FundsIndia VIP Backtest

7/25/2019 FundsIndia VIP Backtest

1/160

Back-testing Value investing

Value #nvesting

$onth0 43.51 0 7,500 0.00 7,500 7,5001 45.11 3.677% 15,094 7,775.80 7,318 14,8182 48.256 6.974% 22,782 16,146.45 6,636 21,4543 49.45 2.474% 30,567 23,346.16 7,221 28,6754 51.77 4.692% 38,449 32,001.25 6,448 35,1235 55.34 6.896% 46,430 41,100.66 5,329 40,4526 51.88 -6.252% 54,510 43,526.76 10,983 51,4357 52.42 1.041% 62,692 55,077.13 7,614 59,0498 55.08 5.074% 70,975 65,872.33 5,102 64,1519 57.76 4.866% 79,362 74,427.69 4,934 69,085

10 62.7 8.553% 87,855 86,149.21 1,704 70,78911 66.32 5.774% 96,453 92,925.43 3,526 74,31512 69.57 4.900% 105,158 101,178.02 3,979 78,29413 69.18 -0.561% 113,973 104,567.52 9,404 87,69814 77.58 12.142% 122,898 127,810.22 1,000 88,69815 81.04 4.460% 131,934 134,555.04 1,000 89,69816 85.53 5.540% 141,083 143,065.43 1,000 90,69817 92.12 7.705% 150,346 155,165.53 1,000 91,69818 98.54 6.969% 159,726 167,048.97 1,000 92,69819 104.44 5.987% 169,222 178,110.76 1,000 93,69820 78.38 -24.952% 178,838 134,418.82 15,000 108,69821 86.61 10.500% 188,573 165,107.99 15,000 123,698

22 90.56 4.561% 198,430 188,322.12 10,106 133,80423 95.73 5.709% 208,411 209,756.23 1,000 134,80424 101.29 5.808% 218,516 222,996.96 1,000 135,80425 106.96 5.598% 228,747 236,535.83 1,000 136,80426 106.42 -0.505% 239,107 236,336.61 2,767 139,57127 107.83 1.325% 249,595 242,271.58 7,321 146,89228 110.97 2.912% 260,215 256,860.70 3,352 150,24429 101.74 -8.318% 270,968 238,569.34 15,000 165,24430 105.72 3.912% 281,855 263,488.80 15,000 180,24431 111.18 5.165% 292,878 292,871.59 1,000 181,24432 115.96 4.299% 304,039 306,506.12 1,000 182,24433 122.98 6.054% 315,340 326,121.96 1,000 183,244

34 123.5 0.423% 326,782 328,505.14 1,000 184,24435 128.82 4.308% 338,366 343,699.20 1,000 185,24436 147.301 14.346% 350,096 394,151.04 1,000 186,24437 153.153 3.973% 361,972 410,849.67 1,000 187,24438 164.396 7.341% 373,997 442,083.66 1,000 188,24439 168.422 2.449% 386,172 453,934.62 1,000 189,24440 139.742 -17.029% 398,499 377,465.38 15,000 204,24441 135.151 -3.285% 410,980 379,571.56 15,000 219,24442 132.421 -2.020% 423,617 386,601.36 15,000 234,24443 139.77 5.550% 436,413 423,889.13 12,520 246,76444 127.015 -9.126% 449,368 396,583.71 15,000 261,76445 119.266 -6.101% 462,485 386,473.59 15,000 276,76446 134.292 12.599% 475,766 452,054.16 15,000 291,764

47 131.072 -2.398% 489,213 455,855.32 15,000 306,76448 98.228 -25.058% 502,828 352,868.47 15,000 321,764

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


2/160

49 98.71 0.491% 516,613 369,673.58 15,000 336,76450 90.241 -8.580% 530,571 351,669.83 15,000 351,76451 88.378 -2.064% 544,703 359,100.03 15,000 366,76452 90.734 2.666% 559,012 384,072.87 15,000 381,76453 80.226 -11.581% 573,500 352,855.82 15,000 396,76454 102.33 27.552% 588,168 469,208.07 15,000 411,764

55 110.933 8.407% 603,021 524,915.99 15,000 426,76456 147.638 33.088% 618,058 718,560.91 1,000 427,76457 136.853 -7.305% 633,284 666,996.77 1,000 428,76458 149.572 9.294% 648,700 730,079.82 1,000 429,76459 161.054 7.677% 664,309 787,201.67 1,000 430,76460 174.638 8.434% 680,113 854,682.06 1,000 431,764


3/160

protocol with HDFC Top 200 fund between ct 200! and ct

+#) #nvesting

+#) &*ount172 172 7,500 7,500 172.37 172.37 7,500162 334 7,500 15,000 166.26 338.63 15,276138 472 7,500 22,500 155.42 494.05 23,841146 618 7,500 30,000 151.67 645.72 31,931125 742 7,500 37,500 144.87 790.59 40,92996 839 7,500 45,000 135.53 926.12 51,251

212 1,050 7,500 52,500 144.56 1070.68 55,547145 1,196 7,500 60,000 143.08 1213.76 63,62593 1,288 7,500 67,500 136.17 1349.92 74,35485 1,374 7,500 75,000 129.85 1479.77 85,47227 1,401 7,500 82,500 119.62 1599.39 100,28253 1,454 7,500 90,000 113.09 1712.48 113,57157 1,511 7,500 97,500 107.81 1820.28 126,637

136 1,647 7,500 105,000 108.41 1928.69 133,42713 1,660 7,500 112,500 96.67 2025.37 157,12812 1,672 7,500 120,000 92.55 2117.91 171,63612 1,684 7,500 127,500 87.69 2205.60 188,64511 1,695 7,500 135,000 81.42 2287.02 210,68010 1,705 7,500 142,500 76.11 2363.13 232,86310 1,715 7,500 150,000 71.81 2434.94 254,305

191 1,906 7,500 157,500 95.69 2530.63 198,351173 2,079 7,500 165,000 86.60 2617.22 226,678

112 2,191 7,500 172,500 82.82 2700.04 244,51610 2,201 7,500 180,000 78.35 2778.39 265,97510 2,211 7,500 187,500 74.04 2852.43 288,923

9 2,220 7,500 195,000 70.12 2922.55 312,59626 2,246 7,500 202,500 70.48 2993.03 318,51868 2,314 7,500 210,000 69.55 3062.58 330,23830 2,345 7,500 217,500 67.59 3130.17 347,355

147 2,492 7,500 225,000 73.72 3203.88 325,963142 2,634 7,500 232,500 70.94 3274.83 346,215

9 2,643 7,500 240,000 67.46 3342.28 371,5959 2,651 7,500 247,500 64.68 3406.96 395,0718 2,660 7,500 255,000 60.99 3467.95 426,488

8 2,668 7,500 262,500 60.73 3528.68 435,7928 2,675 7,500 270,000 58.22 3586.90 462,0647 2,682 7,500 277,500 50.92 3637.81 535,8547 2,689 7,500 285,000 48.97 3686.78 564,6426 2,695 7,500 292,500 45.62 3732.41 613,5936 2,701 7,500 300,000 44.53 3776.94 636,119

107 2,808 7,500 307,500 53.67 3830.61 535,297111 2,919 7,500 315,000 55.49 3886.10 525,210113 3,032 7,500 322,500 56.64 3942.74 522,10190 3,122 7,500 330,000 53.66 3996.40 558,576

118 3,240 7,500 337,500 59.05 4055.45 515,102126 3,366 7,500 345,000 62.88 4118.33 491,177112 3,478 7,500 352,500 55.85 4174.18 560,559

114 3,592 7,500 360,000 57.22 4231.40 554,618153 3,745 7,500 367,500 76.35 4307.75 423,142

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


4/160

152 3,897 7,500 375,000 75.98 4383.73 432,718166 4,063 7,500 382,500 83.11 4466.84 403,092170 4,233 7,500 390,000 84.86 4551.71 402,271165 4,398 7,500 397,500 82.66 4634.37 420,494187 4,585 7,500 405,000 93.49 4727.85 379,297147 4,731 7,500 412,500 73.29 4801.14 491,301

135 4,867 7,500 420,000 67.61 4868.75 540,1057 4,873 7,500 427,500 50.80 4919.55 726,3137 4,881 7,500 435,000 54.80 4974.35 680,7557 4,887 7,500 442,500 50.14 5024.50 751,5246 4,894 7,500 450,000 46.57 5071.07 816,7156 4,899 7,500 457,500 42.95 5114.01 893,101


5/160

200"

Di.erence

V#) /eturn +#) /eturn Di.erence

1.8612% 1.8374% 0.0238% 0.2864%6.1921% 5.9597% 0.2323% 1.4022%6.5986% 6.4361% 0.1625% 0.6516%9.4703% 9.1438% 0.3265% 0.9828%

14.7772% 13.8918% 0.8854% 2.1380%5.9780% 5.8037% 0.1742% 0.3488%6.1680% 6.0419% 0.1261% 0.2163%

10.6364% 10.1537% 0.4827% 0.7249%14.8754% 13.9620% 0.9134% 1.2198%24.1057% 21.5534% 2.5523% 3.0705%29.7873% 26.1904% 3.5969% 3.9303%34.3104% 29.8840% 4.4265% 4.4265%29.9591% 27.0733% 2.8858% 2.6609%45.2234% 39.6693% 5.5540% 4.7421%51.1238% 43.0298% 8.0940% 6.4244%58.8408% 47.9570% 10.8838% 8.0565%70.3042% 56.0594% 14.2448% 9.8565%81.2865% 63.4125% 17.8740% 11.5866%91.1575% 69.5368% 21.6207% 13.1589%37.4623% 25.9369% 11.5254% 6.7639%45.6030% 37.3805% 8.2225% 4.6189%

48.2976% 41.7483% 6.5493% 3.5208%56.3427% 47.7639% 8.5788% 4.3878%64.9414% 54.0922% 10.8492% 5.2849%73.6322% 60.3057% 13.3265% 6.1889%71.3132% 57.2928% 14.0204% 6.2428%69.9157% 57.2563% 12.6595% 5.4406%73.1934% 59.7033% 13.4901% 5.5731%53.4515% 44.8725% 8.5789% 3.4645%54.5066% 48.9095% 5.5970% 2.2023%62.1414% 54.8313% 7.3101% 2.7687%68.7332% 59.6248% 9.1084% 3.3230%78.5171% 67.2503% 11.2669% 3.9586%

78.8417% 66.0158% 12.8259% 4.3511%86.0785% 71.1349% 14.9436% 4.8909%112.1685% 93.1004% 19.0681% 5.9901%119.9535% 98.1200% 21.8335% 6.6145%135.3773% 109.7752% 25.6021% 7.4638%140.3958% 112.0397% 28.3561% 7.9839%

92.1552% 74.0802% 18.0749% 5.1108%79.9691% 66.7334% 13.2357% 3.7051%71.4457% 61.8919% 9.5539% 2.6413%76.8528% 69.2656% 7.5872% 2.0619%57.2347% 52.6229% 4.6117% 1.2372%45.0599% 42.3701% 2.6898% 0.7103%60.0794% 59.0238% 1.0557% 0.2743%

53.4911% 54.0605% -0.5695% -0.1457%14.3287% 15.1406% -0.8120% -0.2036%

&nnualieddi.erence


6/160

14.2265% 15.3915% -1.1651% -0.2866%4.2375% 5.3836% -1.1462% -0.2763%2.0002% 3.1463% -1.1461% -0.2709%4.5339% 5.7848% -1.2509% -0.2901%

-7.2860% -6.3465% -0.9395% -0.2135%17.5936% 19.1033% -1.5097% -0.3375%

26.5140% 28.5965% -2.0825% -0.4581%68.2145% 69.8977% -1.6833% -0.3631%55.7959% 56.4955% -0.6996% -0.1477%70.1119% 69.8360% 0.2759% 0.0570%82.9776% 81.4923% 1.4853% 0.3003%98.1828% 95.2133% 2.9695% 0.5870%

&verage1 344( 1.3222%

&verage1 #DIV/0!


