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  • Best Mutual Funds to Invest in India

  • Best Mutual Fund

    Mutual funds are given ratings by considering numerous aspects. These aspects include expense ratios, past performance, net asset value (NAV), risk quotients, etc. of a particular mutual fund. There are many big mutual fund rating companies in India and other countries that specialise in rating various mutual funds. Each company utilises different techniques in order to rate each fund.

    A mutual fund can be considered to be the ideal fund to invest in when it is good in all aspects such as past returns, NAV, expense ratio, etc.

    While evaluating a mutual fund’s historical returns, it is very important to remember that one should not look into a single time frame. This is because a certain fund may be featured in the top 5 funds over the past 6 years. However, the same fund may not be there even in a list of the best 30 mutual funds during the previous year.

    Hence, one should compare the past returns, NAV, expense ratios, and assets under management (AUM) for various time frames. You can chiefly give importance to mutual funds that offer good returns on a consistent level.

    We have a created a few tables to show the best mutual funds to invest in India according to different fund categories. We have also included consistent fund performers for certain categories.

    Large Cap-oriented Equity Funds:

    Aditya Birla Sun Life Frontline Equity Fund (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    211.400 13.9 18968.99 2.11%

    Diversified Equity Funds:

    Motilal Oswal MOSt Focused Multicap 35 Fund - Direct Plan (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    26.753 26.1 9178.99 1.33%

    Small and Mid-Cap Equity Funds:

    L&T Emerging Businesses Fund - Regular Plan (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    25.493 26.4 1873.35 2.22%

    Thematic- Infrastructure Funds:

    DSP BlackRock Natural Resources and New Energy Fund - Regular Plan (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    35.503 25.8 337.57 2.35%

    Consistent Equity Fund Performers:

    Aditya Birla Sun Life India GenNext Fund (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    76.220 20.2 663.38 2.57%

    Equity Linked Savings Schemes:

    L&T Tax Advantage Fund (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    53.702 17.2 2547.98 2.08%

    Index Funds:

    Kotak Nifty ETF Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    102.029 27.7 554.36 0.10%

    Balanced Funds:

    HDFC Balanced Fund (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    143.030 143.030 15643.26 2.01%

    Consistent Performers - Balanced Funds:

    Reliance Regular Savings Fund - Balanced Option (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    53.333 14.2 9069.36 1.98%

    Monthly Income Plan-Aggressive:

    Birla Sun Life MIP II - Wealth 25 Plan Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    38.908 14.1 2353.14 2.11%

    Long Term Gilt Funds:

    Reliance Gilt Securities Fund - Retail Plan (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    22.822 12.0 1646.83 0.58%

    Long-Term Income Funds:

    ICICI Prudential Long Term Plan (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    21.343 11.6 3449.46 1.26%

    Consistent Performers- Debt Funds:

    UTI Banking & PSU Debt Fund - Regular Plan (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    13.879 9.2 990.52 0.30%

    Short-Term Income Funds:

    HDFC Medium Term Opportunities Fund (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    18.919 9.4 12662.42 0.36%

    Credit Opportunities Funds:

    Franklin India Low Duration Fund (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    19.337 9.6 4957.81 0.78%

    Ultra Short-Term Debt Funds:

    LIC MF Income Plus Fund (G) Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    21.236 7.1 237.86 0.48%

    Liquid Funds:

    Indiabulls Liquid Fund Last NAV (in Rs. per unit) 3-year fund returns (%) AUM (Rs. Cr) Expense Ratio
    1,638.148 7.8 5120.77 0.06%

    You may feel that some of these mutual funds did not perform too well during certain periods. However, if you invest in any of these above-mentioned funds soon, you will most certainly receive great returns in the long run.

    Disclaimer: This list of best mutual funds to invest in India has been made by taking only a few parameters into consideration. The parameters include last NAV, 3-year fund returns, AUM, and expense ratio. The results may vary when other parameters are considered. The performance of the above-mentioned funds may change in time.

