LIC Mutual Fund

LIC, the most trusted name in the field of insurance, launched its mutual fund wing on 20th April 1989. Due to its reputation and size, it quickly became a favourite with investors. It is an associate company of the Life Insurance Corporation of India. 

Life Insurance Corporation (LIC) of India was founded on 1st September 1956, soon after the Indian Parliament passed the Life Insurance Corporation Act in June, 1956. Presently, LIC is the largest state-run insurer in India, offering services to customers through 2,048 branches, 113 divisional offices, 1,381 satellite offices, 113 divisional offices, and 8 zonal offices. 

Best LIC Mutual Funds

Fund Name
Category
Rating
Fund Size (in Cr)
1Y Returns
3Y Returns
5Y Returns
LIC MF Infrastructure Fund Equity 3 91 13.1 19.7 11.6
LIC MF Large & Mid Cap Fund Equity 3 1,982 6.4 18.1 13.3
LIC MF Nifty 50 Index Fund Other 3 54 9.3 16.6 13.4
LIC MF S&P BSE Sensex Index Fund Other 3 56 9.1 16.3 14.2
LIC MF Large Cap Fund Equity 3 696 3.6 14.8 12.4
LIC MF Tax Plan – Direct Growth Equity 3 426 3.4 13.5 11.2
LIC MF Flexi Cap Fund Equity 2 418 2.2 11.4 8.3
LIC MF Children’s Gift Fund Solution Oriented 1 13 4.3 11.2 7.8
LIC MF Banking & Fina Serv Fund Equity 1 88 16.6 10.9 5.9
LIC MF Equity Hybrid Fund Hybrid 2 427 2.4 10.0 8.4
LIC MF Debt Hybrid Fund Hybrid 3 64 3.4 7.5 6.9
LIC MF G-Sec Fund Debt 3 47 2.5 5.7 7.1
LIC MF Savings Fund Debt 3 680 4.2 5.3 5.5
LIC MF Banking & PSU Debt Fund Debt 3 1,281 3.4 5.2 6.7
LIC MF Short Term Debt Fund Debt 2 147 2.8 5.2 -
LIC MF Bond Fund Debt 2 124 3.1 4.9 5.8
LIC MF Arbitrage Fund Hybrid 2 28 4.6 4.1 -
LIC MF Liquid Fund Debt 3 5,544 4.6 4.1 5.3
LIC MF Ultra Short Term Fund Debt 1 32 4.2 4.1 -
LIC MF Overnight Fund Debt 4 507 4.5 3.7 -
LIC MF Money Market Fund Debt - 120 - - -
LIC MF Multi Cap Fund Equity - - - - -
LIC MF Balanced Advantage Fund Hybrid - 1,189 8.7 - -

LIC Mutual Fund has consistently maintained an above-average CRISIL rating and is one of the most acclaimed fund houses in the Indian asset management sphere. It offers funds across categories like equity, debt, exchange-traded fund, hybrid, and liquid. The company also provides Portfolio Management Services. 

Due to its world-class corporate governance structure, LIC has gradually emerged as investors’ preferred Investment Manager. Presently, the company has an enviable track record of offering 24 equity, 32 hybrid, and 40 debt funds. Indian and foreign investors can invest in LIC mutual fund schemes both online and offline.

LIC Mutual Fund’s revenue from operations grew from INR 390,294.89 thousand in 2019-20 to INR 429,597.61 thousand in 2020-21. In the same period, its profit grew from INR (21,726.24) thousand to INR 59,388.56 thousand. Moreover, its basic and diluted EPS (Earnings Per Share) has increased from INR (2.03) in 2019-20 to INR 5.42 in 2020-21. 

LIC Mutual Fund is headed by Mr Dinesh Pangtey, Whole-time Director and Chief Executive Officer. Mr Mayank Arora is the Chief Compliance, Financial Officer & Company Secretary. The name of the Trustee Company of LIC AMC is LIC Mutual Fund Trustee Private Ltd. While LIC of India holds 49% stake in the Trustee company, LIC Housing Finance Ltd. holds 35.30%, and GIC Housing Finance Ltd. holds 15.70%. The Board of Directors includes Shri. Bishnu Charan Patnaik (Nominee Director), Shri. Rammohan Nilkanth Bhave (Independent Director), Shri. Thomas Panamthanath (Independent Director), Shri. Ashok Paranjpe (Independent Director), and Shri. Amit Pandit (Independent Director).