7/160


8/160


9/160

+#)


10/160


11/160


Value #nvesting

$onth0 14.1 0 7,500 0.00 7,500 7,5001 14.6324 3.776% 15,094 7,783.19 7,311 14,8112 15.3372 4.817% 22,782 15,821.23 6,962 21,7733 15.4879 0.983% 30,567 23,007.10 7,561 29,3344 16.1264 4.123% 38,449 31,828.29 6,622 35,9565 16.9305 4.986% 46,430 40,367.51 6,063 42,0196 15.6873 -7.343% 54,510 43,021.14 11,490 53,5097 15.555 -0.843% 62,692 54,051.41 8,641 62,1508 16.4086 5.488% 70,975 66,132.74 4,843 66,9939 17.5567 6.997% 79,362 75,941.87 3,421 70,414

10 18.7075 6.555% 87,855 84,564.92 3,290 73,70411 19.7589 5.620% 96,453 92,792.54 3,661 77,36512 20.3684 3.085% 105,158 99,428.83 5,730 83,09513 19.8356 -2.616% 113,973 102,408.07 11,565 94,66014 21.9947 10.885% 122,898 126,379.01 1,000 95,66015 22.7803 3.572% 131,934 131,928.69 1,000 96,66016 23.9791 5.262% 141,083 139,923.99 1,159 97,81917 25.2038 5.107% 150,346 148,288.61 2,058 99,87718 27.5241 9.206% 159,726 164,187.75 1,000 100,87719 29.7034 7.918% 169,222 178,266.96 1,000 101,87720 22.0342 -25.819% 178,838 132,981.55 15,000 116,87721 24.9582 13.270% 188,573 167,619.11 15,000 131,877

22 25.8989 3.769% 198,430 189,502.21 8,928 140,80523 26.7777 3.393% 208,411 205,163.34 3,247 144,05224 28.3649 5.927% 218,516 220,763.48 1,000 145,05225 30.4434 7.328% 228,747 238,013.69 1,000 146,05226 30.5344 0.299% 239,107 239,728.14 1,000 147,05227 30.6354 0.331% 249,595 241,524.40 8,071 155,12328 32.3432 5.575% 260,215 263,509.34 1,000 156,12329 29.7575 -7.995% 270,968 243,362.96 15,000 171,12330 30.6558 3.019% 281,855 266,162.25 15,000 186,12331 32.3917 5.663% 292,878 297,083.20 1,000 187,12332 33.0191 1.937% 304,039 303,856.82 1,000 188,12333 35.1272 6.384% 315,340 324,320.36 1,000 189,123

34 34.5662 -1.597% 326,782 320,124.83 6,657 195,78035 35.9809 4.093% 338,366 340,156.11 1,000 196,78036 43.3313 20.429% 350,096 410,849.58 1,000 197,78037 44.7174 3.199% 361,972 425,024.00 1,000 198,78038 47.2264 5.611% 373,997 449,927.32 1,000 199,78039 48.7213 3.165% 386,172 465,200.93 1,000 200,78040 38.4126 -21.159% 398,499 367,559.77 15,000 215,78041 37.9457 -1.215% 410,980 377,909.81 15,000 230,78042 37.3209 -1.647% 423,617 386,440.30 15,000 245,78043 39.5114 5.869% 436,413 425,002.30 11,411 257,19144 35.1042 -11.154% 449,368 387,734.67 15,000 272,19145 32.8769 -6.345% 462,485 377,181.86 15,000 287,19146 36.5101 11.051% 475,766 435,521.57 15,000 302,191

47 34.8034 -4.675% 489,213 429,461.50 15,000 317,19148 26.0375 -25.187% 502,828 332,515.40 15,000 332,191

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


12/160

49 24.8596 -4.524% 516,613 331,794.29 15,000 347,19150 23.0289 -7.364% 530,571 321,255.81 15,000 362,19151 21.8356 -5.182% 544,703 318,831.88 15,000 377,19152 23.1261 5.910% 559,012 353,561.58 15,000 392,19153 20.6393 -10.753% 573,500 328,929.35 15,000 407,19154 26.6014 28.887% 588,168 443,280.65 15,000 422,191

55 36.5733 37.486% 603,021 630,073.44 1,000 423,19156 31.5175 -13.824% 618,058 543,835.45 15,000 438,19157 34.9309 10.830% 633,284 619,358.30 13,926 452,11758 37.939 8.612% 648,700 687,820.04 1,000 453,11759 39.7682 4.821% 664,309 722,030.98 1,000 454,11760 36.8542 -7.327% 680,113 670,051.15 10,062 464,179


13/160

protocol with FT-%ift5 #nde6 fund between ct 200! and ct

+#) #nvesting

+#) &*ount532 532 7,500 7,500 531.91 531.91 7,500500 1,032 7,500 15,000 512.56 1044.47 15,283454 1,486 7,500 22,500 489.01 1533.48 23,519488 1,974 7,500 30,000 484.25 2017.73 31,250411 2,384 7,500 37,500 465.08 2482.80 40,039358 2,743 7,500 45,000 442.99 2925.79 49,535732 3,475 7,500 52,500 478.09 3403.88 53,398556 4,030 7,500 60,000 482.16 3886.04 60,447295 4,326 7,500 67,500 457.08 4343.12 71,265195 4,520 7,500 75,000 427.19 4770.31 83,751176 4,696 7,500 82,500 400.91 5171.22 96,741185 4,882 7,500 90,000 379.58 5550.79 109,678281 5,163 7,500 97,500 368.22 5919.01 120,561583 5,746 7,500 105,000 378.11 6297.12 124,90745 5,791 7,500 112,500 340.99 6638.11 146,00344 5,835 7,500 120,000 329.23 6967.34 158,71848 5,884 7,500 127,500 312.77 7280.11 174,57182 5,965 7,500 135,000 297.57 7577.69 190,98736 6,002 7,500 142,500 272.49 7850.18 216,06934 6,035 7,500 150,000 252.50 8102.67 240,677

681 6,716 7,500 157,500 340.38 8443.05 186,036601 7,317 7,500 165,000 300.50 8743.56 218,223

345 7,662 7,500 172,500 289.59 9033.14 233,948121 7,783 7,500 180,000 280.08 9313.23 249,38735 7,818 7,500 187,500 264.41 9577.64 271,66933 7,851 7,500 195,000 246.36 9824.00 299,07633 7,884 7,500 202,500 245.62 10069.62 307,470

263 8,147 7,500 210,000 244.81 10314.44 315,98731 8,178 7,500 217,500 231.89 10546.33 341,102

504 8,682 7,500 225,000 252.04 10798.36 321,332489 9,172 7,500 232,500 244.65 11043.01 338,53231 9,203 7,500 240,000 231.54 11274.56 365,20230 9,233 7,500 247,500 227.14 11501.70 379,77628 9,261 7,500 255,000 213.51 11715.21 411,522

193 9,454 7,500 262,500 216.97 11932.18 412,45028 9,482 7,500 270,000 208.44 12140.62 436,83123 9,505 7,500 277,500 173.09 12313.71 533,56922 9,527 7,500 285,000 167.72 12481.43 558,13721 9,548 7,500 292,500 158.81 12640.24 596,95321 9,569 7,500 300,000 153.94 12794.18 623,349

390 9,959 7,500 307,500 195.25 12989.42 498,958395 10,355 7,500 315,000 197.65 13187.08 500,393402 10,757 7,500 322,500 200.96 13388.04 499,654289 11,045 7,500 330,000 189.82 13577.85 536,480427 11,473 7,500 337,500 213.65 13791.50 484,140456 11,929 7,500 345,000 228.12 14019.63 460,922411 12,340 7,500 352,500 205.42 14225.05 519,358

431 12,771 7,500 360,000 215.50 14440.55 502,580576 13,347 7,500 367,500 288.05 14728.59 383,496

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


14/160

603 13,950 7,500 375,000 301.69 15030.29 373,647651 14,602 7,500 382,500 325.68 15355.96 353,631687 15,289 7,500 390,000 343.48 15699.44 342,807649 15,937 7,500 397,500 324.31 16023.75 370,567727 16,664 7,500 405,000 363.38 16387.13 338,219564 17,228 7,500 412,500 281.94 16669.07 443,421

27 17,255 7,500 420,000 205.07 16874.14 617,143476 17,731 7,500 427,500 237.96 17112.10 539,331399 18,130 7,500 435,000 214.71 17326.81 605,24126 18,156 7,500 442,500 197.69 17524.50 664,86225 18,181 7,500 450,000 188.59 17713.09 704,418

273 18,454 7,500 457,500 203.50 17916.60 660,302


15/160

200"

Di.erence


1.9120% 1.8875% 0.0246% 0.2952%4.6399% 4.5301% 0.1098% 0.6606%4.2071% 4.1679% 0.0392% 0.1569%6.9371% 6.7698% 0.1673% 0.5026%

10.4988% 10.0780% 0.4209% 1.0130%1.8728% 1.7100% 0.1628% 0.3259%0.8727% 0.7457% 0.1270% 0.2179%5.9450% 5.5771% 0.3679% 0.5523%

12.7089% 11.6679% 1.0411% 1.3905%19.1997% 17.2613% 1.9384% 2.3305%24.6734% 21.8640% 2.8094% 3.0687%26.5525% 23.6521% 2.9004% 2.9004%20.4026% 18.9592% 1.4434% 1.3316%33.1581% 29.7807% 3.3774% 2.8880%37.5219% 32.2651% 5.2568% 4.1838%44.2286% 36.9181% 7.3105% 5.4342%50.5318% 41.4715% 9.0602% 6.3134%63.7516% 51.6274% 12.1242% 7.9277%75.9641% 60.4513% 15.5128% 9.5358%26.6131% 18.1181% 8.4950% 5.0137%38.4768% 32.2566% 6.2202% 3.5084%

40.9255% 35.6223% 5.3032% 2.8587%44.6772% 38.5482% 6.1289% 3.1522%52.8855% 44.8900% 7.9955% 3.9209%63.6497% 53.3723% 10.2775% 4.8078%63.7027% 51.8370% 11.8658% 5.3115%60.9016% 50.4700% 10.4317% 4.5088%69.4237% 56.8285% 12.5952% 5.2156%50.9808% 42.8143% 8.1665% 3.3017%51.0626% 45.6053% 5.4573% 2.1482%59.2980% 52.1675% 7.1305% 2.7021%62.0519% 53.4447% 8.6071% 3.1447%72.0152% 61.3813% 10.6339% 3.7431%

66.9128% 57.1239% 9.7889% 3.3510%73.3693% 61.7891% 11.5802% 3.8283%108.2362% 92.2771% 15.9591% 5.0594%114.3194% 95.8376% 18.4818% 5.6543%125.7119% 104.0865% 21.6254% 6.3775%132.1949% 107.7830% 24.4119% 6.9519%

77.2916% 62.2626% 15.0290% 4.2899%70.2530% 58.8549% 11.3981% 3.2097%63.3332% 54.9313% 8.4019% 2.3318%69.6845% 62.5697% 7.1148% 1.9366%47.9603% 43.4488% 4.5115% 1.2107%36.5579% 33.6005% 2.9573% 0.7802%49.0850% 47.3356% 1.7494% 0.4535%

40.1242% 39.6056% 0.5187% 0.1322%4.6131% 4.3526% 0.2606% 0.0651%

&nnualieddi.erence


16/160

-0.1143% -0.3608% 0.2466% 0.0603%-7.1606% -7.5475% 0.3868% 0.0927%

-11.4953% -12.1008% 0.6056% 0.1422%-6.0250% -6.7756% 0.7507% 0.1727%

-15.5361% -16.4891% 0.9530% 0.2150%8.5482% 7.4959% 1.0523% 0.2329%

49.1226% 46.9388% 2.1838% 0.4724%27.5324% 26.1592% 1.3732% 0.2927%40.0709% 39.1359% 0.9350% 0.1961%52.0181% 50.2513% 1.7668% 0.3630%59.2169% 56.5373% 2.6796% 0.5393%46.5196% 44.3283% 2.1913% 0.4345%

&verage1 7438( 1.1480%

&verage1 #DIV/0!


17/160


18/160


19/160

+#)


20/160


21/160


Value #nvesting

$onth0 23.13 0 7,500 0.00 7,500 7,5001 23.93 3.459% 15,094 7,759.40 7,334 14,8342 25.38 6.059% 22,782 16,007.96 6,774 21,6083 26.06 2.679% 30,567 23,392.36 7,174 28,7824 27.11 4.029% 38,449 31,797.92 6,650 35,4325 28.32 4.463% 46,430 40,163.97 6,265 41,6976 26.39 -6.815% 54,510 43,264.85 11,245 52,9427 26.48 0.341% 62,692 54,695.75 7,995 60,9378 27.56 4.079% 70,975 65,247.62 5,727 66,6649 29.21 5.987% 79,362 75,223.83 4,138 70,802

10 31.33 7.258% 87,855 85,121.74 2,732 73,53411 33.3 6.288% 96,453 93,377.90 3,074 76,60812 34.49 3.574% 105,158 99,898.68 5,259 81,86713 33.96 -1.537% 113,973 103,541.74 10,430 92,29714 37.81 11.337% 122,898 126,892.57 2,000 94,29715 39.62 4.787% 131,934 135,062.78 2,000 96,29716 42.5 7.269% 141,083 147,025.95 2,000 98,29717 46.16 8.612% 150,346 161,859.71 2,000 100,29718 49.7 7.669% 159,726 176,426.07 2,000 102,29719 53.39 7.425% 169,222 191,673.40 2,000 104,29720 39.23 -26.522% 178,838 142,307.69 15,000 119,29721 43.97 12.083% 188,573 176,314.53 12,257 131,554

22 45.91 4.412% 198,430 196,891.50 2,000 133,55423 47.57 3.616% 208,411 206,082.96 2,326 135,88024 50.71 6.601% 218,516 222,165.61 2,000 137,88025 54.45 7.375% 228,747 240,698.43 2,000 139,88026 55.159 1.302% 239,107 245,858.64 2,000 141,88027 55.518 0.651% 249,595 249,471.82 2,000 143,88028 58.328 5.061% 260,215 264,199.86 2,000 145,88029 54.251 -6.990% 270,968 247,593.07 15,000 160,88030 56.308 3.792% 281,855 272,549.65 9,303 170,18331 59.711 6.044% 292,878 298,886.54 2,000 172,18332 62.341 4.405% 304,039 314,139.23 2,000 174,18333 66.395 6.503% 315,340 336,697.59 2,000 176,183

34 64.891 -2.265% 326,782 331,025.31 2,000 178,18335 67.764 4.427% 338,366 347,769.75 2,000 180,18336 79.983 18.032% 350,096 412,839.18 2,000 182,18337 84.974 6.240% 361,972 440,725.46 2,000 184,18338 90.058 5.983% 373,997 469,213.75 2,000 186,18339 92.098 2.265% 386,172 481,887.72 2,000 188,18340 72.948 -20.793% 398,499 383,272.61 15,000 203,18341 71.896 -1.442% 410,980 392,529.03 15,000 218,18342 71.125 -1.072% 423,617 403,158.76 15,000 233,18343 75.623 6.324% 436,413 444,603.45 2,000 235,18344 69.63 -7.925% 449,368 411,210.85 15,000 250,18345 65.237 -6.309% 462,485 399,320.94 15,000 265,18346 71.096 8.981% 475,766 451,531.52 15,000 280,183