    News About Mutual Funds

    • Major Funds looking at 24% Stake in Jamna Auto

      Clearwater Capital Partners is planning to sell its 24% stake in Jamna Auto and has acquired the services of ICICI Securities Ltd to proceed with the sale. Jamna Auto, an original equipment manufacturer (OEM), manufactures lift axles and suspension products for heavy and medium commercial vehicles.

      Among the potential buyers, Reliance Capital Asset Management Ltd is known to be interested in the Rs.250-300 crore deal. Clearwater currently holds 28% of the stakes in the company through Clearwater Capital Partners Singapore Fund III Pvt Ltd and Clearwater Capital Partners (Cyprus) Ltd.

      The equities are to be sold at 15-20% premium over prevailing market rates, with Jamna Auto stocks trading higher by 0.17% at Rs.231 on Friday. Clearwater has been invested in the company for over 7 years now and is looking toward an exit owing to the steep climb in value of the company over the last year.

      Apart from Reliance AMC, Birla Sun Life AMC is also rumoured to be involved in the talks, apart from several other fund houses. Mutual funds are likely to bank on the auto industry as the industry is expected to keep growing in the near future.

      2 December 2015

    • Share details of direct plans with advisors: SEBI

      The Securities and Exchange Board of India (SEBI) has asked mutual fund houses to share details of investments details such as portfolio holdings and transactions made through direct plans with distributors and advisors after getting consent from investors.

      This will help financial advisors keep a close track of their clients' holdings and fine-tune their fee structures, accordingly, for the recommendations provided. Initially these details were not shared with RIAs (Registered Investment Advisor) by the fund houses on advice of the AFMI, not to divulge details of transactions.

      Now with the details shared in accordance to SEBI’s directive, investors, especially ones with bigger portfolios, can negotiate better with their advisors to reduce the fee for providing advice.

      30 November 2015

    • UTI FTIF Series XXIII-IX launched by UTI Mutual Fund

      UTI Mutual Fund has introduced a close-ended income scheme, the UTI FTIF Series XXIII-IX (1100 Days). The NFO that opened for subscription on November 24, 2015 will close on December 07, 2015. There is no entry load and exit load applicable for the scheme. A minimum of Rs. 5000 is charged as subscription amount. The objective of the investment scheme is to generate returns by investing in portfolio of fixed income securities maturing on or before the date of maturity of the scheme.

      27 November 2015

    • New mutual funds offers open at a slow start

      With fund houses launching only 340 new schemes in April-September of 2015, new fund offers (NFOs) seem to be moving slowly. The new schemes were introduced following SEBI’s directive to consolidate and rationalise offerings with similar goals.

      In comparison, for the whole of 2014-15, mutual funds had introduced around 1,059 NFOs.In 2013-14 and 2012-13, the numbers stood at 1,023 and 1,168, respectively.Most of the new schemes that have been launched in April-September were aimed at investment in equity and equity-related securities.

      Also, the products have been focused on arbitrage schemes, diversified funds, tax-saving instruments, and exchange-traded funds. Overall, a total of 120 draft documents have been filed with capital markets regulator in order to roll out new NFOs in the current fiscal year.

      26 November 2015

    • EPFO to make a major investment in ETFs in Financial year 2016

      Employee’s Provident Fund Organisation which is a retirement fund body is all set to invest Rs.5,750 crore in stock market funds as opposed to the initial plan of investing Rs.5,000 crore. Employee’s Provident Fund Organisation is expecting Rs.1.15 lakh crore as incremental deposits for this fiscal year and has decided to invest 5% of its incremental deposits in Exchange Traded Funds which comes to Rs.5,000 crore.The investment amount has now increased to Rs.5,750 owing to the incremental deposit of Rs.1.15 lakh crores.

