Monthly Update Sep 09, 2014

Since the last monetary policy, investors are in a perplex situation

observing macros closely for clear signals - particularly inflation and

fiscal deficit. While RBI has been partially successful in stabilizing short term

yields by infusing adequate liquidity, long term yields still continue to harden.

This has log jammed both capital expansion plans as well as long term

investment decisions.

In Jan’14 the RBI unveiled a new framework and shifted the anchor for

monetary policy to CPI inflation with explicit targets of 8% and 6% for 2015

& 2016 respectively. The new government have introduced several policies

so far (and more to come) to control inflation. Moreover, the process of

disinflation had started late last year with last 2 year’s relative fiscal discipline

and MSP rationalization likely playing a role. However, with the mandate of

the current government and the explicit framework of the RBI, the confidence

that future disinflation will be achieved is now much higher. On fiscal front

the environment is conducive in light of the reduced oil subsidy bill and lower

government borrowings. Further steps are being taken to lower the food

subsidy bill by restructuring the Food Corporation of India (FCI). What is the

most important to recognize in the current context is that interest rates still

continue to remain high inspite of the turnaround visible in these macro

factors. Interest rates still remain high because of RBI’s cautious approach

and more stringent thresholds on inflation than it has ever before in the past.

Put another way the RBI is encouraging savers to invest for income, and it will

ensure that fixed nominal return financial assets deliver positive real returns.

We believe that the current regime is providing a strong opportunity to earn

relatively more stable positive real yields in the years ahead. Undoubtedly the

actual returns would vary based on the actual path of future policy action.

However, given the stability and focus of the RBI’s framework and with

supportive policy actions from government, there is now a strong reason to go

long on Indian markets - both debt & equity. And the reason is not an early

expected rate cut but the fact that the RBI is bent on providing real,

sustainable, positive returns to long term bond holders.

Happy Investing !

2

Sep 09, 2014

Special Review

Arbitrage Fund - A Better Flavour In Current Scenario

What is arbitrage fund:

Why Invest InArbitrage Fund Now:

Rolling ReturnAnalysis:

Features:

Strategy Used:

Arbitrage funds are open-ended equity schemes that generateincome through arbitrage opportunities arising out ofmispricing across spot, futures and option market leading toprofits. Such funds could take positions in stocks in the cashmarket (say buy) and an opposite position (say sell) on the samestock in the derivative market or vice versa. Typically volatilemarkets offer more arbitrage opportunities between the cashand derivative market. In the event of no adequate arbitrageopportunities, funds have the option to increase its exposure todebt and money market instruments.

• Invest predominantly in Equity, Equity related instrumentsand Equity derivatives.

• The returns from the portfolio will not be exposed to marketvolatility as all positions will be hedged by using derivativesof the same underlying.

• The fund effectively finances the open positions in themarket generating debt like returns.

• Potential returns are higher than comparable investmentavenues with lowest risk profile.

• Enter into both cash and future segment simultaneously onlong and short side. For example, one can go long in cash andshort in future and vice versa.

• Equity position is completely hedged from the veryinception.

• Towards the expiry of the derivatives contract, the positionsare reversed or rolled over (if arbitrage is available for nextmonth)

• If no arbitrage opportunity is available, the fund has theoption to invest in money market instruments and/or fixedincome derivatives.

Arbitrage funds are looking attractive in the wake of thegovernment’s proposal in the Union Budget to raise taxes ondebt schemes and also extending the tenure from 12 months to36 months to avail long term capital gain (LTCG). Arbitragefunds which have been fetching returns similar to a liquid andshort term funds fall under the equity category for taxation. So,if an investor holds an equity scheme for more than a year, he isexempt from long term capital gain tax. Below a year, equityschemes attract 15% capital gains tax. The dividend option ofarbitrage funds is also lucrative as dividends are tax-free forequity funds.

If someone wants to park his/her money in liquid and short termfunds, he/she can consider investing in arbitrage fund. Thesefunds gives return like debt funds and also provide anopportunity to hedge against volatility in equity market.

Unlike other equity funds, arbitrage funds don’t take openpositions in cash markets which make them safer. The chart inthe above depicts the annualized return of arbitrage funds,liquid funds, Crisil liquid fund index and Crisil short term bondfund index. It is clearly depicted in the chart; the average returngenerated by the arbitrage funds is more than the average liquidfunds return, Crisil liquid fund index and Crisil short term bondfund index across all time frames.