47 68.486 -3.671% 489,213 449,404.71 15,000 295,18348 54.978 -19.724% 502,828 372,806.74 15,000 310,183

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


22/160

49 53.776 -2.186% 516,613 379,328.01 15,000 325,18350 50.086 -6.862% 530,571 367,270.02 15,000 340,18351 49.945 -0.282% 544,703 381,193.87 15,000 355,18352 51.661 3.436% 559,012 409,806.22 15,000 370,18353 47.567 -7.925% 573,500 391,141.43 15,000 385,18354 57.161 20.169% 588,168 488,057.90 15,000 400,183

55 58.567 2.460% 603,021 515,431.71 15,000 415,18356 76.139 30.003% 618,058 689,578.43 2,000 417,18357 69.72 -8.431% 633,284 633,273.99 2,000 419,18358 75.841 8.779% 648,700 691,047.26 2,000 421,18359 81.307 7.207% 664,309 742,996.44 2,000 423,18360 86.812 6.771% 680,113 795,437.43 2,000 425,183


23/160

protocol with D+)B/ 9:uit5 fund between ct 200! and ct

+#) #nvesting

+#) &*ount324 324 7,500 7,500 324.25 324.25 7,500306 630 7,500 15,000 313.41 637.66 15,259267 897 7,500 22,500 295.51 933.17 23,684275 1,173 7,500 30,000 287.80 1220.97 31,818245 1,418 7,500 37,500 276.65 1497.62 40,600221 1,639 7,500 45,000 264.83 1762.45 49,913426 2,065 7,500 52,500 284.20 2046.65 54,011302 2,367 7,500 60,000 283.23 2329.88 61,695208 2,575 7,500 67,500 272.13 2602.02 71,712142 2,717 7,500 75,000 256.76 2858.78 83,50587 2,804 7,500 82,500 239.39 3098.16 97,06592 2,896 7,500 90,000 225.23 3323.39 110,669

152 3,049 7,500 97,500 217.45 3540.84 122,124307 3,356 7,500 105,000 220.85 3761.69 127,74753 3,409 7,500 112,500 198.36 3960.05 149,73050 3,459 7,500 120,000 189.30 4149.35 164,39747 3,506 7,500 127,500 176.47 4325.82 183,84743 3,550 7,500 135,000 162.48 4488.30 207,18040 3,590 7,500 142,500 150.91 4639.20 230,56837 3,627 7,500 150,000 140.48 4779.68 255,187

382 4,010 7,500 157,500 191.18 4970.86 195,007279 4,288 7,500 165,000 170.57 5141.43 226,069

44 4,332 7,500 172,500 163.36 5304.79 243,54349 4,381 7,500 180,000 157.66 5462.46 259,84939 4,420 7,500 187,500 147.90 5610.36 284,50137 4,457 7,500 195,000 137.74 5748.10 312,98436 4,493 7,500 202,500 135.97 5884.07 324,55936 4,529 7,500 210,000 135.09 6019.16 334,17234 4,564 7,500 217,500 128.58 6147.74 358,586

276 4,840 7,500 225,000 138.25 6285.99 341,021165 5,005 7,500 232,500 133.20 6419.19 361,45133 5,039 7,500 240,000 125.60 6544.79 390,79632 5,071 7,500 247,500 120.31 6665.10 415,50930 5,101 7,500 255,000 112.96 6778.06 450,029

31 5,132 7,500 262,500 115.58 6893.64 447,33530 5,161 7,500 270,000 110.68 7004.31 474,64025 5,186 7,500 277,500 93.77 7098.08 567,72624 5,210 7,500 285,000 88.26 7186.35 610,65322 5,232 7,500 292,500 83.28 7269.63 654,68822 5,254 7,500 300,000 81.43 7351.06 677,018

206 5,459 7,500 307,500 102.81 7453.87 543,745209 5,668 7,500 315,000 104.32 7558.19 543,404211 5,879 7,500 322,500 105.45 7663.64 545,07626 5,905 7,500 330,000 99.18 7762.81 587,047

215 6,121 7,500 337,500 107.71 7870.53 548,025230 6,351 7,500 345,000 114.97 7985.49 520,950211 6,562 7,500 352,500 105.49 8090.98 575,237

219 6,781 7,500 360,000 109.51 8200.50 561,619273 7,054 7,500 367,500 136.42 8336.91 458,347

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


24/160


25/160

200"

Di.erence


1.7487% 1.7287% 0.0200% 0.2406%5.4330% 5.2618% 0.1712% 1.0314%6.1996% 6.0616% 0.1380% 0.5531%8.5119% 8.2680% 0.2439% 0.7335%

11.3485% 10.9169% 0.4315% 1.0388%2.9614% 2.8783% 0.0832% 0.1665%2.8780% 2.8255% 0.0525% 0.0900%6.4662% 6.2393% 0.2269% 0.3405%

12.0898% 11.3398% 0.7500% 1.0012%19.4736% 17.6551% 1.8185% 2.1861%25.9032% 22.9654% 2.9378% 3.2091%28.4494% 25.2551% 3.1943% 3.1943%23.4837% 21.6639% 1.8198% 1.6787%36.6879% 33.0930% 3.5949% 3.0736%42.3334% 36.9977% 5.3357% 4.2462%51.6078% 44.1940% 7.4138% 5.5103%63.3745% 53.4666% 9.9079% 6.8960%74.4197% 61.8024% 12.6172% 8.2438%85.6941% 70.1248% 15.5694% 9.5696%31.8622% 23.8139% 8.0484% 4.7541%43.3415% 37.0114% 6.3302% 3.5696%

48.9222% 41.1844% 7.7377% 4.1490%53.3772% 44.3606% 9.0166% 4.6072%62.5802% 51.7340% 10.8463% 5.2835%73.5047% 60.5046% 13.0002% 6.0420%74.6960% 60.2762% 14.4198% 6.4144%74.7789% 59.1294% 15.6495% 6.6753%82.4787% 64.8669% 17.6117% 7.1996%63.2229% 51.5650% 11.6580% 4.6686%65.6174% 55.4630% 10.1544% 3.9443%74.7481% 62.8317% 11.9165% 4.4544%81.4983% 67.8823% 13.6160% 4.9035%92.2419% 76.4820% 15.7599% 5.4659%

86.9007% 70.4133% 16.4874% 5.5341%94.1192% 75.7927% 18.3265% 5.9392%127.7047% 104.5859% 23.1187% 7.1786%140.3726% 114.2640% 26.1086% 7.8137%153.0917% 123.8249% 29.2668% 8.4442%157.1368% 125.6726% 31.4641% 8.7818%

96.0167% 76.8277% 19.1890% 5.4073%86.7831% 72.5091% 14.2740% 3.9825%79.3264% 69.0159% 10.3105% 2.8434%89.8961% 77.8931% 12.0030% 3.2140%70.3596% 62.3777% 7.9819% 2.1165%56.2396% 50.9999% 5.2398% 1.3712%66.5096% 63.1877% 3.3219% 0.8561%

57.3277% 56.0053% 1.3224% 0.3360%25.0251% 24.7202% 0.3049% 0.0761%

&nnualieddi.erence


26/160

21.2634% 21.5536% -0.2901% -0.0711%12.3719% 12.9537% -0.5819% -0.1400%11.5464% 12.3927% -0.8463% -0.1998%14.7557% 15.9476% -1.1919% -0.2763%5.4412% 6.6339% -1.1928% -0.2713%

25.7070% 27.6297% -1.9228% -0.4305%

27.7585% 30.2196% -2.4611% -0.5422%65.7734% 68.0741% -2.3007% -0.4975%51.5505% 52.9750% -1.4245% -0.3016%64.5478% 65.2798% -0.7320% -0.1519%76.0459% 75.9053% 0.1407% 0.0286%87.5516% 86.3756% 1.1760% 0.2341%

&verage1 3820( 1.4229%

&verage1 #DIV/0!


27/160


28/160


29/160

+#)


30/160


31/160

Back-testing Value investing prot

Value #nvesting

$onth0 91.91 0 7,500 0.00 7,500 7,5001 95.16 3.536% 15,094 7,765.21 7,329 14,8292 102.67 7.892% 22,782 16,285.44 6,497 21,3263 108.94 6.107% 30,567 24,173.75 6,393 27,7194 119.52 9.712% 38,449 33,535.32 4,913 32,6325 125.03 4.610% 46,430 40,220.83 6,208 38,8406 121.26 -3.015% 54,510 45,028.87 9,480 48,3207 128.02 5.575% 62,692 57,547.63 5,143 53,4638 134.42 4.999% 70,975 65,824.67 5,150 58,6139 138.78 3.244% 79,362 73,276.78 6,085 64,698

10 159.17 14.692% 87,855 91,021.86 1,000 65,69811 169.34 6.389% 96,453 97,901.51 1,000 66,69812 173.23 2.297% 105,158 101,173.42 3,984 70,68213 165.78 -4.301% 113,973 100,634.98 13,337 84,01914 180.55 8.909% 122,898 124,126.20 1,000 85,01915 196.96 9.089% 131,934 136,498.79 1,000 86,01916 206.27 4.727% 141,083 143,998.15 1,000 87,01917 220 6.656% 150,346 154,649.69 1,000 88,01918 240.14 9.155% 159,726 169,898.72 1,000 89,01919 259.84 8.204% 169,222 184,918.47 1,000 90,01920 188.25 -27.552% 178,838 134,695.02 15,000 105,01921 198.76 5.583% 188,573 158,052.49 15,000 120,019

22 204.79 3.034% 198,430 178,302.57 15,000 135,01923 217.79 6.348% 208,411 205,573.35 2,836 137,85524 240.8 10.565% 218,516 230,428.27 1,000 138,85525 255.64 6.163% 228,747 245,690.71 1,000 139,85526 253.48 -0.845% 239,107 244,606.32 1,000 140,85527 266.75 5.235% 249,595 258,464.13 1,000 141,85528 270.74 1.496% 260,215 263,345.15 1,000 142,85529 253.07 -6.527% 270,968 247,092.51 15,000 157,85530 262.28 3.639% 281,855 271,630.87 10,223 168,07831 275.34 4.979% 292,878 295,888.53 1,000 169,07832 290.43 5.480% 304,039 313,159.50 1,000 170,07833 317.25 9.235% 315,340 343,170.82 1,000 171,078

34 308.98 -2.607% 326,782 335,199.05 1,000 172,07835 321.28 3.981% 338,366 349,582.60 1,000 173,07836 367.26 14.312% 350,096 400,756.24 1,000 174,07837 396.23 7.888% 361,972 433,447.36 1,000 175,07838 442.54 11.688% 373,997 485,224.07 1,000 176,07839 463.56 4.750% 386,172 509,319.00 1,000 177,07840 364.5 -21.369% 398,499 401,266.88 1,000 178,07841 344.89 -5.380% 410,980 380,625.03 15,000 193,07842 334.9 -2.897% 423,617 384,165.45 15,000 208,07843 357.03 6.608% 436,413 425,542.08 10,869 218,94744 327.94 -8.148% 449,368 400,853.29 15,000 233,94745 306.6112 -6.504% 462,485 388,806.72 15,000 248,94746 335.7294 9.497% 475,766 442,155.36 15,000 263,947

47 318.5668 -5.112% 489,213 433,785.43 15,000 278,94748 229.8445 -27.850% 502,828 323,796.65 15,000 293,947

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


32/160

49 231.7706 0.838% 516,613 341,635.77 15,000 308,94750 206.7918 -10.777% 530,571 318,199.78 15,000 323,94751 206.3527 -0.212% 544,703 332,492.26 15,000 338,94752 205.2696 -0.525% 559,012 345,668.35 15,000 353,94753 185.0774 -9.837% 573,500 325,189.70 15,000 368,94754 238.2719 28.742% 588,168 437,966.21 15,000 383,947

55 252.4979 5.970% 603,021 480,010.51 15,000 398,94756 339.2709 34.366% 618,058 665,124.98 1,000 399,94757 307.2102 -9.450% 633,284 603,176.96 15,000 414,94758 343.0189 11.656% 648,700 690,232.23 1,000 415,94759 375.558 9.486% 664,309 756,803.18 1,000 416,94760 392.462 4.501% 680,113 791,912.17 1,000 417,947


33/160

col with /eliance ;rowth - e:uit5 fund between ct 200! an

+#) #nvesting

+#) &*ount82 82 7,500 7,500 81.60 81.60 7,50077 159 7,500 15,000 78.81 160.41 15,26563 222 7,500 22,500 73.05 233.46 23,97059 281 7,500 30,000 68.85 302.31 32,93441 322 7,500 37,500 62.75 365.06 43,63250 372 7,500 45,000 59.99 425.05 53,14478 450 7,500 52,500 61.85 486.90 59,04140 490 7,500 60,000 58.58 545.48 69,83338 528 7,500 67,500 55.80 601.28 80,82444 572 7,500 75,000 54.04 655.32 90,945

6 579 7,500 82,500 47.12 702.44 111,8076 584 7,500 90,000 44.29 746.73 126,451

23 607 7,500 97,500 43.30 790.02 136,85680 688 7,500 105,000 45.24 835.26 138,470