      25 November 2015

    • Birla Sun Life Mutual Fund’s launches new TVC for ‘Jaanoge Tabhi Toh Maanoge’

      Birla Sun Life Mutual Fund’s has launched a new commercial for its ‘Jaanoge Tabhi Toh Maanoge’ program. The commercial is a part of their initiative that aims to make investors aware of what a Systematic Investment Plan is and how it works. Overall the campaign has received a lot of positive response as people tend to recall them with more ease. In its current offering, the commercial on SIPs, Mr. Balasubramanian, the CEO of Birla Sun Life Asset Management Company, has said that it is their firm belief that SIPs are the best way to augment a family's income and also the best way that everyone can invest in equity markets. He also said that SIPs are the more relevant today since the people are oriented more towards investments today than they ever were.

      24 November 2015

    • Zyfin Holdings launches ETF for global investors

      Zyfin Holdings has listed its Indian fixed income exchange-traded fund (ETF) on the Deutsche Borse and the London Stock Exchange. Through this ETF, overseas investors can access Indian corporate bonds.

      According to a statement, with Zyfin Holdings’ Indian fixed income’s ETF launch it will be the first time that overseas investors can invest in a basket of six Indian public sector company bonds. The fund, named LAM Sun Global ZyFin India Sovereign Enterprise Bond UCITS ETF, can track the performance of ZyFin India Sovereign Owned Enterprise Bond Index. The underlying index has six public sector company bonds in equal proportion with a weighted average yield of around 8.2% and average maturity of 8.97 years. The underlying bonds are listed and traded on Indian stock exchanges.

      23 November 2015

    • Axis Mutual Fund introduces Axis Children’s Gift Fund

      Axis Mutual Fund, has introduced Axis Children's Gift Fund, an open-ended balanced scheme. Through this fund, the fund house, has decided to adapt a goal-based disciplined investment approach to plan for children's longer term goals such as higher education and marriage.

      Investments, in the scheme can be made in the minor’s name who is under 18 years of age at the time of investment. The minor would be represented by his/her parent or legal guardian, till theminor becomes an adult.. The fund will invest a minimum of 40% and maximum of 60%) in equities, 25-55% in debt and the balance 5% to 15%, in cash future arbitrage.

      20 November 2015

    • LIC Nomura mutual fund launches Sensex ETF

      LIC Nomura Mutual Fund launched an open ended Exchange Traded Fund- LIC Nomura MF Exchange Traded Fund - Sensex. This scheme will also qualify for savings under Rajiv Gandhi Equity Savings Scheme (RGESS) Qualified Scheme. The new fund offer opens from today, Monday, November 09, 2015 and will close on Monday, November 23, 2015.

      As per the fund house, the investment objective of the scheme is to provide returns that closely correspond to the total returns of the securities as represented by the S&P BSE SENSEX by holding S&P BSE SENSEX stocks in same proportion, subject to tracking errors.

      18 November 2015

    • SEBI bans Blue Chip Corporation.

      The Securities and Exchange Board of India (SEBI) - regulator for the securities market in India has banned stockbroker Blue Chip Corporation (BCCPL) and its agents from the security market, after it came across a charge against BCCPL by a Pune based investor. Besides, SEBI has also prohibited BCCPL, which is registered with SEBI as a stockbroker, from mobilizing funds.

      13 November, 2015

    • Inflows in mutual funds sustain 18th month record

      Mutual fund Inflows into equity have sustained an 18 month record in October 2015. An amount of Rs 6,269 crore (around $964 million) has been recorded flowing into various schemes. Besides, domestic mutual funds have also recorded the highest net buying of $9 billion in the first 10 months of 2015.

      According to Deutsche Bank research data report, inflows continued for the 18th successive month into local equity mutual funds.

      The global brokerage firm also observed that the trend of shift from physical assets to financial assets happened over multiple years. Due to volatile markets, a robust tax-free bond issuance pipeline, and an “unprecedented streak” of $20 billion net inflows in preceding 17 months, a lower level of inflows were likely in the near future.

      12 November 2015

    • SEBI to tighten mutual fund redemption rules

      UTI has launched a new mutual fund called the FTIF Series XXIII-VIII (1100 Days). It is a close ended income scheme that opened for subscription on the 6th of November 2015. The subscriptions are set to close by the 20th of November 2015 and the minimum subscription amount has been set at Rs. 5,000. The company is not planning to waive off entry and exit loads from the scheme and provide returns through investments in fixed income securities.