The average rolling returns of arbitrage funds over majorperiods have outperformed liquid funds, Crisil liquid fundindex and Crisil short term bond fund index as shown in thegraph. Returns may vary depending upon the arbitrageopportunities. Return of arbitrage funds increases when thearbitrage opportunity widens. However, when there is noarbitrage opportunity, returns are like money marketinstruments.

The returns recorded by liquid & short term funds are more orless similar to those of arbitrage funds in absence of arbitrageopportunities. But the return potential for arbitrage funds is highwhen there is arbitrage opportunity. The liquidity condition isalso good for arbitrage funds as one can redeem any time afterthe lock-in-period, usually 3 to 6 months. It is tax efficient in thehands of investors. Thus arbitrage funds came in limelight as analternate option with low risk profile and better return profile.

3

Sep 09, 2014

Special Review

Retirement is simply a wow thing if someone is well prepared

beforehand. This is the time one can pursue his/her hobbies,

carry out the work they want to do, spend times with family and

can go for vacation to his/her dream destinations etc. This all can

be joyful if retirement planning is done in his/her early age. To

accumulate a huge sum of money, tenure of investment needs to

be long. The longer the duration of investment, better return can

be fetched because of the power of compounding.

The retirement corpus depends on three functions - Monthly

contribution to retirement corpus, period of investment and

tactical asset allocation considering the tenure of investment. If

someone follows these 3 functions, he/she will able to build the

desired retirement corpus. Let’s discuss some of the pre

retirement strategies which one should look at to create a

reasonable retirement corpus:

Based on the current expenses, one needs to figure out post

retirement income before his/her decision to retire. Everyone’s

goals and circumstances are unique, so is the demand for money

and thus it is very important to project post retirement sources of

income. Taking inflation and increasing cost of living into

account, one needs to be very careful to calculate whether the

post retirement income will be enough to meet all expenses. If

someone does not have enough savings to retire, then one need

to make some tough choices like - cut back planned retirement

spending or find a way to save more. In the current situation

lifespan of people is increased because of advanced medical

treatments. Thus, one need to be very careful while computing

his retirement corpus. If someone doesn’t want to work longer, it

is advisable to ramp up his/her savings from early years. The

other option is to postpone retirement by few years or by

choosing a second income after retirement.

Just by saving money for retirement will not suffice the purpose.

Proper asset allocation needs to be maintained based on risk

appetite and term to retirement. For a person whose age is above

50 and approaching towards retirement should have a higher

allocation in debt and money market instruments in contrast to a

person whose age is below 30 have major allocation in equity.

From the early age, mandatorily monthly contributions are to be

made to build a good retirement corpus.

As an asset class, equity can provide high returns. Despite of

some volatility, equity has the potential to deliver better return in

comparison to other asset class over a longer time horizon. So in

the early age, one should invest in equity to build his/her

retirement corpus. It is because when someone is investing for a

long term goal, one needs to put savings into assets that can

deliver higher than inflation returns. Else, inflation will eat into

the returns and won’t help in accumulating the desired corpus.

The advantage comes from the power of compounding because

the earlier one starts investing, the more time the money gets to

grow. Starting early even in small accounts would help to build a

sizable portfolio. The rule is to invest regularly and keep

reinvesting the returns so that the earnings also help in fetching

more returns.

There can be many circumstances where cash is needed

immediately. In such cases we break our retirement fund kitty

considering the long drawn objective and expecting to refill the

kitty later. However, it seldom happens in practical life. Thus, it

is recommended to keep 6 months expenses in emergency fund

so that it can be availed in any emergency. The emergency

corpus should be parked in liquid or short term instrument that

should be linked with an online platform so that when and where

there is a requirement, one can get the money without much

trouble. Secondly, one month’s expenses should be kept in

house to meet any uncertain incidents. Such emergency corpus

would help in meeting unprecedented expenses without

disturbing the retirement corpus.

It is very important to clear all existing debt before retirement.

This is because it creates an additional burden after retirement as

the source of income gets limited. If by chance, some portion of

the debt remains due, one needs to plan before how to repay it.

Money should be allocated separately to service that loan post

retirement.

Last but not the least, determining proper mix of investment

based on the desired return is most important. The mix can be

made up of one, two or even more types of instruments based on

preferences and income needs. Together these components can

work to help provide a regular stream of income as well as

capital appreciation, protection against inflation and market

volatility. More importantly, one need to make sure his/her day-

to-day expenses are covered and the income & assets will last

for 30 years or longer – retirement period.