6 693 7,500 112,500 41.54 876.80 158,3075 699 7,500 120,000 38.08 914.88 180,1955 703 7,500 127,500 36.36 951.24 196,2135 708 7,500 135,000 34.09 985.33 216,7734 712 7,500 142,500 31.23 1016.56 244,1184 716 7,500 150,000 28.86 1045.43 271,644

80 796 7,500 157,500 39.84 1085.27 204,30275 871 7,500 165,000 37.73 1123.00 223,208

73 944 7,500 172,500 36.62 1159.63 237,48013 957 7,500 180,000 34.44 1194.06 260,055

4 961 7,500 187,500 31.15 1225.21 295,0304 965 7,500 195,000 29.34 1254.55 320,7134 969 7,500 202,500 29.59 1284.14 325,5034 973 7,500 210,000 28.12 1312.25 350,0434 977 7,500 217,500 27.70 1339.95 362,779

59 1,036 7,500 225,000 29.64 1369.59 346,60239 1,075 7,500 232,500 28.60 1398.19 366,716

4 1,079 7,500 240,000 27.24 1425.42 392,4763 1,082 7,500 247,500 25.82 1451.25 421,4863 1,085 7,500 255,000 23.64 1474.89 467,908

3 1,088 7,500 262,500 24.27 1499.16 463,2113 1,092 7,500 270,000 23.34 1522.51 489,1513 1,094 7,500 277,500 20.42 1542.93 566,6563 1,097 7,500 285,000 18.93 1561.86 618,8542 1,099 7,500 292,500 16.95 1578.80 698,6842 1,101 7,500 300,000 16.18 1594.98 739,3703 1,104 7,500 307,500 20.58 1615.56 588,871

43 1,148 7,500 315,000 21.75 1637.31 564,69045 1,192 7,500 322,500 22.39 1659.70 555,83330 1,223 7,500 330,000 21.01 1680.71 600,06346 1,268 7,500 337,500 22.87 1703.58 558,67149 1,317 7,500 345,000 24.46 1728.04 529,83645 1,362 7,500 352,500 22.34 1750.38 587,653

47 1,409 7,500 360,000 23.54 1773.92 565,11265 1,474 7,500 367,500 32.63 1806.55 415,226

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


34/160

65 1,539 7,500 375,000 32.36 1838.91 426,20573 1,612 7,500 382,500 36.27 1875.18 387,77273 1,684 7,500 390,000 36.35 1911.52 394,44873 1,757 7,500 397,500 36.54 1948.06 399,87881 1,838 7,500 405,000 40.52 1988.58 368,04263 1,901 7,500 412,500 31.48 2020.06 481,324

59 1,961 7,500 420,000 29.70 2049.76 517,5613 1,964 7,500 427,500 22.11 2071.87 702,926

49 2,013 7,500 435,000 24.41 2096.28 644,0003 2,016 7,500 442,500 21.86 2118.15 726,5653 2,018 7,500 450,000 19.97 2138.12 802,9883 2,021 7,500 457,500 19.11 2157.23 846,631


35/160

d ct 200"

Di.erence


1.7884% 1.7670% 0.0214% 0.2569%6.8294% 6.5323% 0.2971% 1.7958%

10.2736% 9.7786% 0.4950% 1.9947%17.8240% 16.3521% 1.4719% 4.4810%19.5387% 18.0967% 1.4420% 3.4958%12.8081% 12.4592% 0.3489% 0.6990%17.2598% 16.3875% 0.8723% 1.5001%21.0903% 19.7386% 1.3517% 2.0344%22.6650% 21.2602% 1.4048% 1.8774%40.0680% 35.5238% 4.5442% 5.4776%48.2826% 40.5010% 7.7816% 8.5183%48.7754% 40.3648% 8.4106% 8.4106%35.6502% 31.8762% 3.7741% 3.4788%47.1744% 40.7172% 6.4572% 5.5098%59.8470% 50.1627% 9.6843% 7.6752%66.6281% 53.8923% 12.7358% 9.4073%76.8365% 60.5728% 16.2637% 11.2233%91.9800% 71.3108% 20.6692% 13.3438%

106.5325% 81.0962% 25.4363% 15.3884%42.5409% 29.7155% 12.8253% 7.5088%44.1876% 35.2777% 8.9099% 4.9981%

43.1669% 37.6695% 5.4974% 2.9621%51.1801% 44.4750% 6.7051% 3.4440%66.6690% 57.3496% 9.3195% 4.5560%76.3903% 64.4680% 11.9224% 5.5553%74.3682% 60.7421% 13.6261% 6.0731%82.9080% 66.6872% 16.2208% 6.9092%85.0444% 66.7950% 18.2494% 7.4483%66.0337% 54.0454% 11.9883% 4.7966%67.6923% 57.7273% 9.9650% 3.8728%75.5926% 63.5318% 12.0609% 4.5065%84.7150% 70.2974% 14.4176% 5.1804%

101.1777% 83.4935% 17.6842% 6.1001%

95.3760% 76.4614% 18.9146% 6.3050%102.5576% 81.1670% 21.3906% 6.8719%130.7909% 104.2002% 26.5907% 8.1768%148.1450% 117.1418% 31.0032% 9.1534%176.1413% 138.8663% 37.2750% 10.5223%188.1888% 146.4567% 41.7321% 11.3283%125.8936% 91.5028% 34.3908% 9.2725%104.9043% 79.2667% 25.6375% 6.9081%

91.8345% 72.3515% 19.4831% 5.2174%99.3227% 81.8372% 17.4855% 4.5997%77.7553% 65.5321% 12.2232% 3.1951%62.2059% 53.5755% 8.6304% 2.2320%73.1997% 66.7101% 6.4896% 1.6538%

60.8856% 56.9755% 3.9100% 0.9841%15.2577% 12.9866% 2.2711% 0.5630%

&nnualieddi.erence


36/160

15.4359% 13.6547% 1.7812% 0.4333%2.8563% 1.3782% 1.4781% 0.3528%2.5211% 1.1405% 1.3806% 0.3231%1.8990% 0.5982% 1.3008% 0.2987%

-7.7944% -9.1254% 1.3310% 0.2998%17.9762% 16.6846% 1.2917% 0.2856%

24.0793% 23.2289% 0.8504% 0.1849%66.5533% 64.4270% 2.1263% 0.4519%48.9773% 48.0460% 0.9314% 0.1954%66.1828% 64.1955% 1.9873% 0.4080%81.7505% 78.4417% 3.3088% 0.6643%89.7160% 85.0559% 4.6601% 0.9151%

&verage1 '0834( 1.9945%

&verage1 #DIV/0!


37/160


38/160


39/160

+#)


40/160


41/160

Date HDFC top 200 FT #nde6 D+) Black /ock Top '0010-Oct-04 43.51 14.1 23.1310-Nov-04 45.11 14.6324 23.9310-Dec-04 48.256 15.3372 25.3810-Jan-05 49.45 15.4879 26.0610-Fe-05 51.77 16.1264 27.11

10-a"-05 55.34 16.9305 28.3210-$"-05 51.88 15.6873 26.39

10-a-05 52.42 15.555 26.4810-J&n-05 55.08 16.4086 27.5610-J&'-05 57.76 17.5567 29.21

10-&(-05 62.7 18.7075 31.3310-)e$-05 66.32 19.7589 33.310-Oct-05 69.57 20.3684 34.4910-Nov-05 69.18 19.8356 33.9610-Dec-05 77.58 21.9947 37.8110-Jan-06 81.04 22.7803 39.6210-Fe-06 85.53 23.9791 42.5

10-a"-06 92.12 25.2038 46.1610-$"-06 98.54 27.5241 49.710-a-06 104.44 29.7034 53.3910-J&n-06 78.38 22.0342 39.2310-J&'-06 86.61 24.9582 43.97

10-&(-06 90.56 25.8989 45.9110-)e$-06 95.73 26.7777 47.5710-Oct-06 101.29 28.3649 50.7110-Nov-06 106.96 30.4434 54.4510-Dec-06 106.42 30.5344 55.15910-Jan-07 107.83 30.6354 55.51810-Fe-07 110.97 32.3432 58.32810-a"-07 101.74 29.7575 54.251

10-$"-07 105.72 30.6558 56.30810-a-07 111.18 32.3917 59.71110-J&n-07 115.96 33.0191 62.34110-J&'-07 122.98 35.1272 66.395

10-&(-07 123.5 34.5662 64.89110-)e$-07 128.82 35.9809 67.76410-Oct-07 147.301 43.3313 79.98310-Nov-07 153.153 44.7174 84.97410-Dec-07 164.396 47.2264 90.05810-Jan-08 168.422 48.7213 92.09810-Fe-08 139.742 38.4126 72.94810-a"-08 135.151 37.9457 71.896

10-$"-08 132.421 37.3209 71.12510-a-08 139.77 39.5114 75.62310-J&n-08 127.015 35.1042 69.6310-J&'-08 119.266 32.8769 65.237

10-&(-08 134.292 36.5101 71.09610-)e$-08 131.072 34.8034 68.48610-Oct-08 98.228 26.0375 54.97810-Nov-08 98.71 24.8596 53.77610-Dec-08 90.241 23.0289 50.08610-Jan-09 88.378 21.8356 49.94510-Fe-09 90.734 23.1261 51.66110-a"-09 80.226 20.6393 47.56710-$"-09 102.33 26.6014 57.161

10-a-09 110.933 36.5733 58.56710-J&n-09 147.638 31.5175 76.139


42/160

10-J&'-09 136.853 34.9309 69.7210-&(-09 149.572 37.939 75.84110-)e$-09 161.054 39.7682 81.30710-Oct-09 174.638 36.8542 86.812


43/160

/eliance ;rowth Fund - 9:uit591.9195.16

102.67108.94119.52

125.03121.26128.02134.42138.78159.17169.34173.23165.78180.55196.96206.27

220240.14259.84188.25198.76204.79217.79

240.8255.64253.48266.75270.74253.07

262.28275.34290.43317.25308.98321.28367.26396.23442.54463.56

364.5344.89

334.9357.03327.94

306.6112335.7294318.5668229.8445231.7706206.7918206.3527205.2696185.0774238.2719252.4979339.2709


44/160

307.2102343.0189

375.558392.462


45/160

*DF+ n& nvetent 1000Ine &n n& nvetent 1000D) n& nvetent 2000e'anec n& nvetent 1000$$e" o&n o" ont' nvetent 15,000

Nona' nvetent 7,500

$ecte et&"n 15%


46/160

HDFC #nde6 D+)B/ /eliance &verage

F"t 3 ea" 2.554% 2.004% 2.876% 1.602% )econ 3 ea" 1.280% 1.314% 1.639% 1.602% " 3 ea" 1.125% 1.266% 1.108% 1.602% &verage

outperfor*a

nce of V#)over +#)?C&;/@


47/160


Value #nvesting

$onth0 43.51 0 7,500 0.00 7,500 7,5001 45.11 3.677% 15,094 7,775.80 7,318 14,8182 48.256 6.974% 22,782 16,146.45 6,636 21,4543 49.45 2.474% 30,567 23,346.16 7,221 28,6754 51.77 4.692% 38,449 32,001.25 6,448 35,1235 55.34 6.896% 46,430 41,100.66 5,329 40,4526 51.88 -6.252% 54,510 43,526.76 10,983 51,4357 52.42 1.041% 62,692 55,077.13 7,614 59,0498 55.08 5.074% 70,975 65,872.33 5,102 64,1519 57.76 4.866% 79,362 74,427.69 4,934 69,085

10 62.7 8.553% 87,855 86,149.21 1,704 70,78911 66.32 5.774% 96,453 92,925.43 3,526 74,31512 69.57 4.900% 105,158 101,178.02 3,979 78,29413 69.18 -0.561% 113,973 104,567.52 9,404 87,69814 77.58 12.142% 122,898 127,810.22 1,000 88,69815 81.04 4.460% 131,934 134,555.04 1,000 89,69816 85.53 5.540% 141,083 143,065.43 1,000 90,69817 92.12 7.705% 150,346 155,165.53 1,000 91,69818 98.54 6.969% 159,726 167,048.97 1,000 92,69819 104.44 5.987% 169,222 178,110.76 1,000 93,69820 78.38 -24.952% 178,838 134,418.82 15,000 108,69821 86.61 10.500% 188,573 165,107.99 15,000 123,698

22 90.56 4.561% 198,430 188,322.12 10,106 133,80423 95.73 5.709% 208,411 209,756.23 1,000 134,80424 101.29 5.808% 218,516 222,996.96 1,000 135,80425 106.96 5.598% 228,747 236,535.83 1,000 136,80426 106.42 -0.505% 239,107 236,336.61 2,767 139,57127 107.83 1.325% 249,595 242,271.58 7,321 146,89228 110.97 2.912% 260,215 256,860.70 3,352 150,24429 101.74 -8.318% 270,968 238,569.34 15,000 165,24430 105.72 3.912% 281,855 263,488.80 15,000 180,24431 111.18 5.165% 292,878 292,871.59 1,000 181,24432 115.96 4.299% 304,039 306,506.12 1,000 182,24433 122.98 6.054% 315,340 326,121.96 1,000 183,244

34 123.5 0.423% 326,782 328,505.14 1,000 184,24435 128.82 4.308% 338,366 343,699.20 1,000 185,24436 147.301 14.346% 350,096 394,151.04 1,000 186,244