LIC AMC Ltd Key Information

Mutual Fund Name LIC Mutual Fund
Founded on  20th April 1994
Sponsor Name Life Insurance Corporation of India
Er LIC Mutual Fund Trustee Pvt. Ltd
Whole-time Director and Chief Executive Officer Mr Dinesh Pangtey
Chief Information Officer Mr Saravana Kumar A
Chief Compliance, Financial Officer & Company Secretary Mr Mayank Arora
Fund Accountant Standard Chartered Bank

Fund Services,

Ground floor, 90 MG Road,

Fort,

Mumbai – 400001.

Custodians Standard Chartered Bank,

Securities Services,

CRESCENZO, 3rd Floor, C-38/39,

G-Block, Bandra Kurla Complex,

Bandra (East),

Mumbai – 400051

Registrar and Transfer Agent KFintech Private Limited Unit: LIC Mutual Fund Asset Management Ltd

Karvy Selenium Tower B,

Plot No 31 & 32, Financial District,

Gachibowli, Nanakramguda,

Serilingampally,

Hyderabad 500008.

Internal Auditors for LIC Mutual Fund (Schemes) M. M. Chitale & CO., Chartered Accountants
Statutory Auditors for LIC Mutual Fund (Schemes) S. R. Batliboi & CO. LLP, Chartered Accountants
Registered Office Industrial Assurance Bldg., 4th Floor, Opp. Churchgate Station, Mumbai – 400 020.
Contact Information 1800 258 5678

service_licmf@kfintech.com

LIC Mutual Fund Managers

Mr Yogesh Patil

Mr Yogesh Patil, MBA (Finance), joined LIC AMC in October 2018 as a Fund Manager and quickly moved ranks to become the Head of Equities in April 2021. He has more than eighteen (18) years of experience in the buy and sell side of the Indian equity markets. He manages some of LIC’s top-performing funds like LIC Large and Midcap Fund, LIC Equity Hybrid Fund, LIC Tax saver Fund, LIC Multicap Fund, and LIC Large cap Fund. Before joining LIC MF, Mr Patil worked at Canara Robeco AMC as Senior Fund Manager and Sahara Mutual Fund as Equity Research Analyst.  

Mr Sanjay Pawar

Mr Sanjay Pawar, B.Com, MBA (Finance), joined LIC Mutual Fund in December 2017 as a Senior Dealer in Fixed Income. In September 2020, he was promoted as a Fund Manager in Fixed Income. Mr Pawar has over thirteen (13) years of experience in liquidity management and fixed income instruments like Govt. Sec, State Development Loans,  Treasury Bills, and Non- SLR Products. Before joining LIC MF, he worked as Fixed Income Dealer with Taurus Mutual Funds, Assistant Team Manager with Edelweiss Securities Ltd., and Senior Research Analyst (Fixed Income Instruments) with CRISIL Limited. 

Mr Marzban Irani

Mr Marzban Irani, PGDBM, B.Com (H), joined LIC Mutual Fund in August 2016. He is associated with LIC MF as the Chief Investment Officer – Debt. Before joining LIC MF, he worked for TATA Asset Management Ltd, as a Senior Fund Manager, PNB MetLife India Insurance Co. Ltd as the Vice President Investments, and Mirae Asset Global Investments (India) Pvt Ltd as the Head of Fixed Income. At LIC MF, Mr Irani manages funds like LIC MF Banking & PSU Debt Fund, LIC MF G-Sec Long Term Exchange Traded Fund, LIC MF Short Term Debt Fund, etc. 

Mr Jaiprakash Toshniwal

Mr Jaiprakash Toshniwal, CFA, MS Finance, B.Com, joined LIC Mutual Fund as a Senior Equity Research Analyst in February 2021 and was promoted as Fund Manager and Senior Equity Analyst in September 2021. Before joining LIC MF, he served IndiaFirst Life Insurance Company Limited as Equity Research Analyst, Taurus Asset Management Company Ltd as Equity Analyst, and ULJK Securities as Research Analyst. His special interest are in the field of Portfolio Management, Equity Research, Financial Analysis, Investment Banking, and Financial Modelling. 