Take decision to reinvent your job:

Protect your savings:

Invest in equity:

Emergency Fund:

Repay all your debt before retirement:

Pre - Retirement Strategies

4

Fixed Income Update Equities Update

Debt: Liquid 1M 3M 6M

Institutional Activity ( Aug 01- Aug 31 ) (Rs cr)

Fund Performance Fund Performance

Equity: Large & Mid Cap 3M 1Y 3Y

Forex / Call / Economic Indicators

Equity Purchase Sales Net InvDebt Purchase Sales Net Inv

Key Indices 28-Aug 31-Jul %Chg. I Yr Ret Key Indices 28 %Chg. I Yr Ret-Aug 31-Jul

Other -Aug 31-JulIndices 28 %Chg. I Yr Ret

Portfolio as on July 31, 2014 & Return as on 06th Sep 2014

NSE G Sec Composite Index 368.56 366.81 0.48 7.94%

NSE Treasury Bill Index 374.81 372.51 0.62 9.00%

09-Sep 09-Aug

Rupee/$ 60.26 61.11

Call Rate 8.25% 8.60%

Total Forex ($ bn) 318.64 319.99

Inflation 5.19% 5.43%

FIIs 37472.11 20768.20 16703.91

Mutual Funds 149787.70 77893.00 71894.70

BSE Sensex 26638.11 25894.97 2.87 43.07%

S&P CNX Nifty 7954.35 7721.30 3.02 45.37%

BSE IT Index 10085.87 9742.34 3.53 25.64%

BSE Healthcare 13356.87 12341.28 8.23 48.98%

BSE FMCG Index 7401.78 7169.75 3.24 16.70%

BSE PSU Index 8096.29 8012.05 1.05 62.26%

BSE Bankex 18003.68 17485.61 2.96 74.72%

FIIs 74009.16 68579.40 5429.76

Mutual Funds 17876.50 10918.90 6957.60

Birla Sun Life Frontline Equity 10.73 56.64 21.81

Birla Sun Life Top 100 Fund 10.22 61.26 22.22

ICICI Pru Focused Bluechip 11.90 51.68 20.66

SBI Magnum Bluechip 15.03 60.09 22.58

UTI Opportunities 12.32 50.61 19.02

Debt: Ultra Short Term 1M 3M 6M Equity : Mid & Small Cap 3M 1Y 3Y

Birla Sun Life Savings Fund 9.01 8.34 9.70

DWS Ultra Short Term Fund 8.90 9.00 9.56

Franklin India Ultra Short Bond Fund 8.85 8.36 9.46

ICICI Pru Flexible Income Plan 8.84 8.46 9.62

IDFC Ultra Short Term Fund 8.71 8.39 9.63

Birla SL Cash Plus 8.49 8.57 9.20

Franklin India TMA - Reg 7.93 7.95 8.64

LIC Nomura MF Liquid Fund 8.42 8.51 8.90

Reliance Liquid Treasury 8.52 8.60 9.06

SBI Premier Liquid Fund 8.51 8.57 8.98

Franklin India Prima 16.63 87.34 27.34

HDFC Mid-Cap Opportunities 16.62 95.35 25.87

ICICI Pru Value Discovery Fund 17.76 97.47 30.26

IDFC Premier Equity Regular 15.48 73.63 22.42

Reliance Equity Opportunities 12.14 69.71 23.45

Debt: Short Term 1M 3M 6M Equity: Tax Planning 3M 1Y 3Y

Birla SL Short Term Opportunity 9.11 7.15 10.83

Franklin India Low Duration 9.85 9.20 10.25

HDFC Short Term Opportunity 9.30 7.89 10.48

IDFC-SSIF- Short Term 8.37 6.94 9.91

SBI Short Term Debt 9.17 6.45 10.12

Birla SL Tax Relief 96 14.71 62.93 20.11

HDFC LT Advantage 14.84 69.01 21.22

ICICI Pru Tax Plan 13.54 71.52 24.07

Reliance Tax Saver 15.83 103.97 27.40

SBI Magnum Tax Gain 15.24 68.18 22.25

Debt: Income/ Dynamic 1M 3M 6M Equity: Thematic 1M 3M 6M

Hybrid: Equity-oriented 1M 3M 6M

Hybrid: Debt-oriented 1M 3M 6M

Birla SL Dynamic Bond Ret 13.82 2.44 11.31

DWS Premier Plus Bond Fund 10.26 6.93 11.15

IDFC SSIF MTP 10.40 5.84 9.75

Reliance Dynamic Bond 11.81 2.28 11.42

UTI Dynamic Bond Fund 8.10 8.51 13.85

Debt: Accrual Funds 1M 3M 6M

