Loads / CDSC will be chargeable in case of switches made from
Growth option to Dividend option or vice-versa within the respective
Plans offered under the Scheme

• No entry or exit load shall be charged in respect of units issued to

unitholders on Reinvestments of Dividends and units issued to
unitholders as Bonus units.

• Switch of investments from Regular Plan to Direct Plan shall be subject

to applicable exit load, if any, and vice versa.

• Pursuant to Circular no. CIR/IMD/DF/21/2012 dated September 13,

2012, exit load charged, if any, by the AMC/Mutual Fund to the
unitholders shall be credited to the Scheme immediately, net of GST, if
any.
(ii) Actual (unaudited) expenses for the financial year ended March 29, 2019:
Recurring 0.24% (Regular); 0.15% (Direct)
expenses
(As a % of
daily net
assets)
Maximum estimated permissible expenses, including investment
management and advisory fees, as a % per annum of daily net assets:
A. Expense Head / Nature of expense % of daily
net assets
Investment Management and Advisory Fees (AMC fees)
Trustee fee
Registrar & Transfer Agent (RTA) Fees
Audit fees
Custodian fees
Marketing & Selling expense including agent commission
Cost related to investor communications
Cost of fund transfer from location to location
Cost of providing account statements/allotment advice and Upto
dividend/ redemption cheques and warrants 2.00%
Costs of Statutory advertisements
Cost towards investor education & awareness (at least 2 bps)^
Brokerage & transaction cost over and above 12 bps for cash
market trades.
GST on expenses other than investment management and
advisory fees
GST on brokerage and transaction cost
Other expenses
Maximum total expense ratio (TER) permissible under Upto
Regulation 52(6)(c) 2.00%
B. Additional expense for gross new inflows from specified
Upto
cities under Regulation 52 (6A) (b) to improve geographical
0.30%
reach of scheme.
The purpose of the above table is to assist the investor in understanding the
various costs and expenses that an investor in the scheme will bear directly or
indirectly. The above estimates for recurring expense are for indicative purposes
only and have been made in good faith as per the information available to the
AMC based on past experience.
Note:
(a) Atleast 10%# of the TER is charged towards distribution expenses/
commission in the Regular Plan. The TER of the Direct Plan will be lower to
the extent of the abovementioned distribution expenses/ commission (at least
10%#) which is charged in the Regular Plan. For eg.: In case the TER charged
under Regular Plan is 2.00% p.a., then in such case, the TER charged under
Direct plan will be lower by atleast 10%p.a. (i.e. 10% of 2.00% p.a.).
#The expected difference in Total Expense Ratio to be charged to Direct Plan
and Regular Plan under the Scheme.
(b) ^ In terms of SEBI Circular No. CIR/IMD/DF/21/2012 dated September 13,
2012, the AMC / Mutual Fund shall annually set apart at least 2 basis points
 (i.e. 0.02%) on daily net assets of the scheme within the maximum limit of Total
Expense Ratio as per Regulation 52 of the SEBI (MF) Regulations for investor
education and awareness initiatives.
(c) In terms of SEBI Circular No. CIR/IMD/DF/21/2012 dated September 13, 2012,
AMC may charge GST on following Fees and expenses as below:
(i) Investment Management and Advisory Fees: AMC may charge GST on
investment management and advisory fees to the scheme in addition to the
maximum limit of Total Expense Ratio as prescribed under Regulation 52 of
the SEBI (MF) Regulations.
(ii) Other than Investment Management and Advisory Fees: AMC may charge
GST on expenses other than investment management and advisory fees to
the scheme within the maximum limit of Total Expense Ratio as prescribed
under Regulation 52 of the SEBI (MF) Regulations. Further, GST on
Brokerage and transaction cost incurred for execution of trades, will be
within the maximum limit of Total Expense Ratio as prescribed under
Regulation 52 of the SEBI (MF) Regulations.
(d) As per Regulation 52(6)(c) of SEBI (MF) Regulations, the total expenses of the
scheme, including Investment Management and Advisory Fees, shall be
subject to following limits as specified below:

Assets under management Slab Total expense

(In Rs. crore) ratio limits
on the first Rs. 500 crores of the daily net 2.00%
assets
on the next Rs. 250 crores of the daily net 1.75%
assets

on the next Rs. 1,250 crores of the 1.50%

daily net assets
on the next Rs. 3,000 crores of the 1.35%
daily net assets
on the next Rs. 5,000 crores of the 1.25%
daily net assets
On the next Rs. 40,000 crores of the Total expense ratio
daily net assets reduction of 0.05% for
every increase of Rs. 5,000
crores of daily net assets or
part thereof. d
 On balance of the assets 0.80%
e) Fungibility of Maximum Permissible expense: The maximum
total expense ratio (TER) that can be charged to the scheme will
be subject to such limits as prescribed under the SEBI (MF)
Regulations. The said maximum TER shall either be
apportioned under various expense heads as enumerated
above, without any sub limit or allocated to any of the said
expense head(s) at the discretion of AMC. Also, the types of
expenses charged shall be as per the SEBI (MF) Regulations.
Investors should note that the total recurring expenses of the
scheme excluding issue or redemption expenses, whether initially
borne by the Mutual Fund or by the AMC, but including the
investment management and advisory fee, shall not exceed the
limits as prescribed under Regulation 52 of the SEBI
MF) Regulations. Subject to the SEBI (MF) Regulations, expenses
over and above the prescribe ceiling will be borne by the AMC.
Investors are requested to refer to SID under “Section IV-FEES
AND EXPENSES - B. Annual Scheme Recurring Expense” for
further details on total expenses permissble to be charged to
the scheme in accordance with Regulation 52 of the SEBI (MF)
Regulations.
Waiver of
Load for Not Applicable
Direct
Applications
Tax Investors are advised to refer to the details in the Statement of
treatment for Additional Information and also independently refer to his tax advisor.
the Investors
(Unitholders)
Daily Net The NAV will be calculated and disclosed for every Business Day.
Asset Value The NAVs of the Scheme will be calculated upto four decimals. AMC
(NAV) shall update the NAV on the AMFI website (www.amfiindia.com) and
Publication on the website of the Mutual Fund
(www.mutualfund.adityabirlacapital.com) by 9.00 pm on the day of
declaration of the NAV.
For Investor Aditya Birla Sun Life AMC Limited Registrar & Transfer Agents:
Grievances One India Bulls Centre, Tower 1, 17th Computer Age Management
please Floor, Jupiter Mill Compound, 841, Services Pvt. Ltd. (CAMS)
contact Senapati Bapat Marg, Prabhadevi, Rayala Towers, 158, Anna
Mumbai Salai, Chennai - 600002.
400 013 Contact Details: 1800-425-
Tel.: 1800-270-7000 / 1800-22-7000, 2267
E-mail: E-mail:
care.mutualfunds@adityabirlacapital. adityabirlacapital.mf@camsonli
com ne.com
 Website
Address:www.camsonline.com