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


48/160


49/160

protocol with HDFC Top 200 fund between ct 200! and ct

+#) #nvesting

+#) &*ount172 172 7,500 7,500 172.37 172.37 7,500162 334 7,500 15,000 166.26 338.63 15,276138 472 7,500 22,500 155.42 494.05 23,841146 618 7,500 30,000 151.67 645.72 31,931125 742 7,500 37,500 144.87 790.59 40,92996 839 7,500 45,000 135.53 926.12 51,251

212 1,050 7,500 52,500 144.56 1070.68 55,547145 1,196 7,500 60,000 143.08 1213.76 63,62593 1,288 7,500 67,500 136.17 1349.92 74,35485 1,374 7,500 75,000 129.85 1479.77 85,47227 1,401 7,500 82,500 119.62 1599.39 100,28253 1,454 7,500 90,000 113.09 1712.48 113,57157 1,511 7,500 97,500 107.81 1820.28 126,637

136 1,647 7,500 105,000 108.41 1928.69 133,42713 1,660 7,500 112,500 96.67 2025.37 157,12812 1,672 7,500 120,000 92.55 2117.91 171,63612 1,684 7,500 127,500 87.69 2205.60 188,64511 1,695 7,500 135,000 81.42 2287.02 210,68010 1,705 7,500 142,500 76.11 2363.13 232,86310 1,715 7,500 150,000 71.81 2434.94 254,305

191 1,906 7,500 157,500 95.69 2530.63 198,351173 2,079 7,500 165,000 86.60 2617.22 226,678

112 2,191 7,500 172,500 82.82 2700.04 244,51610 2,201 7,500 180,000 78.35 2778.39 265,97510 2,211 7,500 187,500 74.04 2852.43 288,923

9 2,220 7,500 195,000 70.12 2922.55 312,59626 2,246 7,500 202,500 70.48 2993.03 318,51868 2,314 7,500 210,000 69.55 3062.58 330,23830 2,345 7,500 217,500 67.59 3130.17 347,355

147 2,492 7,500 225,000 73.72 3203.88 325,963142 2,634 7,500 232,500 70.94 3274.83 346,215

9 2,643 7,500 240,000 67.46 3342.28 371,5959 2,651 7,500 247,500 64.68 3406.96 395,0718 2,660 7,500 255,000 60.99 3467.95 426,488

8 2,668 7,500 262,500 60.73 3528.68 435,7928 2,675 7,500 270,000 58.22 3586.90 462,0647 2,682 7,500 277,500 50.92 3637.81 535,854

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


50/160


51/160

2003

Di.erence


1.8612% 1.8374% 0.0238% 0.2864%6.1921% 5.9597% 0.2323% 1.4022%6.5986% 6.4361% 0.1625% 0.6516%9.4703% 9.1438% 0.3265% 0.9828%

14.7772% 13.8918% 0.8854% 2.1380%5.9780% 5.8037% 0.1742% 0.3488%6.1680% 6.0419% 0.1261% 0.2163%

10.6364% 10.1537% 0.4827% 0.7249%14.8754% 13.9620% 0.9134% 1.2198%24.1057% 21.5534% 2.5523% 3.0705%29.7873% 26.1904% 3.5969% 3.9303%34.3104% 29.8840% 4.4265% 4.4265%29.9591% 27.0733% 2.8858% 2.6609%45.2234% 39.6693% 5.5540% 4.7421%51.1238% 43.0298% 8.0940% 6.4244%58.8408% 47.9570% 10.8838% 8.0565%70.3042% 56.0594% 14.2448% 9.8565%81.2865% 63.4125% 17.8740% 11.5866%91.1575% 69.5368% 21.6207% 13.1589%37.4623% 25.9369% 11.5254% 6.7639%45.6030% 37.3805% 8.2225% 4.6189%

48.2976% 41.7483% 6.5493% 3.5208%56.3427% 47.7639% 8.5788% 4.3878%64.9414% 54.0922% 10.8492% 5.2849%73.6322% 60.3057% 13.3265% 6.1889%71.3132% 57.2928% 14.0204% 6.2428%69.9157% 57.2563% 12.6595% 5.4406%73.1934% 59.7033% 13.4901% 5.5731%53.4515% 44.8725% 8.5789% 3.4645%54.5066% 48.9095% 5.5970% 2.2023%62.1414% 54.8313% 7.3101% 2.7687%68.7332% 59.6248% 9.1084% 3.3230%78.5171% 67.2503% 11.2669% 3.9586%

78.8417% 66.0158% 12.8259% 4.3511%86.0785% 71.1349% 14.9436% 4.8909%112.1685% 93.1004% 19.0681% 5.9901%

&verage1 340( 2.5543%

&nnualieddi.erence


52/160

&verage1 #DIV/0!


53/160


54/160


55/160

+#)


56/160


57/160


Value #nvesting

$onth0 69.57 0 7,500 0.00 7,500 7,5001 69.18 -0.561% 15,094 7,457.96 7,636 15,1362 77.58 12.142% 22,782 16,926.70 5,856 20,9923 81.04 4.460% 30,567 23,798.79 6,769 27,7614 85.53 5.540% 38,449 32,261.39 6,189 33,9505 92.12 7.705% 46,430 41,412.95 5,018 38,9686 98.54 6.969% 54,510 49,666.80 4,845 43,8137 104.44 5.987% 62,692 57,775.65 4,918 48,7318 78.38 -24.952% 70,975 47,050.25 15,000 63,7319 86.61 10.500% 79,362 68,565.61 10,799 74,530

10 90.56 4.561% 87,855 82,984.17 4,873 79,40311 95.73 5.709% 96,453 92,872.87 3,583 82,98612 101.29 5.808% 105,158 102,058.03 3,104 86,09013 106.96 5.598% 113,973 111,048.78 2,928 89,01814 106.42 -0.505% 122,898 113,401.35 9,500 98,51815 107.83 1.325% 131,934 124,529.72 7,408 105,92616 110.97 2.912% 141,083 135,779.73 5,307 111,23317 101.74 -8.318% 150,346 129,351.75 15,000 126,23318 105.72 3.912% 159,726 149,998.70 9,731 135,96419 111.18 5.165% 169,222 167,979.07 1,247 137,21120 115.96 4.299% 178,838 176,501.67 2,340 139,55121 122.98 6.054% 188,573 189,668.41 1,000 140,551

22 123.5 0.423% 198,430 191,474.62 6,960 147,51123 128.82 4.308% 208,411 206,982.57 1,433 148,94424 147.301 14.346% 218,516 238,315.65 1,000 149,94425 153.153 3.973% 228,747 248,823.22 1,000 150,94426 164.396 7.341% 239,107 268,162.81 1,000 151,94427 168.422 2.449% 249,595 275,754.51 1,000 152,94428 139.742 -17.029% 260,215 229,626.94 15,000 167,94429 135.151 -3.285% 270,968 236,590.11 15,000 182,94430 132.421 -2.020% 281,855 246,508.09 15,000 197,94431 139.77 5.550% 292,878 276,021.06 15,000 212,94432 127.015 -9.126% 304,039 264,463.34 15,000 227,94433 119.266 -6.101% 315,340 262,413.68 15,000 242,944

34 134.292 12.599% 326,782 312,364.28 14,422 257,36635 131.072 -2.398% 338,366 318,950.73 15,000 272,36636 98.228 -25.058% 350,096 250,269.41 15,000 287,366

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


58/160


59/160

protocol with HDFC Top 200 fund between ct 2007 and ct

+#) #nvesting

+#) &*ount108 108 7,500 7,500 107.81 107.81 7,500110 218 7,500 15,000 108.41 216.22 14,95875 294 7,500 22,500 96.67 312.90 24,27584 377 7,500 30,000 92.55 405.44 32,85772 450 7,500 37,500 87.69 493.13 42,17854 504 7,500 45,000 81.42 574.55 52,92749 553 7,500 52,500 76.11 650.66 64,11647 600 7,500 60,000 71.81 722.47 75,455

191 792 7,500 67,500 95.69 818.16 64,127125 917 7,500 75,000 86.60 904.75 78,36154 970 7,500 82,500 82.82 987.57 89,43437 1,008 7,500 90,000 78.35 1065.92 102,04031 1,038 7,500 97,500 74.04 1139.96 115,46727 1,066 7,500 105,000 70.12 1210.08 129,43089 1,155 7,500 112,500 70.48 1280.56 136,27769 1,224 7,500 120,000 69.55 1350.11 145,58248 1,272 7,500 127,500 67.59 1417.70 157,322

147 1,419 7,500 135,000 73.72 1491.41 151,73692 1,511 7,500 142,500 70.94 1562.36 165,17211 1,522 7,500 150,000 67.46 1629.81 181,20320 1,542 7,500 157,500 64.68 1694.49 196,493

8 1,551 7,500 165,000 60.99 1755.48 215,889

56 1,607 7,500 172,500 60.73 1816.21 224,30111 1,618 7,500 180,000 58.22 1874.43 241,464

7 1,625 7,500 187,500 50.92 1925.34 283,6057 1,631 7,500 195,000 48.97 1974.31 302,3726 1,637 7,500 202,500 45.62 2019.94 332,0696 1,643 7,500 210,000 44.53 2064.47 347,702

107 1,751 7,500 217,500 53.67 2118.14 295,993111 1,862 7,500 225,000 55.49 2173.63 293,768113 1,975 7,500 232,500 56.64 2230.27 295,334107 2,082 7,500 240,000 53.66 2283.93 319,225118 2,200 7,500 247,500 59.05 2342.98 297,593126 2,326 7,500 255,000 62.88 2405.86 286,937

107 2,434 7,500 262,500 55.85 2461.71 330,588114 2,548 7,500 270,000 57.22 2518.93 330,161153 2,701 7,500 277,500 76.35 2595.28 254,929

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


60/160


61/160

2004

Di.erence


-0.2778% -0.2780% 0.0003% 0.0030%8.5304% 7.8870% 0.6434% 3.9232%

10.1105% 9.5240% 0.5866% 2.3670%13.2559% 12.4737% 0.7822% 2.3651%19.1515% 17.6164% 1.5351% 3.7239%24.4192% 22.1257% 2.2936% 4.6397%28.6525% 25.7581% 2.8944% 5.0130%-2.6373% -4.9966% 2.3594% 3.5599%6.4868% 4.4810% 2.0058% 2.6833%

10.6472% 8.4055% 2.2417% 2.6961%16.2315% 13.3781% 2.8534% 3.1169%22.1536% 18.4274% 3.7262% 3.7262%28.0379% 23.2670% 4.7709% 4.3960%24.7501% 21.1350% 3.6151% 3.0908%24.5565% 21.3187% 3.2378% 2.5819%26.8389% 23.3897% 3.4493% 2.5759%14.3534% 12.3974% 1.9560% 1.3768%17.4794% 15.9104% 1.5690% 1.0433%23.3327% 20.8018% 2.5309% 1.5911%28.1551% 24.7576% 3.3974% 2.0248%35.6578% 30.8416% 4.8162% 2.7244%

34.5219% 30.0298% 4.4921% 2.4257%39.9288% 34.1465% 5.7823% 2.9763%59.6034% 51.2560% 8.3474% 4.0900%65.5072% 55.0626% 10.4446% 4.8840%77.1461% 63.9848% 13.1612% 5.8726%80.9515% 65.5722% 15.3794% 6.5645%45.6598% 36.0886% 9.5713% 3.9951%37.5230% 30.5637% 6.9593% 2.8231%32.1122% 27.0255% 5.0867% 2.0044%36.6655% 33.0102% 3.6553% 1.3994%22.6018% 20.2396% 2.3621% 0.8793%14.1883% 12.5244% 1.6639% 0.6019%

26.9734% 25.9382% 1.0352% 0.3641%22.6110% 22.2819% 0.3291% 0.1127%-7.6894% -8.1336% 0.4442% 0.1479%

&verage1 844"( 1.2798%

&nnualieddi.erence


62/160

&verage1 #DIV/0!