Birla SL Medium Term 9.02 7.74 11.59

Franklin India Corp Bond Opportunities 9.45 7.59 11.91

Franklin India Income Opportunities 9.41 7.91 11.26

ICICI Pru Regular Savings Fund 10.13 7.63 11.04

Reliance Regular Savings Fund - DEBT 9.40 8.19 11.27

Debt: Gilt 1M 3M 6M

HDFC Gilt Fund - L T P 17.15 2.05 13.66

IDFC GSF Investment Regular 16.89 2.11 10.15

Kotak Gilt - Investment Plan 15.61 2.48 15.29

Reliance G Sec Fund 17.08 3.94 13.93

SBI Magnum Gilt LTP 18.93 7.06 15.39

Birla SL MNC Fund 20.89 68.52 25.02

ICICI Pru Banking & Finance 8.14 83.13 25.53

ICICI Pru FMCG 9.16 25.88 20.43

Reliance Banking Fund 5.07 85.29 19.49

SBI Magnum Pharma 32.46 60.87 32.92

HDFC Prudence Fund 76.81 28.51 83.15

ICICI Pru Balanced Advantage 65.90 33.58 59.60

SBI Magnum Balanced 76.76 44.98 61.91

TATA Balanced Fund Plan A 73.21 40.47 65.67

UTI Balanced Fund 62.75 25.40 51.87

Birla Sun Life MIP II Savings 5 23.82 7.93 18.05

HDFC MIP Long-term 32.16 8.39 32.62

HSBC MIP Savings 26.42 5.53 17.97

ICICI Pru MIP 5 12.11 3.02 14.51

Reliance MIP 23.71 12.33 25.74

Sep 09, 2014

*CA : Compound Annualized

Simple Annualized

Simple Annualized

Absolute CA*

This Month in Debt :

5

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After trading in the positive territory since last few months, the Indian equity

market held their ground last month and closed in green. Both Nifty & Sensex

appreciated by 3.0% and 2.9% respectively in Aug’14. Amongst the major

global indices Dow, FTSE & Nasdaq appreciated while Kospi, Nikkei &

HangSeng ended in red.Amongst the domestic sectoral indices,Auto (11.2%),

Pharma (7.9%) & MNC (4.3%) led the rally while Media (-6.5%), Metal (-

6.5%) & Realty (-8.9%) shed the most.

GDP growth for Q1FY15 stood (10 quarter high) at 5.7%. Industry sector

expanded by 4.4% against a contraction of 0.2% in Q4FY14 & 0.1% in

Q1FY14. The manufacturing sector bloomed by 3.5% after 2 quarters of

consecutive contraction. Investment activity has gathered pace at government

level. All the broad segments in GDP reported positive growth in this quarter –

Agri (3.8%), Electricity (10.2%), Financial Services (10.4%), Mining (2.1%).

It is worth notable that these numbers came in light of an IIPgrowth of ~4% and

PMI index of ~51.4 in Q1FY15.

IIP growth stood @ 3.40% against expectations of ~5.8%. Comparatively

growth stood at 5.0% in May’14 and -1.85% in June’13. Mining,

manufacturing & electricity segment reported growth of 4.3%, 1.8% & 15.7%

respectively. Core sector grew by 7.2% in June’14 and manufacturing PMI

also moved up sharply from to 51.5 in June’2014 to 53.0 in July’14 - indicating

the recovery process to continue ahead.

Manufacturing PMI’s across major developed & emerging economies

continued to expand at their highest pace. However, Brazil still remains in

contraction zone (below 50) and Japan also slowed from 51.5 to 50.5 in

July’14. Brazil’s PMI reflects the slowdown in economy along with the

disruptions caused by FIFA World cup. Comparatively, sales in Japan were

impacted by the recent increase in sales tax.