Unitholders’ FOR INVESTORS WHO OPT TO HOLD UNITS IN PHYSICAL (NON-

Information DEMAT) MODE AND DO NOT HAVE DEMAT ACCOUNT:
Account Statements:
• AMC shall send allotment confirmation specifying the number of
units allotted to the investor by way of email and/or SMS’s to the
investors’ registered email address and/or mobile number not later
than 5 (five) business days from the date of closure of the New
Fund Offer Period.
• Thereafter, a Consolidated Account Statement (CAS) shall also be
sent to the unitholder in whose folio transactions viz. subscriptions,
redemptions, switches, dividend payout, etc. have taken place
during that month, on or before 10th of the succeeding month by
e-mail/mail. CAS shall contain details relating to all the
transactions** carried out by the investor, including details of
transaction charges paid to the distributor, if any, across all
schemes of all mutual funds, during the month and holding at the
end of the month.
**The word 'transaction' shall include purchase, redemption,
switch, dividend payout, dividend reinvestment, Systematic
Withdrawal Plan, Systematic Transfer Plan and bonus
transactions.

• In case of specific request is received from investors, account

statement shall be issued to the investors within 5 (five) business
days from the receipt of such request without any charges. The
unitholder may request for a physical account statement by
writing/calling the AMC/ISC/R&T.

• Half Yearly Consolidated Account Statement:

o A CAS detailing holding across all schemes of all mutual funds at
the end of every six months
(i.e. September/ March), shall be sent by mail/e-mail on or before 10th
day of succeeding month,
 to all such Unitholders in whose folios no transaction has taken
place during that period.
o The half yearly consolidated account statement will be sent by
e-mail to the Unitholders whose email address is available,
unless a specific request is made to receive in physical.
• Investors should note that, no separate account statements will
be issued to investors opted to hold units in electronic (demat)
mode since the statement of account furnished by depository
participant will contain the details of transactions.
For more details, Investors are requested to refer the Scheme
Information Document (SID) and Statement of Additional
Information (SAI).

FOR INVESTORS WHO OPT TO HOLD UNITS IN DEMAT MODE:

• On acceptance of the application for subscription during the NFO
period, an allotment confirmation specifying the number of units
allotted to the investor shall be send by way of email and/or
SMS’s to the investors’ registered email address and/or mobile
number not later than 15 (fifteen) days from the date of closure
of the New Fund Offer Period.

• Thereafter, Single Consolidated Account Statement (SCAS),

based on PAN of the holders, shall be sent by Depositories, for
each calendar month within 10th day of the succeeding month to
the unitholders in whose folio(s)/demat account(s) transactions
have taken place during that month.

• SCAS shall be sent by Depositories every half yearly

(September/ March), on or before 10th day of succeeding month,
detailing holding at the end of the sixth month, to all such
unitholders in whose folios and demat accounts there have been
no transactions during that period.

• In case of demat accounts with nil balance and no transactions

in securities and in mutual fund folios, the depository shall send
account statement in terms of regulations applicable to the
depositories.

• Consolidation shall be done on the basis of Permanent Account

Number (PAN). In the event the folio / demat account has more
than one registered holder, the first named Unit holder / Account
holder shall receive the SCAS. For the purpose of SCAS,
common investors across mutual funds / depositories shall be
identified on the basis of PAN. Consolidation shall be based on
the common sequence / order of investors in various
 folios/demat accounts across mutual funds / demat accounts
across depository participants.

• In case of multiple accounts across two depositories, the

depository with whom the demat account has been opened
earlier will be the default depository which will consolidate the
details across depositories and Mutual Fund investments and
dispatch the SCAS to the unitholders.

• Unitholders whose folio(s)/demat account(s) are not updated

with PAN shall not receive SCAS. Unitholders are therefore
requested to ensure that their folio(s)/demat account(s) are
updated with PAN.

• For Unitholders who have provided an e-mail address in KYC

records, the SCAS will be sent by e-mail.

• The Unitholders may request for account statement for mutual

fund units held in physical mode. In case of a specific request
received from the Unitholders, account statement shall be
provided to the unitholders within 5 business days from the
receipt of such request.

• No account statements will be issued to unitholders opted to hold

units in demat mode, since the statement of account furnished
by depository participant periodically will contain the details of
transactions.

• SCAS sent within the time frame mentioned above is provisional

and is subject to realisation of payment instrument and/or
verification of documents, including the application form.

Annual Report:
The scheme wise annual report or an abridged summary thereof
shall be provided to all Unitholders not later than four months from
the date of closure of the relevant accounting year whose email
addresses are registered with the Mutual Fund. The physical
copies of Scheme wise Annual report will also be made available
to the unitholders, at the registered offices at all times.
Portfolio Disclosures:
In terms of SEBI Regulation, Mutual Funds/ AMCs will disclose portfolio
(along with ISIN) as on the last day of the month / half-year for all
Schemes on its website www.mutualfund.adityabirlacapital.com and on
the website of AMFI (www.amfiindia.com) within 10 days from the close
of each month/ half-year respectively in a user-friendly and downloadable
spreadsheet format. The Mutual Fund/AMCs will send to Unitholders a
complete statement of the scheme portfolio, within ten days from the
close of each month / half-year whose email addresses are registered
with the Mutual Fund. Further, the Mutual Fund / AMC shall publish an
advertisement disclosing the hosting of such half yearly scheme portfolio
on its website www.mutualfund.adityabirlacapital.com and on the website
of AMFI (www.amfiindia.com). Mutual Funds/ AMCs will also provide a
physical copy of the statement of its scheme portfolio, without charging
any cost, on specific request received from a unitholder.

Half Yearly Results:

Mutual Fund / AMC shall within one month from the close of each half
year, (i.e. 31st March and on 30th
September), host a soft copy of its unaudited financial results on its
website (www.mutualfund.adityabirlacapital.com). Further, the Mutual
Fund/AMC shall publish an advertisement disclosing the hosting of such
unaudited half yearly financial results on their website.