63/160


64/160


65/160

+#)


66/160


67/160


Value #nvesting

$onth0 101.29 0 7,500 0.00 7,500 7,5001 106.96 5.598% 15,094 7,919.83 7,174 14,6742 106.42 -0.505% 22,782 15,017.63 7,765 22,4393 107.83 1.325% 30,567 23,084.49 7,483 29,9224 110.97 2.912% 38,449 31,457.61 6,992 36,9145 101.74 -8.318% 46,430 35,251.54 11,179 48,0936 105.72 3.912% 54,510 48,246.87 6,264 54,3577 111.18 5.165% 62,692 57,326.13 5,366 59,7238 115.96 4.299% 70,975 65,387.48 5,588 65,3119 122.98 6.054% 79,362 75,272.20 4,090 69,401

10 123.5 0.423% 87,855 79,697.77 8,156 77,55711 128.82 4.308% 96,453 91,638.24 4,814 82,37112 147.301 14.346% 105,158 110,289.64 1,000 83,37113 153.153 3.973% 113,973 115,710.97 1,000 84,37114 164.396 7.341% 122,898 125,278.75 1,000 85,37115 168.422 2.449% 131,934 129,371.27 2,562 87,93316 139.742 -17.029% 141,083 109,466.81 15,000 102,93317 135.151 -3.285% 150,346 120,377.65 15,000 117,93318 132.421 -2.020% 159,726 132,643.08 15,000 132,93319 139.77 5.550% 169,222 155,836.86 13,385 146,31820 127.015 -9.126% 178,838 153,779.17 15,000 161,31821 119.266 -6.101% 188,573 158,482.20 15,000 176,318

22 134.292 12.599% 198,430 195,338.75 3,091 179,40923 131.072 -2.398% 208,411 193,671.88 14,738 194,14724 98.228 -25.058% 218,516 156,186.57 15,000 209,14725 98.71 0.491% 228,747 172,026.57 15,000 224,14726 90.241 -8.580% 239,107 170,980.29 15,000 239,14727 88.378 -2.064% 249,595 182,140.78 15,000 254,14728 90.734 2.666% 260,215 202,396.21 15,000 269,14729 80.226 -11.581% 270,968 192,219.32 15,000 284,14730 102.33 27.552% 281,855 264,312.73 15,000 299,14731 110.933 8.407% 292,878 302,794.87 1,000 300,14732 147.638 33.088% 304,039 404,313.12 1,000 301,14733 136.853 -7.305% 315,340 375,704.88 1,000 302,147

34 149.572 9.294% 326,782 411,715.50 1,000 303,14735 161.054 7.677% 338,366 444,397.90 1,000 304,14736 174.638 8.434% 350,096 482,964.71 1,000 305,147

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


68/160


69/160

protocol with HDFC Top 200 fund between ct 200 and ct

+#) #nvesting

+#) &*ount74 74 7,500 7,500 74.04 74.04 7,50067 141 7,500 15,000 70.12 144.16 15,41973 214 7,500 22,500 70.48 214.64 22,84169 283 7,500 30,000 69.55 284.19 30,64463 346 7,500 37,500 67.59 351.77 39,036

110 456 7,500 45,000 73.72 425.49 43,29059 516 7,500 52,500 70.94 496.43 52,48348 564 7,500 60,000 67.46 563.89 62,69448 612 7,500 67,500 64.68 628.57 72,88933 645 7,500 75,000 60.99 689.56 84,80266 711 7,500 82,500 60.73 750.28 92,66037 749 7,500 90,000 58.22 808.51 104,152

7 755 7,500 97,500 50.92 859.42 126,5947 762 7,500 105,000 48.97 908.39 139,1236 768 7,500 112,500 45.62 954.01 156,836

15 783 7,500 120,000 44.53 998.54 168,177107 891 7,500 127,500 53.67 1052.21 147,039111 1,002 7,500 135,000 55.49 1107.71 149,708113 1,115 7,500 142,500 56.64 1164.35 154,18496 1,211 7,500 150,000 53.66 1218.01 170,241

118 1,329 7,500 157,500 59.05 1277.05 162,205126 1,455 7,500 165,000 62.88 1339.94 159,809

23 1,478 7,500 172,500 55.85 1395.79 187,443112 1,590 7,500 180,000 57.22 1453.01 190,449153 1,743 7,500 187,500 76.35 1529.36 150,226152 1,895 7,500 195,000 75.98 1605.34 158,463166 2,061 7,500 202,500 83.11 1688.45 152,367170 2,231 7,500 210,000 84.86 1773.31 156,722165 2,396 7,500 217,500 82.66 1855.97 168,400187 2,583 7,500 225,000 93.49 1949.46 156,397147 2,729 7,500 232,500 73.29 2022.75 206,988

9 2,738 7,500 240,000 67.61 2090.36 231,8907 2,745 7,500 247,500 50.80 2141.16 316,1167 2,753 7,500 255,000 54.80 2195.96 300,524

7 2,759 7,500 262,500 50.14 2246.11 335,9556 2,765 7,500 270,000 46.57 2292.67 369,2446 2,771 7,500 277,500 42.95 2335.62 407,888

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


70/160


71/160

200"

Di.erence


2.8611% 2.7955% 0.0656% 0.7903%1.5314% 1.5177% 0.0137% 0.0825%2.1572% 2.1470% 0.0102% 0.0408%4.1600% 4.0972% 0.0627% 0.1883%

-3.4568% -3.8009% 0.3442% 0.8280%0.2831% -0.0323% 0.3154% 0.6318%4.9715% 4.4893% 0.4822% 0.8281%8.6731% 7.9837% 0.6894% 1.0359%

14.3531% 13.0687% 1.2844% 1.7162%13.2764% 12.3153% 0.9611% 1.1544%17.0949% 15.7240% 1.3709% 1.4964%33.4872% 29.8396% 3.6476% 3.6476%38.3307% 32.4980% 5.8326% 5.3721%47.9176% 39.4098% 8.5079% 7.2495%50.0384% 40.1474% 9.8910% 7.8375%20.9202% 15.3244% 5.5958% 4.1682%14.7920% 10.8947% 3.8973% 2.7355%11.0658% 8.1992% 2.8666% 1.9021%15.6535% 13.4937% 2.1597% 1.3587%4.6251% 2.9873% 1.6379% 0.9795%

-1.6083% -3.1460% 1.5377% 0.8758%

10.6019% 8.6626% 1.9393% 1.0532%7.3464% 5.8047% 1.5417% 0.8014%

-18.1501% -19.8795% 1.7294% 0.8610%-16.5608% -18.7369% 2.1761% 1.0387%-22.2318% -24.7568% 2.5250% 1.1576%-22.4304% -25.3705% 2.9401% 1.2962%-19.2277% -22.5748% 3.3471% 1.4210%-27.0732% -30.4901% 3.4169% 1.4000%

-6.6303% -10.9729% 4.3426% 1.7149%1.2154% -3.3792% 4.5946% 1.7541%

34.5898% 27.7238% 6.8660% 2.5215%24.6760% 17.8526% 6.8234% 2.4293%

36.1437% 27.9827% 8.1610% 2.8075%46.4417% 36.7572% 9.6845% 3.2201%58.6005% 46.9867% 11.6138% 3.7304%

&verage1 8!'2( 1.1248%

&nnualieddi.erence


72/160

&verage1 #DIV/0!


73/160


74/160


75/160

+#)


76/160


77/160

Back-testing Value investin

Value #nvesting

$onth0 14.1 0 7,500 0.00 7,500 7,5001 14.6324 3.776% 15,094 7,783.19 7,311 14,8112 15.3372 4.817% 22,782 15,821.23 6,962 21,7733 15.4879 0.983% 30,567 23,007.10 7,561 29,3344 16.1264 4.123% 38,449 31,828.29 6,622 35,9565 16.9305 4.986% 46,430 40,367.51 6,063 42,0196 15.6873 -7.343% 54,510 43,021.14 11,490 53,5097 15.555 -0.843% 62,692 54,051.41 8,641 62,1508 16.4086 5.488% 70,975 66,132.74 4,843 66,9939 17.5567 6.997% 79,362 75,941.87 3,421 70,414

10 18.7075 6.555% 87,855 84,564.92 3,290 73,70411 19.7589 5.620% 96,453 92,792.54 3,661 77,36512 20.3684 3.085% 105,158 99,428.83 5,730 83,09513 19.8356 -2.616% 113,973 102,408.07 11,565 94,66014 21.9947 10.885% 122,898 126,379.01 1,000 95,66015 22.7803 3.572% 131,934 131,928.69 1,000 96,66016 23.9791 5.262% 141,083 139,923.99 1,159 97,81917 25.2038 5.107% 150,346 148,288.61 2,058 99,87718 27.5241 9.206% 159,726 164,187.75 1,000 100,87719 29.7034 7.918% 169,222 178,266.96 1,000 101,87720 22.0342 -25.819% 178,838 132,981.55 15,000 116,87721 24.9582 13.270% 188,573 167,619.11 15,000 131,877

22 25.8989 3.769% 198,430 189,502.21 8,928 140,80523 26.7777 3.393% 208,411 205,163.34 3,247 144,05224 28.3649 5.927% 218,516 220,763.48 1,000 145,05225 30.4434 7.328% 228,747 238,013.69 1,000 146,05226 30.5344 0.299% 239,107 239,728.14 1,000 147,05227 30.6354 0.331% 249,595 241,524.40 8,071 155,12328 32.3432 5.575% 260,215 263,509.34 1,000 156,12329 29.7575 -7.995% 270,968 243,362.96 15,000 171,12330 30.6558 3.019% 281,855 266,162.25 15,000 186,12331 32.3917 5.663% 292,878 297,083.20 1,000 187,12332 33.0191 1.937% 304,039 303,856.82 1,000 188,12333 35.1272 6.384% 315,340 324,320.36 1,000 189,123

34 34.5662 -1.597% 326,782 320,124.83 6,657 195,78035 35.9809 4.093% 338,366 340,156.11 1,000 196,78036 43.3313 20.429% 350,096 410,849.58 1,000 197,780

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


78/160


79/160

g protocol with %ift5 #nde6 fund between ct 200! and ct 2

+#) #nvesting

+#) &*ount532 532 7,500 7,500 531.91 531.91 7,500500 1,032 7,500 15,000 512.56 1044.47 15,283454 1,486 7,500 22,500 489.01 1533.48 23,519488 1,974 7,500 30,000 484.25 2017.73 31,250411 2,384 7,500 37,500 465.08 2482.80 40,039358 2,743 7,500 45,000 442.99 2925.79 49,535732 3,475 7,500 52,500 478.09 3403.88 53,398556 4,030 7,500 60,000 482.16 3886.04 60,447295 4,326 7,500 67,500 457.08 4343.12 71,265195 4,520 7,500 75,000 427.19 4770.31 83,751176 4,696 7,500 82,500 400.91 5171.22 96,741185 4,882 7,500 90,000 379.58 5550.79 109,678281 5,163 7,500 97,500 368.22 5919.01 120,561583 5,746 7,500 105,000 378.11 6297.12 124,90745 5,791 7,500 112,500 340.99 6638.11 146,00344 5,835 7,500 120,000 329.23 6967.34 158,71848 5,884 7,500 127,500 312.77 7280.11 174,57182 5,965 7,500 135,000 297.57 7577.69 190,98736 6,002 7,500 142,500 272.49 7850.18 216,06934 6,035 7,500 150,000 252.50 8102.67 240,677

681 6,716 7,500 157,500 340.38 8443.05 186,036601 7,317 7,500 165,000 300.50 8743.56 218,223

345 7,662 7,500 172,500 289.59 9033.14 233,948121 7,783 7,500 180,000 280.08 9313.23 249,38735 7,818 7,500 187,500 264.41 9577.64 271,66933 7,851 7,500 195,000 246.36 9824.00 299,07633 7,884 7,500 202,500 245.62 10069.62 307,470

263 8,147 7,500 210,000 244.81 10314.44 315,98731 8,178 7,500 217,500 231.89 10546.33 341,102

504 8,682 7,500 225,000 252.04 10798.36 321,332489 9,172 7,500 232,500 244.65 11043.01 338,53231 9,203 7,500 240,000 231.54 11274.56 365,20230 9,233 7,500 247,500 227.14 11501.70 379,77628 9,261 7,500 255,000 213.51 11715.21 411,522

193 9,454 7,500 262,500 216.97 11932.18 412,45028 9,482 7,500 270,000 208.44 12140.62 436,83123 9,505 7,500 277,500 173.09 12313.71 533,569

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


80/160


81/160

003

Di.erence


1.9120% 1.8875% 0.0246% 0.2952%4.6399% 4.5301% 0.1098% 0.6606%4.2071% 4.1679% 0.0392% 0.1569%6.9371% 6.7698% 0.1673% 0.5026%

10.4988% 10.0780% 0.4209% 1.0130%1.8728% 1.7100% 0.1628% 0.3259%0.8727% 0.7457% 0.1270% 0.2179%5.9450% 5.5771% 0.3679% 0.5523%

12.7089% 11.6679% 1.0411% 1.3905%19.1997% 17.2613% 1.9384% 2.3305%24.6734% 21.8640% 2.8094% 3.0687%26.5525% 23.6521% 2.9004% 2.9004%20.4026% 18.9592% 1.4434% 1.3316%33.1581% 29.7807% 3.3774% 2.8880%37.5219% 32.2651% 5.2568% 4.1838%44.2286% 36.9181% 7.3105% 5.4342%50.5318% 41.4715% 9.0602% 6.3134%63.7516% 51.6274% 12.1242% 7.9277%75.9641% 60.4513% 15.5128% 9.5358%26.6131% 18.1181% 8.4950% 5.0137%38.4768% 32.2566% 6.2202% 3.5084%

40.9255% 35.6223% 5.3032% 2.8587%44.6772% 38.5482% 6.1289% 3.1522%52.8855% 44.8900% 7.9955% 3.9209%63.6497% 53.3723% 10.2775% 4.8078%63.7027% 51.8370% 11.8658% 5.3115%60.9016% 50.4700% 10.4317% 4.5088%69.4237% 56.8285% 12.5952% 5.2156%50.9808% 42.8143% 8.1665% 3.3017%51.0626% 45.6053% 5.4573% 2.1482%59.2980% 52.1675% 7.1305% 2.7021%62.0519% 53.4447% 8.6071% 3.1447%72.0152% 61.3813% 10.6339% 3.7431%

66.9128% 57.1239% 9.7889% 3.3510%73.3693% 61.7891% 11.5802% 3.8283%108.2362% 92.2771% 15.9591% 5.0594%

&verage1 '8!( 2.0042%

&nnualieddi.erence


82/160

&verage1 #DIV/0!