Indian rupee depreciated by 0.38% against USD in Aug’14 from 60.85 to

60.47. Meanwhile the USD went up to 61.86 on 8th Aug’14 after president

Obama authorized an air strike over Iraq to protect American interest. Later on

the FOMC reduced their bond buying by USD 10 bn to USD 25 bn. 10 Yr US

treasury yield rose after the FOMC meeting. Yields closed on 20th Aug’14 at

2.43% against 2.40% in 19thAug’14.

India’s Forex Reserve stood at USD 318.58 bn in Aug’14 against USD 320.6

bn in Jul’14. Within the forex components, only gold reserves increased while

foreign currency, SDRs & IMF reserves declined on MoM basis. Gold reserves

increased from USD 20.6 bn to USD 21.2 bn. Overall money supply (M3) in

the economy also increased in Aug’14 from INR 97.7 bn to INR 99.2 bn.

Within M3 the currency with public declined (by 128 mn) and time deposits

increased (by 616 mn) identifying the flow of money from cash to fixed income

bearing term deposits. The uncertainty over the interest rate regime is calling

investors to lock money in guaranteed return instruments rather than equities

or debt mutual funds.

Going forward, we expect IIPgrowth to be robust on back of several factors i.e. a low

base affect, expanding PMI index, supportive export order growth and a stable

currency regime. OECD’s ‘CLI’(Complete lead indicator) for India shifted upwards

from 98.9 in May’14 to 99.2 in June’14 indicating better growth ahead.

Accordingly, our view is to stay bullish in equities and rebuild positions at

corrections of 5-7%. Investors may allocate funds in Large cap @ 45%, mid & small

cap @ 25%, arbitrage funds @ 20% and Sectoral Funds (Infrastructure & Banking)

@ ~10%.

Outlook & Strategy

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The benchmark 10 Yr Gilt moved up from ~8.70% in July’14 to ~8.75%

currently. Meanwhile, yields even touched ~8.52% but bounced back in the lastweek.Yields declined sharply after 14thAug when RBI declined the borrowingsforAug-Sep’14 by INR 10000.

The G-Sec yield curve shifted upwards on MoM basis. Yields on <10 Yr

maturity gilts moved up by ~19 bps, between 10-15 yrs inclined by ~6 bps and>15 yr inclined by ~2 bps. The yield curve had shifted downwards in the 3rdweek of Aug but inclined again in last week resulting in an overall upward shiftin yield curve on MoM basis.

Liquidity in banking system eased further in Aug’14. Average daily LAF

borrowings declined from ~INR 230 bn to INR 180 bn in Aug’14. Total MSFborrowings reduced from INR 675 bn to INR 143 bn in the same period. Termrepo auctions also declined from INR 1875 bn (Jul’14) to INR 1549 bn(Aug’14).

With easing liquidity, CP/CD rates also declined in Aug’14. CD issuing range

also came down from ‘8.71-8.93’ to ‘8.70-8.88’. Similarly, CP issuing rangealso came down from ‘8.42-9.45’ to ‘8.47–9.15’. AAA bond spreads alsodeclined by ~18 bps except for >9Yr segment. Long maturity (>9 Yr)AAAbondspreads moved up by ~6 bps.

FII’s have invested INR 221.3 bn in Aug against INR 226 bn in July’14.

Amongst the DII’s, Mutual funds invested INR 660.6 bn inAug against 187.8 bnin July’14. Furthermore, the QFI debt utilization status (Govt + Corporate)improved from 55.2% in July’14 to 60.4% in Aug’14 with government debtutilization reaching ~98.4%. Markets are expecting a hike the FII debt ceiling.

While liquidity enhancement measures has been able to bring down short term

interest rates, long term yields still continue to harden. Accordingly, creditgrowth also remains subdued @ 11.6%. Banks are investing the availablesurplus in money market securities to protect their margins.

WPI inflation came in line with expectations at @ 5.19% in July’14 against

5.43% in June’13. Unlike CPI, WPI Inflation continued to stay low because ofthe prevailing high base regime of last year. We expect this base affect tocontinue until Nov’2014 - resulting into lower WPI readings ahead. Inflationamongst Primary articles, Fuel and Manufacturing group stood at 6.78%, 7.40%and 3.67% respectively.

In terms of contribution to inflation, Primary articles contribution increased

from ~27% to ~28% and manufacturing group’s contribution increased from~46% to ~49%. On the other hand, fuel group contribution continued to declinefor 3rd consecutive month from ~27% to ~23% between June - July’14

So far (till 20th Aug) monsoon has been 18% below LPA against 25% below

LPA in July’14. The progression of monsoon has been fairly widespread butmajor crop producing stated like M.P, U.P, Vidharba, & Marathwada receivingdeficient rainfalls.