COMMUNICATION BY EMAIL
For those unitholders who have provided an e-mail address, the AMC will
send the communication by email. Unitholders who receive e-mail
statements may download the documents after receiving e-mail from the
Mutual Fund. Should the Unitholder experience any difficulty in accessing
the electronically delivered documents, the Unitholder shall promptly
advise the Mutual Fund to enable the Mutual Fund to make the delivery
through alternate means. It is deemed that the Unitholder is aware of all
security risks including possible third party interception of the documents
and contents of the documents becoming known to third parties. For ease
of communication, first applicant’s own email ID and mobile number
should be provided.
 Portfolio a) Top 10 holdings (as on July 31, 2019)
Issuer % to Net
Assets
Scheme Canara Bank 5.35
Holdings IndusInd Bank Limited 4.41
Axis Bank Limited 4.38
Steel Authority of India Limited 4.11
Clearing Corporation of India 4.05
Limited
Reliance Jio Infocomm Limited 3.86
Tata Power Company Limited 3.71
Housing Development Finance
Corporation Limited 3.46
Union Bank of India 3.24
Oriental Bank of Commerce 3.24

b) Sector-wise Allocation (as on July 31, 2019)

Sector Classification % to Net
Assets
Finance 37.31
Banks 26.14
Ferrous metals 7.07
Power 6.58
Government of India 5.81
Others** 4.21
Telecom - services 4.02

Non - ferrous metals 2.84

Construction project 1.61
Transportation 1.45
Construction 1.41
Media & entertainment 0.97
Fertilisers 0.97
Retailing 0.93
Miscellaneous 0.91
Industrial capital goods 0.80
Auto 0.65
Consumer non durables 0.61
Petroleum products 0.36
Telecom - equipment & accessories 0.16
 Cement 0.16
Cash and equivalents -4.97
TOTAL 100

** includes Cash / Tri-party Repos / Interest Rate Swap |Bills Rediscounting |Fixed Dep
|Margin Fixed Deposit

Crisil Asset Size

Scheme Name 1M 3M 6M 1Y 3Y
Rank (Cr)

Aditya Birla Sun Life

Liquid Fund - Direct Plan 2 41465.99 0.55 1.40 2.78 6.33 6.92
- Growth

Aditya Birla Sun Life

Frontline Equity Fund - 1 19313.53 -28.55 -32.91 -27.49 -30.08 -6.03
Direct Plan - Growth

Aditya Birla Sun Life

Corporate Bond Fund - 2 17605.87 0.20 1.93 3.99 8.93 7.96
Direct Plan - Growth

Aditya Birla Sun Life

Savings Fund - Direct 3 16488.89 0.36 1.44 3.25 7.70 7.76
Plan - Growth

Aditya Birla Sun Life

Money Manager Fund - 2 13471.38 0.56 1.62 3.23 7.50 7.69
Direct Plan - Growth

Aditya Birla Sun Life Low

Duration Fund - Direct 3 12150.50 0.49 1.75 3.72 8.36 8.12
Plan - Growth

Aditya Birla Sun Life

Equity Fund - Direct Plan 3 11582.16 -31.14 -33.19 -26.84 -29.40 -5.66
- Growth

Aditya Birla Sun Life Tax

Relief 96 - Direct Plan - 3 10072.72 -25.05 -26.48 -19.98 -24.21 -1.77
Growth
 Crisil Asset Size
Scheme Name 1M 3M 6M 1Y 3Y
Rank (Cr)

Aditya Birla Sun Life

Banking & PSU Debt
3 10056.12 0.16 2.12 4.31 9.80 8.15
Fund - Direct Plan -
Growth
 ADITYA BIRLA SUN LIFE ACTIVE DEBT MULTI MANAGER FOF
SCHEME
(An open ended fund of funds scheme investing in dynamically managed
portfolio of Debt Funds.)

This Product is suitable for investors who are seeking*:

• capital appreciation in the long term

• investment in a dynamically managed

portfolio of debt funds

*Investors should consult their financial advisers if in doubt whether the product is suitable
for them

Continuous Offer of units at NAV based prices

NAME OF THE ASSET MANAGEMENT NAME OF MUTUAL FUND

COMPANY
Aditya Birla Sun Life AMC Limited
(ABSLAMC) (formerly known as Birla Sun
Life Asset Management Co Ltd) One India
Bulls Centre, Tower 1, 17th Floor, Jupiter
Mill
Compound, 841, Senapati Bapat Marg,
Prabhadevi, Mumbai 400013
Tel. 43568000, Fax No. 43568110/ 8111
CIN: U65991MH1994PLC080811
Aditya Birla Sun Life Mutual Fund
(ABSLMF)
One India Bulls Centre, Tower 1, 17th
Floor, Jupiter Mill Compound, 841,
Senapati Bapat Marg, Prabhadevi,
Mumbai 400013.
Tel. 43568000, Fax No. 43568110/
8111
Website:
www.mutualfund.adityabirlacapital.com

This Key Information Memorandum (KIM) sets forth the information, which a
prospective investor ought to know before investing. For further details of the
scheme/Mutual Fund, due diligence certificate by the AMC, Key Personnel,
investors’ rights & services, risk factors, penalties & pending litigations etc.
investors should, before investment, refer to the Scheme Information Document
and Statement of Additional Information available free of cost at any of the
Investor Service Centres or distributors or from the website
www.mutualfund.adityabirlacapital.com
The Scheme particulars have been prepared in accordance with Securities and
Exchange Board of India (Mutual Funds) Regulations 1996, as amended till date,
and filed with Securities and Exchange Board of India (SEBI). The units being
offered for public subscription have not been approved or disapproved by SEBI,
nor has SEBI certified the accuracy or adequacy of this KIM.

The Mutual Fund/AMC and its empanelled broker(s) has not given and shall not
give any indicative portfolio and indicative yield in any communication, in any
manner whatsoever. Investors are advised not to rely on any communication
regarding indicative yield/portfolio with regard to the scheme.

This KIM is dated May 16, 2019

Name of Aditya Birla Sun Life Active Debt Multi Manager FoF Scheme
the
Scheme
Type of An open ended fund of funds scheme investing in dynamically managed
the portfolio of Debt Funds.
Scheme
Investment The primary objective of the Scheme is to generate returns from a portfolio
Objective of pure debt oriented funds accessed through the diverse investment
styles of underlying scheme selected in accordance with the ABSLAMC
process. There can be no assurance that the investment objective of the
Scheme will be realized.
Inception December 29, 2006
Date
No. of No. of Folios: 434
Folios & AUM in Crs: Rs. 11.28
AUM (as
on April
30, 2019)
Asset Under normal circumstances, the asset allocation is as follows:
Allocation
Pattern of
the
Instruments Indicative Risk Profile
Scheme
allocations ( %
of total assets)
Maximum Minimum
Debt Funds & Liquid 100 95 Low to
Funds Medium

Money market 5 0 Low

Securities

The Scheme can invest in third party mutual fund scheme and / or in
scheme of Aditya Birla Sun Life Mutual Fund.