      11 November 2015

    • LIC Nomura Mutual Fund launches Exchange Traded Fund-CNX Nifty

      LIC Nomura Mutual Fund has introduced the LIC Nomura MF Exchange Traded Fund- CNX Nifty. An open-ended other ETF scheme, the subscription opens on November 02, 2015 and closes on November 16, 2015. There will be no entry or exit load applicable for this scheme. With a minimum subscription amount is Rs 5,000, it can be renewed in multiples of Rs1 during NFO.

      The performance of the scheme will be benchmarked against CNX NIFTY Index. The main objective of this investment scheme is to provide returns that closely correspond to the total returns of securities as represented by CNX NIFTY Index, subject to tracking errors.

      6 November 2015

    • PFRDA keen in regulating pension schemes under Sebi, IRDA

      The Pension Fund Regulatory and Development Authority (PFRDA) has shown interest in regulating pension schemes issued by insurance companies and mutual funds that are under Sebi and IRDA.

      Hemant Contractor, chairman of PFRDA, announced that the pension regulator has approached the government to regulate all the pension schemes that are currently offered by fund houses and insurers. The government is yet to take a decision on this request.

      Pension funds of insurers are under the IRDA (Insurance Regulatory and Development Authority). On the other hand, pension schemes offer by mutual funds fall under Securities and Exchange Board of India (SEBI).

      3 November 2015

    • New rules and norms for Mutual funds and more stringent rules for credit rating

      The chairman of the Securities Exchange Board of India will change the norms for mutual funds, and make more stringent rules for credit rating. The objective of these changes is to prevent another situation like Amtek Auto JP Morgan AMC Ltd. Currently a mutual fund can invest in debt papers to an extent of 15% issued by a single company. Even with the growth in the mutual fund industry in terms of number of investors and assets under management. In the new regulations will see an increase in business responsibility reporting from top 100 to top 500 with regard to market capitalization.

      29 October 2015

    • Reliance Mutual Fund will increase their exposure in IT, Pharmaceuticals and tobacco

      Reliance Mutual Fund has decided to increase their in IT, Pharmaceuticals and Tobacco, and are planning to decrease their exposure in fields of engineering, capital goods, cement and construction, automotive space. A study shows that Reliance Mutual Fund has already bought into Infosys, HCL Technologies and Intellect Design Arena. And with regards to the pharmaceuticals sector Cipla, Abbott India and Divis Laboratories they also sold Cadila Healthcare, Ipca Laboratories and Biocon. The tobacco giant ITC was purchased by Reliance Mutual Fund. They bought into Cummins India, Lakshmi Machine Works, and BEML, the firm sold Larsen and Toubro, Bharat Heavy Electricals and Alstom T&D India, and also exited Kirloskar Industries.

      28 October 2015

    • After Goldman Sachs Reliance Mutual Fund is hoping for more acquisitions

      Reliance Mutual Funds strategy to make their businesses stronger, is looking for more acquisitions, Reliance Mutual Funds has already purchased Goldman Sachs’ India mutual fund business. After the Goldman Sachs’ exit from the market, there are still 43 foreign fund houses. Reliance Mutual Funds made the announcement of acquiring Goldman Sachs’ 12 onshore mutual fund schemes. The schemes were purchased in an all-cash deal for Rs. 243 crore. Both the schemes jointly have AUM of a total of Rs.7,132 crore.

      27 October 2015

    • Ease taxation norms, introduce uniform KYC

      The Finance Ministry, RBI, SEBI and other mutual fund houses and financial houses met to discuss the implementation of a few changes in the way financial firms work. Easier taxation norms have been defended citing the reason of easier business and hence higher growth. Also, the above listed entities suggested the government to implement uniform and digital KYC norms in order to smooth out the process of approval and to make them faster. The discussions also considered other aspects like retail participation, widening of investor base and more involvement of the corporate bond market. The idea behind the meeting was to get inputs from all sorts of financial institutions in order to churn out a more wholesome and applicable financial policy.