Saravana Kumar Ananthan

Mr Saravana Kumar Ananthan is the CIO at LIC Mutual Funds and oversees some of LIC’s most substantial mutual funds. He holds an MBA in Finance from the Indian Institute of Management and a CAIIB degree from the Indian Institute of Bankers. 

In 2007 he also completed the Management Development Program on Financial Markets at Merrill Lynch New York and was a visiting faculty at the Institute of Financial Management Research. Mr Saravana Kumar has been associated with companies such as Trust Investment Advisors Pvt Ltd., Tata AIA Life Insurance, ICICI Bank, SBI Mutual Funds, and UTI Mutual Funds. 

Amit Nadekar 

Mr Nadekar did M.Com, CA and MMS – Finance and has the experience of working at Alchemy Capital Management Pvt. Ltd., Apar Research, Raymond Limited, and First Global Securities.

Karan Doshi

Mr Doshi is a Bachelor of Engineering, MMS (Finance). Before joining the LIC Mutual Fund, he worked at Subhkam Ventures Pvt. Limited as an equity analyst.

Shri Raj Kumara

Shri Raj Kumar joined LIC MF as a full-time director in April 2017. Raj Kumar, an industrial market veteran, has more than 32 years of experience and has risen to the ranks of the Life Insurance Corporation of India from Bhopal area manager to operations manager. Shri Raj Kumar is responsible for the organization’s equity, debt, hybrid, solution-focused, ETFs, and index funds.

Rahul Singh

Rahul Singh has over 24 years of investment experience. He joined Tata Asset Management in October 2018 as CIO-Equities to lead the fund management and equity research teams. He is a Bachelor of Technology in Mechanical Engineering and an alumnus of IIM Lucknow, where he completed his Master of Business Administration in Finance and Financial Management Services.

Mr Sachin Relekar

Mr Sachin Relekar is a fund manager of LIC MF Tax Plan, a share-based savings plan that offers tax benefits. He is a former student of the Jamnalal Bajaj Institute of Management Studies, with over 17 years of experience as equity research and business development analyst. Mr Sachin Relekar joined LIC Mutual Fund in 2012 after working at Tata Asset Management Limited in 2007.

How to Invest in LIC Mutual Funds?

Investments in MF LIC schemes can be made directly or through one of the distributors of LIC appointed. Applications for the allocation of LIC MF units can only be submitted in the prescribed form. You can also invest online on the official website of LIC or through 5Paisa. Investing in LIC Mutual Funds is quite comfortable and easy following these steps:

Step 1: You simply need to log in to the 5Paisa platform and compare all the given LIC plans and mutual funds. 

Step 2: Based on your preference, you can select a SIP or a lump sum investment. 

Step 3: Enter the amount you want to invest and make the payment by clicking on the Invest Now button.

Step 4: It takes 3-4 business days for the payment to be processed, after which the investment appears in the investment portfolio.

Top LIC Mutual Funds to Invest

LIC MF Large & Mid Cap Fund

This product is suitable for investors looking for Long Term Capital Appreciation, and the investment is primarily made in large and mid-cap stocks. Here are some details about this fund:

  • Inception: 25/02/2015
  • Entry Load: NIL
  • Exit Load – 12% of the allocated shares will be redeemed or exchanged without exit fees no later than 12 months after the shares’ allocation date. 1% on the remaining shares redeemed or exchanged no later than 12 months from the date of allocation of the shares. Zero in the event of redemption or exchange after 12 months from the date of allocation of the shares.