The scheme will invest in Money Market Securities as per the prevailing
regulations from time to time, only for the purpose of liquidity
requirements. These percentages are adhered to at the point of
investment. The portfolio is reviewed periodically to address any
deviations from the aforementioned allocations due to market changes.

Subject to the SEBI Regulations, the asset allocation pattern indicated

may change from time to time, keeping in view market conditions, market
opportunities, and political and economic factors. It must be clearly
understood that the percentages stated above are only indicative and not
absolute and that they can vary depending upon the perception of the
Investment Manager, the intention being at all times to seek to protect the
interests of the unitholders. Such changes in the asset allocation will be
for short term and defensive considerations. Provided further and subject
to the above, any change in the asset allocation affecting the investment
profile of the Scheme shall be effected only in accordance with the
provisions of sub regulation (15A) of Regulation 18 of the SEBI
Regulations.
Investment The Allocation of funds between the different debt funds specified in the
Strategy asset allocation pattern depends primarily on the interest rate outlook.
When interest rates are expected to harden, the ideal combination of
funds include those that have relatively low interest rate risk. Hence the
portfolios have a higher weightage to the Liquid funds, Floating Rate
Funds and Fixed-MaturityPlans and other Debt Funds with average
maturity less than 1-year.
Conversely, when interest rates are expected to ease, the fund seeks to
generate higher returns by higher weightage to Debt funds which have
average maturity more than 1 year.
The direction of the interest rates are determined through consideration of
the following factors:
• RBI stance of Monetary Policy
• Inflation rate and expectations of movement in the Inflation rate
• Economic growth
• Banks commercial credit demand growth versus banks’ deposit growth
• Movement in interest rates among Other major economies
Based on the above factors and the relative strength of each of the
factors, the Multi Manager investment team assesses the level of interest
rate exposure which the portfolio should bear and accordingly calibrate
the allocation to the funds in line with the allocation range specified
above.

Risk Profile of Mutual Fund Units involve investment risks including the possible loss
the Scheme of principal. Please read the Scheme Information Memorandum (SID)
for carefully for details on risk factors before investment. Scheme specific
Risk Factors are summarized below:
• Market volatility;
• Risk associated with liquidity of the underlying scheme;
• Risk associated with the performance of underlying Schemes;
• Credit and Market Risk associated with money market;
• Trade execution risk;
• Risk associated with composition of investment advisors;
• Interest rate risk;
• The NAV of the plan to the extent invested in Money market
securities, government securities, corporate bond and other debt
securities are likely to be affected by changes in the Prevailing
rates of interest and are likely to affect the value of the Scheme’s
holdings and thus the value of the Scheme’s Units.
Risk Control • Liquidity checks (our investments as a proportion of scheme
AUM) Favoring of funds with strong parent backing.
• Tracking and caps on sector exposures.
• Tracking of mandate deviations
Plans/Options The Scheme will have Regular Plan and Direct Plan** with a common
portfolio and separate NAVs. Investors should indicate the Plan for
which the subscription is made by indicating the choice in the
application form.
Further, Regular and Direct Plan under the scheme will have the
following Options / Sub-options:
(1) Growth Option and
(2) Dividend Option with Payout and Reinvestment facility.

**DIRECT PLAN:
i. Direct Plan is only for investors who purchase /subscribe Units
in a Scheme directly with the Mutual Fund and is not available
for investors who route their investments through a
Distributor.
ii. Eligible investors: All categories of investors (whether existing or
new Unitholders) as permitted under the Scheme Information
Document of the Scheme are eligible to subscribe under Direct
Plan.
iii. Modes for applying: Investments under Direct Plan can be made
through various modes offered by the Mutual Fund for investing
directly with the Mutual Fund [except through Stock Exchange
Platforms for Mutual Funds and all other Platform(s) where
investors’ applications for subscription of units are routed through
Distributors].
iv. How to apply:
a. Investors desirous of subscribing under Direct Plan of a
Scheme will have to ensure to indicate “Direct Plan” against the
Scheme name in the application form.
b. Investors should also indicate “Direct” in the ARN column of the
application form.
Default Plan / Default Option/Sub-Option: Dividend Option (Reinvestment facility).
Option / In case of valid application received without indicating choice between
Suboption Growth and Dividend Option, the same shall be considered as
(In case the Dividend Option (Reinvestment Facility) and processed accordingly.
investor fails to
specify his Default Plan:
preference, Investors are requested to note the following scenarios for the
the given applicability of “Direct Plan or Regular Plan” for valid applications
default plan / received under the Scheme:
option / sub-
option would Scenario Broker Code Plan Default
apply) mentioned by the mentioned by Plan to
investor the investor be
captured
1 Not mentioned Not mentioned Direct
Plan
2 Not mentioned Direct Direct
Plan
3 Not mentioned Regular Direct
Plan
4 Mentioned Direct Direct
Plan
5 Direct Not Mentioned Direct
Plan