      22 October 2015

    • Rules made by the Mutual Fund industry for credit risks and how to deal with them

      After the Amtek Auto and JP Morgan Asset Management Company crisis, the mutual fund industry will no review and make rules to protect themselves against credit risk and the steps needed to take to prevent and deal with them. The AMFI asked their valuation committee to get a report ready to help with deal with situation in the event of a downgrade. The industry now plans to fix a standard procedure for operating in the event of a crisis like the one faced by JP Morgan.

      22 October 2015

    • Kotak Mutual Fund Reveals its Top Buys and Top Sells

      In the quarter of July-September 2015, Kotak Mahindra improved its exposure in the banking and financial segment. According to the portfolio Kotak Mahindra bought IndusInd Bank, HDFC Bank and IDFC. The company also introduced Reliance Capital and SKS Microfinance in its mutual fund portfolio. However, from the banking and finance sector, the company sold ICICI Bank, Bajaj Finance, and Yes Bank and removed South Indian Bank.

      The top fund buys listed by Kotak Mahindra were ICICI Bank, IFCI, and Federal Bank, ICICI Bank and IFCI, while on the other hand the top sells were South Indian Bank, Kirloskar Brothers, and Smartlink Network Systems.

      21 October 2015

    • Mutual Fund houses to hold surprise meeting after SBI letter

      Many mutual fund houses are scheduled to meet on Friday to help prevent another Amtek Auto default scenario. After SBI the country’s largest bank and one of the biggest investors in debt schemes raised questions to mutual fund houses on their compensation policy in the event of a default. The meeting is scheduled to be organised by the Association of Mutual Fund of India. Most mutual fund houses believe that all types of mutual fund risks are borne by investors and they also offer disclaimers before hand informing them of the risks.

      20 October 2015

    • New debt fund available SBI Mutual Fund

      SBI Mutual Fund has a new close ended income scheme available called SBI Debt Fund Series B - 26 (1100 Days). This new fund offer is available for subscription from 15th October 2015 to 19th October 2015. The minimum subscription is Rs. 5,000 with multiples of Re. 1 thereafter, with no entry or exit load applicable on this scheme. Crisil Short Term Bond Fund Index is where the scheme will be benchmarked for performance, under the management of Rajeev Radhakrishnan. The scheme aims to provide capital growth and limited interest rate risk and regular income to investor under this scheme. The investments will be made in debt instruments such as PSU & Corporate Bonds, Government Securities, and Money Market Instruments.

      19 October 2015

    • Mutual Funds sulk over the HDFC’s warrant sale

      HDFC recently sold their twin debenture and warrant which caused a lot of hue and cry in the mutual fund industry. The heartburn was caused since mutual funds did not receive the allotted amount of warrants as promised despite a commitment from investment banks who managed the sale. There were even complaints of insider trading and possible leaks of the pricing information and formal complaints were made as well. The warrant worth Rs. 51 crore could have been converted to equity share of a future date and this was the crux of the dispute between mutual funds and investment bankers. Rs. 5000 crore was raised by HDFC after selling debenture liked to warrants earlier this month.

      16 October 2015

    • Over 6 lakh folios adding to Mutual Funds in September, taking the count to 4.4 crore

      Over 6 lakh folios have been added to the mutual fund industry already worth Rs. 13 lakh crores in September 2015. Making the overall count of the industry to hit a 4.4 crore mark. Equity Funds are seeing new investors and existing investors investing around Rs. 5,004 crore a month. Mutual Fund are having fresh inflows and in consequence having folio additions as well, like a bank account number a folio number is registered for your holding in mutual fund houses. There’s no restriction to the number of folios you can hold in a particular mutual fund house. Almost Rs 61,000 crore went out of the money market schemes in September 2015. Balanced funds, appear to be a more accepted fund as it, saw an outflow of Rs 2,000 crore coming in September