NAV in INR as on 29-Jul-2022

  •  Direct-Dividend – 21.8068
  •  Direct-Growth – 26.5191
  •  Dividend – 20.1719
  •  Growth – 23.9677

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 1,690.15
  •  Portfolio Turnover – 0.36
  •  Expense Ratio (%) – 2.36
  •  Expense Ratio (Direct) (%) – 0.81
  •  First Tier Benchmark(s) – Nifty Large Midcap 250 TRI
  •  Fund Manager – Mr. Yogesh Patil

Fund Performance and Returns

Regular Growth

  • 1 Year – 2.49
  • 3 Years – 13.19
  • 5 Years – 10.25
  • Since Inception – 11.21

Direct Growth

  • 1 Year – 4.09
  • 3 Years – 14.95
  • 5 Years – 11.98
  • Since Inception – 12.74
Min Investment Amt ₹5,000
AUM ₹1,982 Cr
1Y Returns 6.4%

LIC MF Nifty 50 Index Fund

This product is suitable for investors looking for a long-term investment in securities covered by the NIFTY 50 Index, subject to tracking errors. Here are some details about this fund:

  • Inception: 20/11/2015
  • Entry Load: Nil
  • Exit Load – Nil Liquidity

NAV in INR as on 29-Jul-2022

  •  Growth – 184.6014

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 618.02
  •  Portfolio Turnover – 0.05
  •  Expense Ratio (%) – 0.10
  •  Expense Ratio (Direct) (%) – NA
  •  First Tier Benchmark(s) – NIFTY 50-TRI
  •  Fund Manager – Mr. Jaiprakash Toshniwal

Fund Performance and Returns

Regular Growth

  • 1 Year – 1.57
  • 3 Years – 11.42
  • 5 Years – 11.88
  • Since Inception – 12.33
Min Investment Amt ₹5,000
AUM ₹54 Cr
1Y Returns 9.3%

LIC MF Banking & Fina Serv Fund

This product is suitable for investors looking for capital appreciation over the long term through investments engaged in banking and financial services. The details of the fund are:

  • Fund Information
  • Inception: 27/03/2015
  • Entry Load: NIL
  • Exit Load – 12% of the allocated shares will be redeemed or exchanged without exit fees no later than 12 months after the shares’ allocation date. 1% on the remaining shares redeemed or exchanged no later than 12 months from the date of allocation of the shares. Zero in the event of redemption or exchange after 12 months from the date of allocation of the shares.

NAV in INR as on 29-Jul-2022

  •  Direct-Dividend – 15.0708
  •  Direct-Growth – 15.1526
  •  Dividend – 13.9944
  •  Growth – 13.9968

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 56.18
  •  Portfolio Turnover – 0.35
  •  Expense Ratio (%) – 2.76
  •  Expense Ratio (Direct) (%) – 1.48
  •  First Tier Benchmark(s) – Nifty Financial Services TRI
  •  Fund Manager – Mr. Jaiprakash Toshniwal

Fund Performance and Returns

Regular Growth

  • 1 Year – -5.68
  • 3 Years – 1.70
  • 5 Years – 1.50
  • Since Inception – 2.89

Direct Growth

  • 1 Year – -4.49
  • 3 Years – 2.88
  • 5 Years – 2.77
  • Since Inception – 4.01
Min Investment Amt ₹5,000
AUM ₹88 Cr
1Y Returns 16.6%

LIC MF Flexi Cap Fund

This product is suitable for investors who are looking for a Long Term Capital Appreciation in Large, Mid & Small-cap stocks. The details of the fund are:

  • Fund Information
  • Inception: 15/04/1993
  • Entry Load: NIL
  • Exit Load – 12% of the allocated shares will be redeemed or exchanged without exit fees no later than 12 months after the shares’ allocation date. 1% on the remaining shares redeemed or exchanged no later than 12 months from the date of allocation of the shares. Zero in the event of redemption or exchange after 12 months from the date of allocation of the shares.

NAV in INR as on 29-Jul-2022

  •  Direct-Dividend – 23.9302
  •  Direct-Growth – 68.8091
  •  Dividend – 20.9775
  •  Growth – 64.0967

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 387.42
  •  Portfolio Turnover – 0.26
  •  Expense Ratio (%) – 2.64
  •  Expense Ratio (Direct) (%) – 1.67
  •  First Tier Benchmark(s) – Nifty 500 TRI
  •  Fund Manager – Mr. Yogesh Patil

Fund Performance and Returns

Regular Growth

  • 1 Year – -4.92
  • 3 Years – 7.38
  • 5 Years – 7.17
  • Since Inception – 6.25