6 Direct Regular Direct Plan

7 Mentioned Regular Regular
Plan
8 Mentioned Not Mentioned Regular
Plan

In cases of wrong/ invalid/ incomplete ARN codes mentioned on the

application form, the application shall be processed under Regular
Plan. The AMC shall contact and obtain the correct ARN code within
30 calendar days of the receipt of the application form from the
investor/ distributor. In case, the correct code is not received within
30 calendar days, the AMC shall reprocess the transaction under
Direct Plan from the date of application without any exit load.
Applicable In accordance with provisions of SEBI circular CIR/IMD/DF/21/2012 dated
NAV September 13, 2012, SEBI circular dated No. Cir/ IMD/ DF/ 19/ 2010 dated
(repurchase November 26, 2010, SEBI Circular No.
and sale) IMD/ CIR No. 11 / 142521 / 08 dated October 24, 2008 and SEBI Circular
SEBI/ IMD/ CIR No.11/ 78450/ 06 dated October 11, 2006 and further
amendments if any, thereto, the following cut-off timings shall be observed by
Mutual Fund in respect of purchase/ redemption/ switches of units of the
scheme, and the following NAVs shall be applied in each case:
I. APPLICABLE NAV FOR SUBSCRIPTIONS/ PURCHASE INCLUDING
SWITCH-IN OF UNITS:
For an amount less than Rs. 2 lacs:
• In respect of valid applications received upto 3.00 p.m. by the Mutual Fund
along with a local cheque or a demand draft payable at par at the place
where the application is received, the closing NAV of the day on which
application is received shall be applicable.
• In respect of valid applications received after 3.00 p.m. by the Mutual Fund
along with a local cheque or a demand draft payable at par at the place
where the application is received, the closing NAV of the next business
day shall be applicable.
For an amount of Rs. 2 lacs and above#:
In respect of valid applications for purchase of units with amount equal to or
more than Rs. 2 lacs, the closing NAV of the day (or immediately following
Business Day if that day is not a Business day) on which the funds are
available for utilization, shall be applicable.
In respect of subscriptions/purchase/Switch-in application with amount equal
to or more than Rs.
2 lacs, for allotment of units at applicable NAV as above, it shall be ensured
that:
i. Application is received before the applicable cut-off time (i.e. 3.00 p.m.)
ii. Funds for the entire amount of subscription / purchase /switch-in as per
the application are credited to the bank account of the respective scheme
before the applicable cut-off time (i.e. 3.00 p.m.).
iii. The funds are available for utilization before the applicable cut-off time
without availing any credit facility whether intra-day or otherwise, by the
respective scheme.
 II. APPLICABLE NAV FOR REDEMPTIONS INCLUDING SWITCH-OUT OF
UNITS:
• In respect of valid applications received upto 3.00 p.m. by the Mutual Fund,
same day’s closing NAV shall be applicable.
• In respect of valid applications received after 3.00 p.m. by the Mutual Fund,
the closing NAV of the next business day shall be applicable.
While the Applicable NAV shall be as per cut-off time specified above, the NAV
shall be declared in accordance with the provisions as mentioned in the SID.
#Investors are requested to note that the following practice of aggregating
multiple / split applications / transactions shall be followed and accordingly
the closing Net Asset Value (NAV) of the day on which the funds are available
for utilization is being implemented where the aggregated amount of
investments is Rs. 2 lacs and above.
(a) All transactions received on same Business Day (as per cut-off timing and
Time stamping rule prescribed under SEBI (Mutual Funds)
Regulations,1996 or circulars issued thereunder from time to time).
(b) Transactions shall include purchases, additional purchases, and exclude
Switches, Systematic Investment Plans (SIP) / Systematic Transfer Plans
(STP) and trigger transactions.
(c) Aggregation of transactions shall be done on the basis of investor(s)
Permanent Account Number (PAN). In case of joint holding in folios,
transactions with similar holding pattern will be aggregated.
(d) Such aggregation shall be done irrespective of the number of folios under
which the investor is investing and irrespective of source of funds, mode
of payment, location and time of application
(e) All transactions will be aggregated where investor holding pattern is same
as stated above, irrespective of whether the amount of the individual
transaction is above or below Rs. 2 lakhs.
(f) Only transactions in the same scheme shall be clubbed. This will include
transactions at plan / options level (i.e. Regular Plan, Direct Plan, Dividend
Option, Growth Option, etc).
(g) Transactions in the name of minor received through guardian will not be
aggregated with the transaction in the name of same guardian. However,
two or more transactions in the same folio of a minor will be considered for
aggregation.

Minimum Purchase (Incl. Switch-in) Additional Purchase Repurchase

Application Minimum of Rs. 1,000/- and (Incl. Switch-in) In Multiples of
Amount / in multiples of Rs. 1/- Minimum of Rs. Rs. 1/- or 0.001
Number of thereafter 1,000/- and in multiples units.
Units of Rs. 1/- thereafter
Despatch of Within 10 working days of the receipt of the redemption request at the
Proceeds of official points of acceptance of Aditya Birla Sun Life Mutual Fund.
Repurchase
(Redemption)
Request
Benchmark CRISIL Composite Bond Fund Index
Index The fund reserves the right to change the benchmark for evaluation of the
performance of the scheme from time to time, subject to SEBI Regulations
and other prevailing guidelines if any.
Dividend Dividends will be declared subject to availability of distributable surplus
Policy and at the discretion of the AMC/Trustee. On payment of Dividends, the
NAV will stand reduced by the amount of dividend and dividend
distribution tax, if any.
Name of the
Fund Fund Manager Managing Tenure
Manager and Since
Tenure for Mr. Pranay Sinha April 01, 2017 2 years
which the
fund
manager has
been
managing the
Scheme
Name of the Aditya Birla Sun Life Trustee Private Limited (formerly known as Birla Sun
Trustee Life Trustee Company Private Limited)
Company
Performance I. PERFORMANCE OF SCHEME AS AT APRIL 30, 2019.
of the Returns Last 1 Last 3 Last 5 Since
Scheme
Year * years Years Inception
Aditya Birla Sun Life Active 7.19 7.05 8.08 7.68
Debt MultiManager FoF
Scheme – Regular Plan
(Inception - December
29,2006)

Crisil Composite Bond Index 8.06 7.25 8.87 7.49

Aditya Birla Sun Life Active 7.73 7.58 8.62 7.94

Debt MultiManager FoF
Scheme - Direct Plan
(Inception - January
01,2013)
 Crisil Composite Bond Index 8.06 7.25 8.87 8.15

Note: Past performance may or may not be sustained in future.

*Absolute Returns
For dividend option, the returns would assume reinvestment of dividend,
net of distribution taxes, if any

II. ABSOLUTE YEARWISE RETURNS (FY APR-MAR)

Aditya Birla Sun Life Active Debt Multi Manager FoF Scheme - Growth–
RP$
CRISIL Composite Bond Fund Index

16.00 % Aditya Birla Sun Life Active Debt Multi Manager FoF Scheme - Direct Plan –
DP@ 14.56% 14.52%
13.93%
14.00 %
12.57%
12.01%
12.00 % 11.09%

10.00 %
8.22%
7.73%
8.00% 7.19%
6.72%
5.65%
6.00% 5.06% 5.13%

3.84%
4.00% 3.33%

2.00%

0.00%
Apr 2018 - Mar Apr 2017 - Mar Apr 2016 - Mar Apr 2015 - Mar Apr 2014 - Mar
2019 2018 2017 2016 2015