83/160


84/160


85/160

+#)


86/160


87/160


Value #nvesting

$onth0 20.3684 0 7,500 0.00 7,500 7,5001 19.8356 -2.616% 15,094 7,303.81 7,790 15,2902 21.9947 10.885% 22,782 16,736.77 6,046 21,3363 22.7803 3.572% 30,567 23,596.52 6,971 28,3074 23.9791 5.262% 38,449 32,176.12 6,274 34,5815 25.2038 5.107% 46,430 40,413.91 6,017 40,5986 27.5241 9.206% 54,510 50,705.40 3,806 44,4047 29.7034 7.918% 62,692 58,827.50 3,865 48,2698 22.0342 -25.819% 70,975 46,505.76 15,000 63,2699 24.9582 13.270% 79,362 69,667.74 9,695 72,964

10 25.8989 3.769% 87,855 82,354.01 5,501 78,46511 26.7777 3.393% 96,453 90,836.10 5,617 84,08212 28.3649 5.927% 105,158 102,170.18 2,989 87,07113 30.4434 7.328% 113,973 112,864.95 1,109 88,18014 30.5344 0.299% 122,898 114,314.64 8,584 96,76415 30.6354 0.331% 131,934 123,305.15 8,630 105,39416 32.3432 5.575% 141,083 139,290.01 1,794 107,18817 29.7575 -7.995% 150,346 129,804.95 15,000 122,18818 30.6558 3.019% 159,726 149,176.22 10,551 132,73919 32.3917 5.663% 169,222 168,771.86 1,000 133,73920 33.0191 1.937% 178,838 173,060.19 5,779 139,51821 35.1272 6.384% 188,573 190,257.16 1,000 140,518

22 34.5662 -1.597% 198,430 188,202.68 10,229 150,74723 35.9809 4.093% 208,411 206,552.95 1,859 152,60624 43.3313 20.429% 218,516 250,987.62 1,000 153,60625 44.7174 3.199% 228,747 260,048.31 1,000 154,60626 47.2264 5.611% 239,107 275,695.19 1,000 155,60627 48.7213 3.165% 249,595 285,453.67 1,000 156,60628 38.4126 -21.159% 260,215 225,844.35 15,000 171,60629 37.9457 -1.215% 270,968 237,916.92 15,000 186,60630 37.3209 -1.647% 281,855 248,752.48 15,000 201,60631 39.5114 5.869% 292,878 279,233.08 13,647 215,25332 35.1042 -11.154% 304,039 260,211.50 15,000 230,25333 32.8769 -6.345% 315,340 257,749.82 15,000 245,253

34 36.5101 11.051% 326,782 302,891.18 15,000 260,25335 34.8034 -4.675% 338,366 303,031.05 15,000 275,25336 26.0375 -25.187% 350,096 237,928.86 15,000 290,253

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


88/160


89/160

g protocol with %ift5 #nde6 fund between ct 2007 and ct 2

+#) #nvesting

+#) &*ount368 368 7,500 7,500 368.22 368.22 7,500393 761 7,500 15,000 378.11 746.33 14,804275 1,036 7,500 22,500 340.99 1087.32 23,915306 1,342 7,500 30,000 329.23 1416.55 32,269262 1,603 7,500 37,500 312.77 1729.32 41,468239 1,842 7,500 45,000 297.57 2026.90 51,086138 1,980 7,500 52,500 272.49 2299.39 63,289130 2,110 7,500 60,000 252.50 2551.88 75,800681 2,791 7,500 67,500 340.38 2892.26 63,729388 3,180 7,500 75,000 300.50 3192.76 79,686212 3,392 7,500 82,500 289.59 3482.35 90,189210 3,602 7,500 90,000 280.08 3762.44 100,749105 3,707 7,500 97,500 264.41 4026.85 114,22136 3,744 7,500 105,000 246.36 4273.21 130,091

281 4,025 7,500 112,500 245.62 4518.83 137,980282 4,306 7,500 120,000 244.81 4763.65 145,93655 4,362 7,500 127,500 231.89 4995.53 161,572

504 4,866 7,500 135,000 252.04 5247.57 156,155344 5,210 7,500 142,500 244.65 5492.22 168,36831 5,241 7,500 150,000 231.54 5723.76 185,402

175 5,416 7,500 157,500 227.14 5950.91 196,49428 5,444 7,500 165,000 213.51 6164.41 216,539

296 5,740 7,500 172,500 216.97 6381.39 220,58052 5,792 7,500 180,000 208.44 6589.83 237,10823 5,815 7,500 187,500 173.09 6762.92 293,04622 5,838 7,500 195,000 167.72 6930.64 309,92021 5,859 7,500 202,500 158.81 7089.45 334,80921 5,879 7,500 210,000 153.94 7243.38 352,907

390 6,270 7,500 217,500 195.25 7438.63 285,737395 6,665 7,500 225,000 197.65 7636.28 289,764402 7,067 7,500 232,500 200.96 7837.24 292,493345 7,412 7,500 240,000 189.82 8027.06 317,160427 7,840 7,500 247,500 213.65 8240.71 289,284456 8,296 7,500 255,000 228.12 8468.84 278,429

411 8,707 7,500 262,500 205.42 8674.26 316,698431 9,138 7,500 270,000 215.50 8889.75 309,394576 9,714 7,500 277,500 288.05 9177.80 238,967

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


90/160


91/160

004

Di.erence


-1.2831% -1.3076% 0.0245% 0.2940%6.7809% 6.2901% 0.4908% 2.9814%7.9857% 7.5649% 0.4209% 1.6941%

11.1886% 10.5803% 0.6082% 1.8358%14.3675% 13.5234% 0.8441% 2.0378%22.7624% 20.5496% 2.2128% 4.4745%29.8815% 26.3326% 3.5489% 6.1606%-2.7869% -5.5871% 2.8002% 4.2296%8.7697% 6.2476% 2.5222% 3.3770%

11.9671% 9.3201% 2.6470% 3.1848%14.7131% 11.9438% 2.7694% 3.0249%20.7741% 17.1499% 3.6242% 3.6242%29.2515% 23.8961% 5.3553% 4.9334%27.0086% 22.6487% 4.3599% 3.7256%25.1828% 21.6135% 3.5693% 2.8454%31.6229% 26.7228% 4.9002% 3.6531%18.5100% 15.6701% 2.8399% 1.9964%20.3318% 18.1533% 2.1785% 1.4471%26.9427% 23.6016% 3.3410% 2.0973%28.1836% 24.7578% 3.4258% 2.0416%36.1087% 31.2355% 4.8731% 2.7562%

31.6323% 27.8727% 3.7596% 2.0335%36.5686% 31.7267% 4.8419% 2.4976%64.0480% 56.2912% 7.7568% 3.8060%68.8475% 58.9334% 9.9141% 4.6419%77.8178% 65.3378% 12.4800% 5.5779%82.9136% 68.0510% 14.8626% 6.3521%40.3473% 31.3734% 8.9738% 3.7517%35.5353% 28.7841% 6.7512% 2.7402%30.8257% 25.8034% 5.0223% 1.9794%36.0632% 32.1502% 3.9130% 1.4969%19.5257% 16.8823% 2.6434% 0.9832%11.2116% 9.1879% 2.0237% 0.7312%

22.1470% 20.6469% 1.5001% 0.5269%15.5414% 14.5903% 0.9511% 0.3251%-12.8592% -13.8858% 1.0266% 0.3410%

&verage1 8""!( 1.3139%

&nnualieddi.erence


92/160

&verage1 #DIV/0!


93/160


94/160


95/160

+#)


96/160


97/160


Value #nvesting

$onth0 28.3649 0 7,500 0.00 7,500 7,5001 30.4434 7.328% 15,094 8,049.58 7,044 14,5442 30.5344 0.299% 22,782 15,138.70 7,644 22,1883 30.6354 0.331% 30,567 22,858.06 7,709 29,8974 32.3432 5.575% 38,449 32,271.05 6,178 36,0755 29.7575 -7.995% 46,430 35,375.21 11,054 47,1296 30.6558 3.019% 54,510 47,830.78 6,679 53,8087 32.3917 5.663% 62,692 57,596.43 5,095 58,9038 33.0191 1.937% 70,975 63,905.71 7,069 65,9729 35.1272 6.384% 79,362 75,506.08 3,856 69,828

10 34.5662 -1.597% 87,855 78,094.62 9,759 79,58711 35.9809 4.093% 96,453 91,449.23 5,003 84,59012 43.3313 20.429% 105,158 116,156.09 1,000 85,59013 44.7174 3.199% 113,973 120,903.73 1,000 86,59014 47.2264 5.611% 122,898 128,743.49 1,000 87,59015 48.7213 3.165% 131,934 133,850.38 1,000 88,59016 38.4126 -21.159% 141,083 106,318.05 15,000 103,59017 37.9457 -1.215% 150,346 119,843.45 15,000 118,59018 37.3209 -1.647% 159,726 132,623.16 15,000 133,59019 39.5114 5.869% 169,222 156,287.71 12,934 146,52420 35.1042 -11.154% 178,838 150,346.30 15,000 161,52421 32.8769 -6.345% 188,573 154,855.36 15,000 176,524

22 36.5101 11.051% 198,430 188,625.94 9,804 186,32823 34.8034 -4.675% 208,411 189,154.14 15,000 201,32824 26.0375 -25.187% 218,516 152,734.03 15,000 216,32825 24.8596 -4.524% 228,747 160,145.98 15,000 231,32826 23.0289 -7.364% 239,107 162,247.95 15,000 246,32827 21.8356 -5.182% 249,595 168,063.41 15,000 261,32828 23.1261 5.910% 260,215 193,882.59 15,000 276,32829 20.6393 -10.753% 270,968 186,420.99 15,000 291,32830 26.6014 28.887% 281,855 259,605.72 15,000 306,32831 36.5733 37.486% 292,878 377,545.44 1,000 307,32832 31.5175 -13.824% 304,039 326,216.28 1,000 308,32833 34.9309 10.830% 315,340 362,654.37 1,000 309,328

34 37.939 8.612% 326,782 394,970.73 1,000 310,32835 39.7682 4.821% 338,366 415,062.16 1,000 311,32836 36.8542 -7.327% 350,096 385,575.36 1,000 312,328

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


98/160


99/160

g protocol with %ift5 #nde6 fund between ct 200 and ct 2

+#) #nvesting

+#) &*ount264 264 7,500 7,500 264.41 264.41 7,500231 495 7,500 15,000 246.36 510.77 15,550250 746 7,500 22,500 245.62 756.39 23,096252 997 7,500 30,000 244.81 1001.21 30,672191 1,188 7,500 37,500 231.89 1233.10 39,882371 1,560 7,500 45,000 252.04 1485.13 44,194218 1,778 7,500 52,500 244.65 1729.79 53,028157 1,935 7,500 60,000 231.54 1961.33 63,531214 2,149 7,500 67,500 227.14 2188.47 72,261110 2,259 7,500 75,000 213.51 2401.98 84,375282 2,541 7,500 82,500 216.97 2618.95 90,527139 2,680 7,500 90,000 208.44 2827.40 101,73223 2,703 7,500 97,500 173.09 3000.48 130,01522 2,726 7,500 105,000 167.72 3168.20 141,67421 2,747 7,500 112,500 158.81 3327.01 157,12321 2,767 7,500 120,000 153.94 3480.95 169,596

390 3,158 7,500 127,500 195.25 3676.20 141,212395 3,553 7,500 135,000 197.65 3873.85 146,996402 3,955 7,500 142,500 200.96 4074.81 152,075327 4,282 7,500 150,000 189.82 4264.63 168,501427 4,710 7,500 157,500 213.65 4478.27 157,206456 5,166 7,500 165,000 228.12 4706.40 154,732

269 5,435 7,500 172,500 205.42 4911.82 179,331431 5,866 7,500 180,000 215.50 5127.32 178,448576 6,442 7,500 187,500 288.05 5415.36 141,003603 7,045 7,500 195,000 301.69 5717.06 142,124651 7,696 7,500 202,500 325.68 6042.74 139,158687 8,383 7,500 210,000 343.48 6386.21 139,447649 9,032 7,500 217,500 324.31 6710.52 155,188727 9,759 7,500 225,000 363.38 7073.90 146,000564 10,323 7,500 232,500 281.94 7355.84 195,67627 10,350 7,500 240,000 205.07 7560.91 276,52832 10,382 7,500 247,500 237.96 7798.88 245,80129 10,410 7,500 255,000 214.71 8013.58 279,922

26 10,437 7,500 262,500 197.69 8211.27 311,52725 10,462 7,500 270,000 188.59 8399.86 334,04727 10,489 7,500 277,500 203.50 8603.37 317,070

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


100/160


101/160

00"

Di.erence


3.7787% 3.6636% 0.1151% 1.3904%2.6803% 2.6490% 0.0313% 0.1879%2.2412% 2.2414% -0.0002% -0.0007%6.5809% 6.3527% 0.2281% 0.6859%

-1.4848% -1.7914% 0.3066% 0.7374%1.3042% 1.0056% 0.2986% 0.5981%6.4316% 5.8845% 0.5472% 0.9398%7.5831% 7.0537% 0.5294% 0.7952%

13.6537% 12.4996% 1.1540% 1.5416%10.3869% 9.7300% 0.6569% 0.7888%14.0232% 13.0358% 0.9874% 1.0776%36.8806% 33.3485% 3.5321% 3.5321%40.7827% 34.9274% 5.8553% 5.3930%48.1259% 39.6647% 8.4613% 7.2100%52.2185% 41.3302% 10.8883% 8.6197%17.1137% 10.7547% 6.3590% 4.7323%13.7056% 8.8858% 4.8198% 3.3786%10.5047% 6.7196% 3.7850% 2.5077%15.4908% 12.3342% 3.1566% 1.9822%2.3664% -0.1865% 2.5529% 1.5240%

-3.7778% -6.2232% 2.4454% 1.3901%

6.4950% 3.9600% 2.5349% 1.3748%1.4038% -0.8622% 2.2659% 1.1759%

-22.4631% -24.7987% 2.3356% 1.1610%-24.2867% -27.1160% 2.8293% 1.3482%-28.0439% -31.2802% 3.2363% 1.4809%-29.9488% -33.5968% 3.6480% 1.6052%-24.4077% -28.6491% 4.2414% 1.7962%-30.8611% -35.1109% 4.2498% 1.7371%-10.3557% -15.8384% 5.4827% 2.1580%23.1731% 15.2198% 7.9533% 3.0067%6.1260% -0.6864% 6.8125% 2.5022%

17.5627% 9.7732% 7.7895% 2.7652%

27.5975% 18.6771% 8.9204% 3.0617%33.6411% 23.7213% 9.9198% 3.2959%23.7722% 14.2595% 9.5127% 3.0753%

&verage1 84!( 1.2658%

&nnualieddi.erence


102/160

&verage1 #DIV/0!