Direct Growth

  • 1 Year – -4.01
  • 3 Years – 8.29
  • 5 Years – 8.11
  • Since Inception – 9.16
Min Investment Amt ₹5,000
AUM ₹418 Cr
1Y Returns 2.2%

LIC MF Equity Hybrid Fund

This product is suitable for investors who are looking for Long term capital appreciation by investing both in stocks and fixed income instruments. The details are:

  • Fund Information
  • Inception: 01/01/1991
  • Entry Load: NIL
  • Exit Load – 12% of the allocated shares will be redeemed or exchanged without exit fees no later than 12 months after the shares’ allocation date. 1% on the remaining shares redeemed or exchanged no later than 12 months from the date of allocation of the shares. Zero in the event of redemption or exchange after 12 months from the date of allocation of the shares.

NAV in INR as on 29-Jul-2022

  •  Direct-Dividend – 15.8218
  •  Direct-Growth – 146.8375
  •  Dividend – 13.9104
  •  Growth – 133.5116

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 422.75
  •  Portfolio Turnover – 0.17
  •  Expense Ratio (%) – 2.60
  •  Expense Ratio (Direct) (%) – 1.37
  •  First Tier Benchmark(s) – CRISIL Hybrid 35+65 – Aggressive Index
  •  Fund Manager – Mr. Yogesh Patil (Equity Portfolio) / Mr. Karan Doshi (Equity Portfolio) / Mr. Sanjay Pawar (Debt Portfolio)

Fund Performance and Returns

Regular Growth

  • 1 Year – -3.91
  • 3 Years – 6.21
  • 5 Years – 6.36
  • Since Inception – 8.34

Direct Growth

  • 1 Year – -2.75
  • 3 Years – 7.43
  • 5 Years – 7.68
  • Since Inception – 9.07
Min Investment Amt ₹5,000
AUM ₹427 Cr
1Y Returns 2.4%

This product is suitable for investors looking for Long Term Capital Growth in equity and equity-related securities. The details are:

  • Fund Information
  • Inception: 31/03/1997
  • Entry Load: Nil
  • Exit Load – Nil for a lock-in period of 3 years).

NAV in INR as on 29-Jul-2022

  •  Direct-Dividend – 25.0027
  •  Direct-Growth – 107.0256
  •  Dividend – 21.6532
  •  Growth – 96.9626

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 390.78
  •  Portfolio Turnover – 0.14
  •  Expense Ratio (%) – 2.54
  •  Expense Ratio (Direct) (%) – 1.30
  •  First Tier Benchmark(s) – Nifty 500 TRI
  •  Fund Manager – Mr. Yogesh Patil

Fund Performance and Returns

Regular Growth

  • 1 Year – -1.57
  • 3 Years – 9.07
  • 5 Years – 9.02
  • Since Inception – 8.99

Direct Growth

  • 1 Year – -0.35
  • 3 Years – 10.38
  • 5 Years – 10.33
  • Since Inception – 13.17
Min Investment Amt ₹500
AUM ₹426 Cr
1Y Returns 3.4%

LIC MF S&P BSE Sensex Index Fund

This product is suitable for investors looking for Long Term Investment in securities covered by S&P BSE SENSEX. The details are:

  • Fund Information
  • Inception: 30/11/2015
  • Entry Load: Nil
  • Exit Load – Nil Liquidity

NAV in INR as on 29-Jul-2022

  •  Growth – 622.1330

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 572.65
  •  Portfolio Turnover – 0.12
  •  Expense Ratio (%) – 0.10
  •  Expense Ratio (Direct) (%) – NA
  •  First Tier Benchmark(s) – S&P BSE Sensex-TRI
  •  Fund Manager – Mr. Jaiprakash Toshniwal

Fund Performance and Returns

Regular Growth

  • 1 Year – 2.06
  • 3 Years – 11.53
  • 5 Years – 12.62
  • Since Inception – 12.63
Min Investment Amt ₹5,000
AUM ₹56 Cr
1Y Returns 9.1%

LIC MF G-Sec Fund

This product is suitable for investors looking for a medium to long-term regular income in securities in line with the Nifty 8-13 yr G-Sec Index to generate comparable returns. The details are:

Fund Information

  • Inception: 24/12/2014
  • Entry Load: Nil
  • Exit Load: NA

NAV in INR as on 29-Jul-2022

  •  Growth – 22.0516

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 897.44
  •  Portfolio Turnover – NA
  •  Expense Ratio (%) – 0.16
  •  Expense Ratio (Direct) (%) – NA
  •  First Tier Benchmark(s) – Nifty 8-13 yr G-Sec
  •  Fund Manager – Mr. Marzban Irani / Mr. Sanjay Pawar (Co Fund Manager)

Regular Dividend

  • 1 Year – -1.88
  • 3 Years – 4.27
  • 5 Years – 4.95
  • Since Inception – 6.65
Min Investment Amt ₹10,000
AUM ₹47 Cr
1Y Returns 2.5%

LIC MF Short Term Debt Fund

This product is suitable for investors looking for reasonable returns over the short to medium term by investing in Debt securities and money market instruments. Details are:

Fund Information

  • Inception: 01/02/2019
  • Entry Load: Nil
  • Exit Load: NA

NAV in INR as on 29-Jul-2022

  •  Direct-Dividend – 12.4922
  •  Direct-Growth – 12.4922
  •  Dividend – 12.0416
  •  Growth – 12.0416

Additional Fund Information as on 31-May-2022

  •  Fund Size in INR (CR) – 215.35
  •  Portfolio Turnover – NA
  •  Expense Ratio (%) – 1.44
  •  Expense Ratio (Direct) (%) – 0.39
  •  First Tier Benchmark(s) – CRISIL Short Duration Fund BII Index
  •  Fund Manager – Mr. Marzban Irani / Mr. Sanjay Pawar (Co Fund Manager)

Fund Performance and Returns

Regular Growth

  • 1 Year – 1.35
  • 3 Years – 4.82
  • 5 Years – NA
  • Since Inception – 5.43

Direct Growth

  • 1 Year – 2.42
  • 3 Years – 5.93
  • 5 Years – NA
  • Since Inception – 6.55
Min Investment Amt ₹5,000
AUM ₹147 Cr
1Y Returns 2.8%

Frequently Asked Questions

The LIC Mutual Fund has lately introduced a change in scheme and program names effective July 1, 2022, as per the following:

Existing Scheme Name – Revised Scheme Name

  • LIC MF ETF – Nifty 50 – LIC MF Nifty 50 ETF
  • LIC MF ETF – Nifty 100 – LIC MF Nifty 100 ETF
  • LIC MF ETF – Sensex – LIC MF S & P BSE Sensex ETF
  • LIC MF Index Fund – Nifty Plan – LIC MF Nifty 50 Index Fund
  • LIC MF Index Fund – Sensex Plan – LIC MF S & P BSE Sensex Index Fund
  • LIC MF Gsec Long Term ETF – LIC MF Nifty 8-13 yr G-Sec ETF

The SWP in LIC is a facility given to Shareholders to regularly withdraw funds from the Plan by issuing a single instruction. An SGP allows investors to redeem a fixed amount/number of shares – a minimum of 50 and their multiples – at specified intervals. An investor must have a minimum balance of the specified amount. The default SWP date is the 2nd of every month. The frequency of the SWP is monthly. The charging structure in effect at the time of the request applies to all rates specified therein.

Investments in certain LIC investment funds, like ELSS or RGESS, are for tax benefits. It is essential to read the terms and conditions of the MF invested in carefully.

To protect participants’ interests from fraudulent check cashing, current SEBI regulations require investors to indicate the participant’s bank name and account number in their LIC request/redemption request. Be responsible for any loss resulting from fraudulent check cashing and for any delay/loss during transport. In the absence of such information, applications are subject to rejection.

LIC Mutual fund investments are subject to certain risk factors. Investment funds include market risk, meaning there is no guarantee that the Investment Fund’s objectives will be achieved. The NAV of the shares issued under the program may rise or fall depending on the capital markets’ factors and forces. The past performance of the Fund is not indicative of the future performance of the Fund’s arrangements. The program’s name is in no way indicative of the program’s quality or its prospects and returns. No promised/guaranteed return is offered to investors in the program.

Indexation in LIC means adjusting the purchase price of your assets to highlight the effects of inflation. Capital gains are taxed accordingly.

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