Past performance may or may not be sustained in future. The

Returns are in %. Loads and Taxes not considered. Performance of
dividend option under the scheme for the investors would be net of
distribution tax, if any.
Expenses Entry Load*: Nil
of the Exit Load: For redemption/switch out of units within 365 days from the date
Scheme: of allotment: 1.00% of applicable NAV. For redemption/switch out of units
after 365 days from the date of allotment:
Nil
(i) Load * In terms of SEBI circular no. SEBI/IMD/CIR No.4/ 168230/09 dated June
Structure 30, 2009, no entry load will be charged by the Scheme to the investor
effective August 1, 2009. Upfront commission shall be paid directly by the
investor to the AMFI registered Distributors by a separate cheque based
on the investors’ assessment of various factors including the service
rendered by the distributor.
• No Exit Loads / CDSC will be chargeable in case of switches made from
Growth option to Dividend option or vice-versa within the respective Plans
offered under the Scheme.
• No entry or exit load shall be charged in respect of units issued to
unitholders on Reinvestments of Dividends and units issued to
unitholders as Bonus units.
• Switch of investments from Regular Plan (whether the investments were
made before or after January 01, 2013) to Direct Plan shall be subject to
applicable exit load, if any, and vice versa.
(ii) Actual (unaudited) expenses for the financial year ended March 31, 2019:
Recurring
expenses ABSL Active Debt Multi Underlying
(As a % Manager FoF Scheme Scheme(s)
of daily Regular 0.97%
net Plan 0.0011%
assets) Direct plan 0.47%

As per Regulation 52(6)(a)(iii) of SEBI (MF) Regulations, the total expense

ratio of the scheme including weighted average of the total expense ratio
levied by the underlying scheme(s) shall not exceed 2.00 per cent of the
daily net assets of the scheme:

Maximum estimated permissible expenses, including investment

management and advisory fees, as a % per annum of daily net
assets:

Maximum estimated permissible expense as a % per

annum of daily net assets
A. Expense Head / Nature of Expense % of daily Net
Assets

Investment Management and Advisory Fees (AMC fees)

Upto 2.00%
Trustee fee e
 Registrar & Transfer Agent (RTA) Fees (including
Audit fees weighted
( average of
Custodian fees
charges levied
Marketing & Selling expense incl. agent commission
by the
Cost related to investor communications underlying
Cost of fund transfer from location to location scheme)
Cost of providing account statements/allotment advice and
dividend/ redemption cheques and warrants
Costs of statutory Advertisements

Cost towards investor education & awareness (at least 2 bps) ^

Brokerage & transaction cost over and above 12 bps and 5 bps
for cash and derivative market trades resp.
Goods and Service Tax (GST) on expenses other than
investment and advisory fees
GST on brokerage and transaction cost
Other expenses
Maximum total expense ratio (TER) permissible under Upto 2.00%
Regulation 52 (6)(a)(iii) (including
weighted
average of
charges
levied by the
underlying
scheme)
B. Additional expenses under regulation 52 (6A) (c) Upto 0.05%
C. Additional expense for gross new inflows from specified cities Upto 0.30%
under Regulation 52 (6A) (b) to improve
geographical reach of scheme

Waiver of Not Applicable

Load for
Direct
Application
s
Tax Investors are advised to refer to the details in the Statement of
treatment Additional Information and also independently refer to his tax advisor.
for the
Investors
(Unitholder
s)
Daily Net The NAV will be calculated and disclosed for every Business Day.
Asset NAV of the scheme will be calculated up to four decimal places. AMC
Value shall update the NAV on the AMFI website (www.amfiindia.com) and
(NAV) on the website of the Mutual Fund
Publication(www.mutualfund.adityabirlacapital.com) by 9.00 pm on the day of
declaration of the NAV.
For Aditya Birla Sun Life AMC Registrar & Transfer Agents:
Investor Limited (erstwhile Birla Sun Life Computer Age Management
Grievances Asset Management Company Services Pvt. Ltd. (CAMS)
please Ltd) Rayala Towers, 158, Anna Salai,
contact One IndiaBulls Centre, Tower 1, Chennai - 600002.
17th Floor, Contact Details: 1800-425-2267
Jupiter Mill Compound, 841, E-mail:
Senapati Bapat adityabirlacapital.mf@camsonline
Marg, Prabhadevi, Mumbai 400 .com
013 Tel.: 1800-270-7000 / Website
1800-22-7000, E-mail: Address:www.camsonline.com
care.mutualfunds@adityabirlacapita
l.com
CIN: U65991MH1994PLC080811
Unitholder APPLICABLE TO INVESTORS WHO OPT TO HOLD UNITS IN
s’ PHYSICAL (NON-DEMAT) MODE AND DO NOT HAVE DEMAT
Informatio ACCOUNT :
n For normal transactions during ongoing sales and repurchase:
▪ On acceptance of the application for subscription, an allotment
confirmation specifying the number of units allotted to the investor
shall be send by way of email and/or SMS's to the investors'
registered email address and/or mobile number not later than 5 (five)
business days from the date of receipt of transaction request.
Thereafter, a Consolidated Account Statement (CAS) for each
calendar month to the Unitholder(s) in whose folio(s) transaction(s)
has/have taken place during the month, on or before 10th of the
succeeding month shall be sent by e-mail/mail. CAS shall contain
details relating to all the transactions** carried out by the investor,
including details of transaction charges paid to the distributor, if any,
across all schemes of all mutual funds, during the month and holding
at the end of the month.
**The word 'transaction' shall include purchase, redemption, switch,
dividend payout, dividend reinvestment, Systematic Investment
Plan, Systematic Withdrawal Plan, Systematic Transfer Plan and
bonus transactions.
▪ In case of specific request is received from investors, account
statement shall be issued to the investors within 5 (five) business
days from the receipt of such request without any charges. The
 unitholder may request for a physical account statement by
writing/calling the AMC/ISC/R&T.
▪ In the event the account has more than one registered holder, the
first named Unitholder shall receive the CAS/account statement.
▪ The transactions viz. purchase, redemption, switch, dividend payout,
etc., carried out by the Unitholders shall be reflected in the CAS on
the basis of Permanent Account Number (PAN).
▪ The CAS shall not be received by the Unitholders for the folio(s) not
updated with PAN details. The Unitholders are therefore requested
to ensure that the folio(s) are updated with their PAN.
▪ No Account statements will be issued to investors opted to hold
units in electronic (demat) mode, since the statement of account
furnished by depository participant periodically will contain the
details of transactions
APPLICABLE TO INVESTORS WHO OPT TO HOLD UNITS IN
ELECTRONIC (DEMAT) MODE:

▪ On acceptance of the application for subscription, an allotment

confirmation specifying the number of units allotted to the investor shall
be send by way of email and/or SMS's to the investors' registered email
address and/or mobile number not later than 5 (five) business days from
the date of receipt of transaction request.

▪ Thereafter, Single Consolidated Account Statement (SCAS), based on

PAN of the holders, shall be sent by Depositories, for each calendar
month within 10th day of the succeeding month to the unitholders in
whose folio(s)/demat account(s) transactions have taken place during
that month.

• SCAS shall be sent by Depositories every half yearly (September/

March), on or before 10th day of succeeding month, detailing holding at
the end of the sixth month, to all such unitholders in whose folios and
demat accounts there have been no transactions during that period.