103/160


104/160


105/160

+#)


106/160


107/160


Value #nvesting

$onth0 23.13 0 7,500 0.00 7,500 7,5001 23.93 3.459% 15,094 7,759.40 7,334 14,8342 25.38 6.059% 22,782 16,007.96 6,774 21,6083 26.06 2.679% 30,567 23,392.36 7,174 28,7824 27.11 4.029% 38,449 31,797.92 6,650 35,4325 28.32 4.463% 46,430 40,163.97 6,265 41,6976 26.39 -6.815% 54,510 43,264.85 11,245 52,9427 26.48 0.341% 62,692 54,695.75 7,995 60,9378 27.56 4.079% 70,975 65,247.62 5,727 66,6649 29.21 5.987% 79,362 75,223.83 4,138 70,802

10 31.33 7.258% 87,855 85,121.74 2,732 73,53411 33.3 6.288% 96,453 93,377.90 3,074 76,60812 34.49 3.574% 105,158 99,898.68 5,259 81,86713 33.96 -1.537% 113,973 103,541.74 10,430 92,29714 37.81 11.337% 122,898 126,892.57 1,000 93,29715 39.62 4.787% 131,934 134,014.91 1,000 94,29716 42.5 7.269% 141,083 144,829.21 1,000 95,29717 46.16 8.612% 150,346 158,387.68 1,000 96,29718 49.7 7.669% 159,726 171,611.09 1,000 97,29719 53.39 7.425% 169,222 185,426.68 1,000 98,29720 39.23 -26.522% 178,838 136,982.93 15,000 113,29721 43.97 12.083% 188,573 170,346.41 15,000 128,297

22 45.91 4.412% 198,430 193,524.07 4,905 133,20223 47.57 3.616% 208,411 205,603.81 2,806 136,00824 50.71 6.601% 218,516 222,166.52 1,000 137,00825 54.45 7.375% 228,747 239,625.66 1,000 138,00826 55.159 1.302% 239,107 243,758.88 1,000 139,00827 55.518 0.651% 249,595 246,351.88 3,243 142,25128 58.328 5.061% 260,215 262,227.93 1,000 143,25129 54.251 -6.990% 270,968 244,828.87 15,000 158,25130 56.308 3.792% 281,855 269,680.63 12,174 170,42531 59.711 6.044% 292,878 298,888.65 1,000 171,42532 62.341 4.405% 304,039 313,097.39 1,000 172,42533 66.395 6.503% 315,340 334,522.96 1,000 173,425

34 64.891 -2.265% 326,782 327,922.59 1,000 174,42535 67.764 4.427% 338,366 343,485.39 1,000 175,42536 79.983 18.032% 350,096 406,601.96 1,000 176,425

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


108/160


109/160

protocol with D+)B/ 9:uit5 fund between ct 200! and ct

+#) #nvesting

+#) &*ount324 324 7,500 7,500 324.25 324.25 7,500306 630 7,500 15,000 313.41 637.66 15,259267 897 7,500 22,500 295.51 933.17 23,684275 1,173 7,500 30,000 287.80 1220.97 31,818245 1,418 7,500 37,500 276.65 1497.62 40,600221 1,639 7,500 45,000 264.83 1762.45 49,913426 2,065 7,500 52,500 284.20 2046.65 54,011302 2,367 7,500 60,000 283.23 2329.88 61,695208 2,575 7,500 67,500 272.13 2602.02 71,712142 2,717 7,500 75,000 256.76 2858.78 83,50587 2,804 7,500 82,500 239.39 3098.16 97,06592 2,896 7,500 90,000 225.23 3323.39 110,669

152 3,049 7,500 97,500 217.45 3540.84 122,124307 3,356 7,500 105,000 220.85 3761.69 127,74726 3,382 7,500 112,500 198.36 3960.05 149,73025 3,407 7,500 120,000 189.30 4149.35 164,39724 3,431 7,500 127,500 176.47 4325.82 183,84722 3,453 7,500 135,000 162.48 4488.30 207,18020 3,473 7,500 142,500 150.91 4639.20 230,56819 3,492 7,500 150,000 140.48 4779.68 255,187

382 3,874 7,500 157,500 191.18 4970.86 195,007341 4,215 7,500 165,000 170.57 5141.43 226,069

107 4,322 7,500 172,500 163.36 5304.79 243,54359 4,381 7,500 180,000 157.66 5462.46 259,84920 4,401 7,500 187,500 147.90 5610.36 284,50118 4,419 7,500 195,000 137.74 5748.10 312,98418 4,437 7,500 202,500 135.97 5884.07 324,55958 4,495 7,500 210,000 135.09 6019.16 334,17217 4,513 7,500 217,500 128.58 6147.74 358,586

276 4,789 7,500 225,000 138.25 6285.99 341,021216 5,005 7,500 232,500 133.20 6419.19 361,45117 5,022 7,500 240,000 125.60 6544.79 390,79616 5,038 7,500 247,500 120.31 6665.10 415,50915 5,053 7,500 255,000 112.96 6778.06 450,029

15 5,069 7,500 262,500 115.58 6893.64 447,33515 5,083 7,500 270,000 110.68 7004.31 474,64013 5,096 7,500 277,500 93.77 7098.08 567,726

,nitsbought

Total no ofunits

Cu* +#)invest*ent

,nitsbought

Cu*ulative,nits

)ortfolioValue


110/160


111/160

2003

Di.erence


1.7487% 1.7287% 0.0200% 0.2406%5.4330% 5.2618% 0.1712% 1.0314%6.1996% 6.0616% 0.1380% 0.5531%8.5119% 8.2680% 0.2439% 0.7335%

11.3485% 10.9169% 0.4315% 1.0388%2.9614% 2.8783% 0.0832% 0.1665%2.8780% 2.8255% 0.0525% 0.0900%6.4662% 6.2393% 0.2269% 0.3405%

12.0898% 11.3398% 0.7500% 1.0012%19.4736% 17.6551% 1.8185% 2.1861%25.9032% 22.9654% 2.9378% 3.2091%28.4494% 25.2551% 3.1943% 3.1943%23.4837% 21.6639% 1.8198% 1.6787%37.0811% 33.0930% 3.9882% 3.4088%43.1805% 36.9977% 6.1828% 4.9164%53.0260% 44.1940% 8.8320% 6.5534%65.5168% 53.4666% 12.0502% 8.3626%77.4064% 61.8024% 15.6039% 10.1493%89.6565% 70.1248% 19.5318% 11.9275%34.1456% 23.8139% 10.3317% 6.0767%44.4667% 37.0114% 7.4553% 4.1944%

48.9685% 41.1844% 7.7841% 4.1735%53.2335% 44.3606% 8.8729% 4.5352%62.8858% 51.7340% 11.1518% 5.4285%74.3563% 60.5046% 13.8517% 6.4248%76.0754% 60.2762% 15.7992% 7.0046%75.4609% 59.1294% 16.3315% 6.9544%83.7529% 64.8669% 18.8860% 7.6958%64.1878% 51.5650% 12.6228% 5.0419%65.3834% 55.4630% 9.9204% 3.8559%74.9387% 62.8317% 12.1070% 4.5232%82.1646% 67.8823% 14.2823% 5.1337%93.4686% 76.4820% 16.9866% 5.8710%

88.5754% 70.4133% 18.1621% 6.0671%96.3719% 75.7927% 20.5792% 6.6264%131.0341% 104.5859% 26.4482% 8.1361%

&verage1 443"( 2.8762%

&nnualieddi.erence


112/160

&verage1 #DIV/0!


113/160


114/160


115/160

+#)


116/160


117/160


Value #nvesting

$onth0 34.49 0 7,500 0.00 7,500 7,5001 33.96 -1.537% 15,094 7,384.75 7,709 15,2092 37.81 11.337% 22,782 16,804.91 5,978 21,1873 39.62 4.787% 30,567 23,873.55 6,694 27,8814 42.5 7.269% 38,449 32,789.52 5,660 33,5415 46.16 8.612% 46,430 41,760.70 4,669 38,2106 49.7 7.669% 54,510 49,990.38 4,520 42,7307 53.39 7.425% 62,692 58,557.53 4,134 46,8648 39.23 -26.522% 70,975 46,064.60 15,000 61,8649 43.97 12.083% 79,362 68,442.78 10,920 72,784

10 45.91 4.412% 87,855 82,864.35 4,990 77,77411 47.57 3.616% 96,453 91,030.96 5,422 83,19612 50.71 6.601% 105,158 102,819.62 2,339 85,53513 54.45 7.375% 113,973 112,914.36 1,059 86,59414 55.159 1.302% 122,898 115,457.42 7,441 94,03515 55.518 0.651% 131,934 123,698.30 8,236 102,27116 58.328 5.061% 141,083 138,612.05 2,471 104,74217 54.251 -6.990% 150,346 131,221.65 15,000 119,74218 56.308 3.792% 159,726 151,765.84 7,960 127,70219 59.711 6.044% 169,222 169,378.95 1,000 128,70220 62.341 4.405% 178,838 177,883.37 1,000 129,70221 66.395 6.503% 188,573 190,516.06 1,000 130,702

22 64.891 -2.265% 198,430 187,177.77 11,253 141,95523 67.764 4.427% 208,411 207,216.15 1,195 143,15024 79.983 18.032% 218,516 245,991.22 1,000 144,15025 84.974 6.240% 228,747 262,403.66 1,000 145,15026 90.058 5.983% 239,107 279,163.11 1,000 146,15027 92.098 2.265% 249,595 286,509.39 1,000 147,15028 72.948 -20.793% 260,215 227,727.36 15,000 162,15029 71.896 -1.442% 270,968 239,226.94 15,000 177,15030 71.125 -1.072% 281,855 251,500.65 15,000 192,15031 75.623 6.324% 292,878 283,354.36 9,525 201,67532 69.63 -7.925% 304,039 269,669.15 15,000 216,67533 65.237 -6.309% 315,340 266,709.19 15,000 231,675

34 71.096 8.981% 326,782 307,009.78 15,000 246,67535 68.486 -3.671% 338,366 310,188.50 15,000 261,67536 54.978 -19.724% 350,096 261,049.17 15,000 276,675

%&V on'0th

(appreciation

of %&V

Target)ortfolio

Value

&ctual)ortfolio

ValueV#)

&*ount

Totalinvesteda*ount


118/160


119/160

protocol with D+)B/ 9:uit5 fund between ct 2007 and ct

+#) #nvesting

+#) &*ount217 217 7,500 7,500 217.45 217.45 7,500227 444 7,500 15,000 220.85 438.30 14,885158 602 7,500 22,500 198.36 636.66 24,072169 771 7,500 30,000 189.30 825.96 32,724133 904 7,500 37,500 176.47 1002.43 42,603101 1,005 7,500 45,000 162.48 1164.91 53,77291 1,096 7,500 52,500 150.91 1315.81 65,39677 1,174 7,500 60,000 140.48 1456.29 77,751

382 1,556 7,500 67,500 191.18 1647.47 64,630248 1,804 7,500 75,000 170.57 1818.04 79,939109 1,913 7,500 82,500 163.36 1981.40 90,966114 2,027 7,500 90,000 157.66 2139.06 101,75546 2,073 7,500 97,500 147.90 2286.96 115,97219 2,093 7,500 105,000 137.74 2424.70 132,025

135 2,228 7,500 112,500 135.97 2560.67 141,244148 2,376 7,500 120,000 135.09 2695.77 149,66442 2,418 7,500 127,500 128.58 2824.35 164,739

276 2,695 7,500 135,000 138.25 2962.60 160,724141 2,836 7,500 142,500 133.20 3095.79 174,31817 2,853 7,500 150,000 125.60 3221.40 192,35316 2,869 7,500 157,500 120.31 3341.70 208,32515 2,884 7,500 165,000 112.96 3454.66 229,372

173 3,057 7,500 172,500 115.58 3570.24 231,67718 3,075 7,500 180,000 110.68 3680.92 249,43413 3,088 7,500 187,500 93.77 3774.69 301,91112 3,099 7,500 195,000 88.26 3862.95 328,25011 3,110 7,500 202,500 83.28 3946.23 355,39011 3,121 7,500 210,000 81.43 4027.67 370,940

206 3,327 7,500 217,500 102.81 4130.48 301,310209 3,536 7,500 225,000 104.32 4234.80 304,465211 3,746 7,500 232,500 105.45 4340.24 308,700126 3,872 7,500 240,000 99.18 4439.42 335,722215 4,088 7,500 247,500

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