      15 October 2015

    • Reliance Mutual Fund launches new plan Reliance Fixed Horizon Fund XXIX-Series 10

      Reliance Mutual Fund launched a new close ended income scheme called Reliance Fixed Horizon Fund XXIX-Series 10. The new fund offer opens 8th October 2015 and will remain open until 12th October 2015, the scheme has a minimum subscription amount of Rs. 5000 and will have multiples of Re. 1 thereafter. The plan will not have any entry or exit load applicable. The funds will be benchmarked in Crisil Short Term Bond Fund Index. The fund managers will be Amit Tripathi. The fund’s objective is to generate capital gains and growth.

      13 October 2015

    • Increased Outflows from Debt Funds in Q3 of 2015

      The mutual fund market has faced a decline in the business pertaining to shares in liquidity and money market schemes during the third quarter of 2015. The outflows from these shares have noticeably increased by 30% than the norm. Since the initial weeks of September 2015, amid fears of a default on loans by Amtek Auto, the share price of the company had been in the lows and investors were readily pulling out of shares.

      This pull out consequently led to a further lowering of the assets managed by the mutual fund industry by another 2% and becoming 61% at the end of September 2015. Liquidity and money market schemes contribute to the bulk of the assets and thus the significant impact on the MF industry. As per the data provided by the Association of Mutual Funds in India, outflows from these schemes totaled to about INR 66,000 crore.

      12 October 2015

    • The gap of assets between the mutual fund leaders ICICI and HDFC reduces by 50%

      Over a year ago the gap between the assets between market leader in the domestic sector HDFC Mutual Fund and second place ICICI Prudential Mutual Fund was a whopping Rs. 13 lakh crore. Today the gap has been reduced by ICICI Prudential Mutual Fund by 50% bringing the gap down the difference to Rs. 6, 200 crores within a year. In the last 2 years ICICI Prudential Mutual Fund have launched new close-ended schemes whereas HDFC Mutual Fund have not. With the end of the quarter in September 2015 HDFC Mutual Fund assets under management has increased by 65% whereas ICICI Prudential Mutual Fund assets under management have doubled.

      9 October 2015

    • Reducing fees not on the cards for Mutual Fund houses

      Mutual fund house are not likely to reduce their fees despite SEBI asking them to lower the cost to the investors. It has also been recommended that mutual funds abolish the upfront commissions paid to distributors educe the trail commission to zero and make the total expense ratio not fungible. Allowing investors a free period trial in a fund can prove disastrous to the industry when fund houses require the investors to stay for a long term said a large mutual fund house. a stand-off for the rules and regulations between the government and the industry seems likely.

      7 October 2015

    • SEBI wants public recommendations related to curb mis-selling

      SEBI needs public from high-level panel recommendations related to curb mis-selling. SEBI set up a panel to provide them with public comments on mis-selling and distribution incentives. The high commissions given to agents have been the concern in the mutual fund circuit and this high commission has also resulted in mis-selling to get the higher commission.

      The panel will provide their insights until 12th October with the former Finance Secretary Sumit Bose heading the panel. A complete phase out of upfront fees for mutual fund distributors has been called for by the panel.

      25 September 2015

    • SEBI seeks fund houses’ debt investment rationale

      Post the JPMorgan Mutual Fund issue where the fund house restricted redemption of units under two of its schemes, SEBI has been calling for AMCs to explain their investment rationales when it comes to debt investments. JPMorgan MF’s investment in the troubled auto parts supplier Amtek Auto roiled the mutual fund industry raising serious questions about how many other fund houses remain over exposed to bad debt papers and the investment rationale used to support or justify such investments.

      Some companies with high exposure to corporate debt are HDFC MF, ICICI Prudential MF and Franklin Templeton MF.

      Industry experts have responded to the situation by suggesting regulatory changes such as revising caps on asset allocation for open-ended funds. Currently, open-ended schemes have a cap of 15% on investments in single-company debt instruments.

      21 September 2015

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