• In case of demat accounts with nil balance and no transactions in

securities and in mutual fund folios, the depository shall send account
statement in terms of regulations applicable to the depositories.

• Consolidation shall be done on the basis of Permanent Account Number

(PAN). In the event the folio / demat account has more than one
registered holder, the first named Unit holder / Account holder shall
receive the SCAS. For the purpose of SCAS, common investors across
mutual funds / depositories shall be identified on the basis of PAN.
Consolidation shall be based on the common sequence/ order of
investors in various folios/ demat accounts across mutual funds / demat
accounts across depository participants.

• In case of multiple accounts across two depositories, the depository with

whom the demat account has been opened earlier will be the default
depository which will consolidate the details across depositories and
Mutual Fund investments and dispatch the SCAS to the unitholders.

• Unitholders whose folio(s)/demat account(s) are not updated with PAN

shall not receive SCAS. Unitholders are therefore requested to ensure
that their folio(s)/demat account(s) are updated with PAN.
• For Unitholders who have provided an e-mail address in KYC records,
the SCAS will be sent by e-mail.

• The Unitholders may request for account statement for mutual fund units
held in physical mode. In case of a specific request received from the
Unitholders, account statement shall be provided to the unitholders
within 5 business days from the receipt of such request.

• No account statements will be issued to unitholders opted to hold units

in demat mode, since the statement of account furnished by depository
participant periodically will contain the details of transactions.

• SCAS sent within the time frame mentioned above is provisional and is
subject to realisation of payment instrument and/or verification of
documents, including the application form

Half Yearly Consolidated Account Statement:

o A CAS detailing holding across all schemes of all mutual funds at the
end of every six months (i.e. September/ March), shall be sent by
mail/e-mail on or before 10th day of succeeding month, to all such
Unitholders in whose folios no transaction has taken place during that
period.
o The half yearly consolidated account statement will be sent by e-mail
to the Unitholders whose e-mail address is available, unless a specific
request is made to receive in physical.
• Investors should note that, no separate account statements will be
issued to investors opted to hold units in electronic (demat) mode since
the statement of account furnished by depository participant will contain
the details of transactions.
For more details, Investors are requested to refer the Scheme Information
Document (SID) and Statement of Additional Information (SAI).

COMMUNICATION BY EMAIL
For those unitholders who have provided an e-mail address, the AMC will
send the communication
by email. Unitholders who receive e-mail statements may download the
documents after receiving e-mail from the Mutual Fund. Should the
Unitholder experience any difficulty in accessing the electronically
delivered documents, the Unitholder shall promptly advise the Mutual
Fund to enable the Mutual Fund to make the delivery through alternate
means. It is deemed that the Unitholder is aware of all security risks
including possible third party interception of the documents and contents
of the documents becoming known to third parties.

Annual Report:
The scheme wise annual report or an abridged summary thereof shall be
provided to all Unitholders not later than four months from the date of
closure of the relevant accounting year whose email addresses are
registered with the Mutual Fund. The physical copies of Scheme wise
Annual report will also be made available to the unitholders, at the
registered offices at all times. The scheme wise annual report will also be
hosted on the website on its website
(www.mutualfund.adityabirlacapital.com) and on the website of AMFI
(www.amfiindia.com).

The physical copy of the abridged summary shall be provided to the

investors without charging any cost, if a specific request through any mode
is received from the unitholder.

Further, the Mutual Fund / AMC shall publish an advertisement disclosing

the hosting of scheme wise annual report on its website
www.mutualfund.adityabirlacapital.com and on the website of AMFI
(www.amfiindia.com).

Portfolio Disclosures:
In terms of SEBI Regulation, Mutual Funds/ AMCs will disclose portfolio
(along with ISIN) as on the last day of the month / half-year for all Schemes
on its website www.mutualfund.adityabirlacapital.com and on the website
of AMFI (www.amfiindia.com) within 10 days from the close of each month/
half-year respectively in a user-friendly and downloadable spreadsheet
format. The Mutual Fund/AMCs will send to Unitholders a complete
statement of the scheme portfolio, within ten days from the close of each
month / half-year whose email addresses are registered with the Mutual
Fund. Further, the Mutual Fund / AMC shall publish an advertisement
disclosing the hosting of such half yearly scheme portfolio on its website
www.mutualfund.adityabirlacapital.com and on the website of AMFI
(www.amfiindia.com). Mutual Funds/ AMCs will also provide a physical
copy of the statement of its scheme portfolio, without charging any cost, on
specific request received from a unitholder.
 Half Yearly Results:
Mutual Fund / AMC shall within one month from the close of each half year,
(i.e. 31st March and on 30th September), host a soft copy of its unaudited
financial results on its website (www.mutualfund.adityabirlacapital.com).
Further, the Mutual Fund / AMC shall publish an advertisement disclosing
the hosting of such unaudited half yearly financial results on their website.

Scheme a) Top 10 holdings (as on April 30, 2019)

Portfolio Issuer % to net
Holdings Assets

Franklin Templeton Mutual Fund 43.08

Aditya Birla Sun Life Mutual Fund 35.28

IDFC Banking & PSU Debt Fund-Direct Plan-

Growth Option 17.69
Clearing Corporation of India Limited 4.26

b) Sector-wise Allocation (as on April 30, 2019)

Sector % to net Assets

Mutual Fund 96.05
Others 3.95
Transaction SEBI has, with the intent to enable investment by people with small saving
Charges potential and to increase reach of Mutual Fund products in urban areas and in
smaller towns, wherein the role of the distributor is considered vital, allowed
AMCs vide its circular No. Cir/ IMD/ DF/13/ 2011 dated August 22, 2011 to
(For deduct transaction charges for subscription of Rs. 10,000/- and above.
Lumpsum
In accordance with the said circular, ABSLAMC / Mutual Fund will deduct the
Purchases
transaction charges from the subscription amount and pay to the distributors
and SIP as shown below (who have opted-in to receive the transaction charges on basis
Investments of type of product). Thereafter, the balance of the subscription amount shall be
routed invested.
through
distributor /
1. Transaction charges shall be deducted for Applications for purchase/
agent)
subscription relating to new inflows and routed through distributor/ agent:
Investor Type Transaction charges^
First Time Mutual Fund Investor Rs. 150 for subscription
(across Mutual Funds) application of Rs. 10,000 and
above.
Investor other than First Time Rs. 100 for subscription
Mutual Fund Investor application of Rs. 10,000 and
above.
2. ^The transaction charge, if any, shall be deducted by the ABSLAMC from
the subscription amount and paid to the distributor; and the balance shall be
invested and accordingly units allotted. The statement of account shall
clearly state the net investment as gross subscription less transaction
charge and depict the number of units allotted against the net investment
amount.
However, Transaction charges in case of investments through Systematic
Investment Plan (SIP) from first time mutual fund investor and investor
other than first time mutual fund investor shall be deducted only if the total
commitment (i.e. amount per SIP installment x No. of installments)
amounts to Rs. 10,000/- or more. The transaction charges shall be
deducted in 3-4 installments.
3. Transaction charges shall not be deducted/applicable for:
(a) purchases / subscriptions for an amount less than Rs. 10,000/-;
(b) Transaction other than purchases / subscriptions relating to new inflows
such as Switches, etc.
(c) Purchases / subscriptions made directly with the Mutual Fund (i.e.
not routed through any distributor / agent).
(d) Transactions carried out through the Stock Exchange Platforms for
Mutual Funds.
 4. Investor should note that, as per SEBI circular no. SEBI/IMD/CIR No. 4/
168230/09, dated June 30, 2009, the upfront commission, if any, on
investment made by the investor shall continue to be paid by the investor
directly to the Distributor by a separate cheque, based on his assessment
of various factors including the service rendered by the Distributor.

Scheme Name Risk 5 year Fund Objective

return
(%)
Aditya Birla Sun Moderate 9.14 It is an open ended scheme which aims to
Life Treasury invest in a mix of high quality corporate bonds
Optimizer Fund and G Secs issued by Banks, Public Sector
Undertakings and Public Financial Institutions
in India to generate reasonable returns and
liquidity over the short run. By maintaining a
diversified portfolio, the fund manager aims
at keeping the portfolio risk at reasonably low
levels.

Aditya Birla Sun Moderate 9.12 It is an Open ended debt scheme which
Life Medium Term invests in a mix of debt and money market
Plan instruments in order to generate regular
income. The income thus generated is
distributed among the unitholders by means
of regular dividend payments over the
medium term.

Aditya Birla Sun Moderately 8.62 It is an open-ended debt scheme which

Life Savings Fund Low invests in debt and money market
instruments to provide reasonable returns
and investment liquidity during the short run.
The fund manager follows a conservative
strategy which emphasises on higher post-tax
returns along with liquidity as one of its key
drivers.

Aditya Birla Sun Moderate 8.55 It is an open-ended debt scheme which

Life Short Term invests in a mix of debt and money market
Opportunities instruments to generate income with capital
Fund growth during the short run. The fund
manager focuses on delivering higher returns
by identifying and selectively investing in
mispriced credit opportunities in the market.
The fund generates income by way of interest
accrued on higher yielding investment grade
bonds.
 Aditya Birla Sun Moderately 8.55 It is an open-ended debt scheme which
Life Floating Rate Low invests in in different types of floating rate
Fund – Long Term debt and money market instruments to
Plan generate income with capital appreciation
during the short run. Those who need to
leverage from rising interest rates over
medium to longer term may go for this. The
fund manager may allocate some part of
fund’s assets in fixed rate debt securities too.

Research Methodology
For the collection of data regarding the conceptual framework, performance
of the mutual funds and the preference of mutual fund investors, the data
has been collected through Primary and Secondary Sources as follows:

Primary Data

For studying the preference of mutual funds, primary data has been
collected with the help of the questionnaire. Information has been gathered
from investors visiting the local registrars and AMC branches of mutual
funds in Visakhapatnam. The sample is a convenience sample and
constitutes 300 respondents. People from different groups are included in
the sample and categorized into male and female, different age groups,
different 53 occupations viz., public sector, private sector, government,
businessmen, self employed, students, homemakers and other
professionals with different income levels. The sample size of 300 is
considered because of the primary data is collected through direct
interaction with the investors in the offices of registrars such as
CAMS,KARVY, WAY TO WEALTH and AMC BRANCHES viz., RELIANCE, UTI,
LIC, FRANKLIN TEMPLETON, HDFC etc. The questionnaire is aimed to
understand the investors’ preferences of mutual funds and its relationship
with the socio-economic profile of the respondents.

Secondary data

The study has included scheme wise performance appraisal of various

mutual funds. Data pertaining to the performance of the funds were drawn
from secondary sources through data published by AMFI,
mutualfundsindia.com,moneycontrol.com and BSE.com,
valueresearch.com, ici.org, mutual funds books, journals and websites of
other mutual funds.
RECOMMENDATION AND SUGGESTIONS

• To regulate entry and exit loads effectively as it creates a lot of

confusion during actual settlement of costs and biils.
• To better operation management so as to reduce the time lag and
improve customer feedback
• To improve market penetration by targeting not only metros but
mini-metros and smaller towns effectively.
• To come up with more innovative scheme and products so as to
expand over the largest customer base as possible.
• The most vital problem spotted is of ignorance. Investors should be
made aware of the benefits. Nobody will invest until and unless he
is fully convinced.Investorsshould be made to realize that
ignorance is no longer bliss and what they are losing by not
investing.
• Mutual funds offer a lot of benefits which no other single option
could offer.But most of the people are not even aware of what
actually a mutual fumd is? They only see it as just another
investment option. So the advisor should try to change their
mindset. The advisors should target for more and more young
investors. Young investors as well as person at the height of their
career would like to go for advisor due to lack of expertise and
time.

• Mutual fund company need to give the training of the Individual

Financial Advisor about the fund scheme and its objective because
they are the main source to influence the investors.
• Before making any investment Financial Advisor should first
enquire about the risk tolerance of the investors/customers their
need and time how long they want to invest. By considering these
three things they can take the customers into consideration.
• Younger people aged under 35 will be a key new customer group
into the future. So making greater efforts with younger customers
who show some interest in investing should pay off.
• Customers with graduate level education are easier to sell to and
there is a large untapped market there. To succed
however,advisors must provide sound advice and high quality.
• Systematic Investment Plan (SIP) is one of the innovative
products launched by Asset Management Companies very
recently in the industry. SIP is easy for monthly salaried person
as it is provides the facility of do the investment in EMI. Though
most of the prospects and potential investors are not aware about
the SIP. There is a large scope for the companies to tap the
salaried person.
BIBLIOGRAPHY

Consulting various reference points on the aforementioned topics

became
patient. A list of such

reference is provided asfollows:

REFERENCES:

a. Direct interaction with bank customer.

b. Brochures of product offering of SBI MUTUAL FUND.

c. www.SBIMF.com.

d. www.mutualfundindia.com.

e. www.bseindia.com.

f. www.nseindia.com.

g. www.investopedia.com.