Internationally, FOMC reduced its QE program by $10 bn to $25 bn and kept

interest rates unchanged.

Some major policy initiatives were brought under limelight in past month whichincluded restructuring the FCI, lowering food & oil subsidy bills, loweringgovernment borrowings, enhancing the FII debt limit and rejigging the planningcommission.All these measures raise a ray of hope in overhauling the Indian economyahead. Domestic macros continue to portray a mixed picture though slightly biased onthe positive side but not conclusive enough to take investment decision. We expect aseasonal tightening in interbank liquidity starting mid-September, on quarter-endcorporate tax payments and a couple of festivals in the first week of October. However,the long term view stays optimistic with expectations of an easy policy regime to beinitiated by the end of this fiscal. Accordingly, we recommend investing in Balancedfunds (~40%),Arbitrage Funds (~30%) & long term debt funds or NCD’s (~30%).

Outlook & Strategy

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NSE G Sec Composite IndexNSE Treasury Bill Index

Sep 09, 2014

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SENSEXS&P CNX Nifty

Returns Nifty Dow FTSE 100 Hang Seng Kospi Nasdaq Nikkei Sensex

TTM 45.4% 15.5% 6.3% 13.9% 7.4% 27.6% 15.2% 43.1%

Aug'14 3.0% 3.2% 1.3% -0.1% -0.4% 4.8% -1.3% 2.9%

6

Mutual Fund Performance Update

Equity: Large Cap

Equity: Large & Mid Cap

Equity: Multi Cap

as onJuly 2014

Software Oil Auto Banks Pharma FMCG Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others Corpus

Portfolio as on July 31, 2014 & Return as on 06th Sep 2014

Franklin India Bluechip Fund 16.19 0.62 5.16 28.23 7.18 1.62 41.01 5205.21 10.70 29.07 48.30 16.13

Birla Sun Life Index Fund - Growth 15.06 0.66 8.50 21.18 5.46 9.17 39.97 850.90 10.19 26.82 45.35 16.38

JP Morgan India Equity Fund 9.09 0.00 9.97 28.81 3.82 1.37 46.95 212.42 9.86 30.91 51.06 16.54

Pramerica Large Cap Equity Fund 17.43 1.28 6.19 22.40 6.71 3.08 42.92 57.82 6.73 19.68 36.25 11.69

Reliance Top 200 Fund - Growth 18.69 0.00 9.62 23.66 7.47 0.00 40.56 878.49 13.05 36.87 64.56 21.36

Religare Invesco AGILE Fund - Growth 27.82 0.00 17.78 0.00 0.00 0.00 54.40 34.04 9.14 6.44 27.37 13.57

SBI Magnum Equity Fund 15.75 0.00 13.66 30.51 6.95 5.20 27.92 1163.59 13.82 31.48 52.15 18.13

Tata Index Fund - Sensex Plan - Plan A 15.55 0.81 10.40 21.06 5.47 10.98 35.73 6.24 10.82 26.68 42.78 16.78

UTI Mastershare 15.27 0.00 7.28 19.46 8.95 3.53 45.51 2722.91 13.18 32.26 51.63 16.63

Birla Sun Life Advantage Fund 8.46 0.97 9.71 22.88 7.18 0.00 50.79 457.43 9.88 38.37 68.70 18.83

Birla Sun Life Frontline Equity Fund 11.40 0.00 8.82 23.97 5.49 5.56 44.76 6161.92 10.73 33.70 56.64 21.81

Birla Sun Life Top 100 Fund 11.39 0.76 6.63 23.92 6.56 3.78 46.96 667.79 10.22 35.16 61.26 22.22

DSP BlackRock Opportunities Fund 12.51 1.02 7.93 23.90 8.95 0.00 45.69 552.51 13.62 33.40 55.85 17.56

Franklin India Flexi Cap Fund 11.16 2.73 11.32 30.62 9.35 0.00 34.82 1945.65 12.75 38.09 69.01 21.08

Franklin India Opportunities Fund 11.46 0.00 8.75 33.96 8.30 0.00 37.52 309.34 16.28 41.00 68.48 18.21

HDFC Growth Fund 14.36 0.00 6.50 23.85 5.47 4.36 45.47 1144.03 11.61 37.49 59.69 16.37

HDFC Equity Fund 15.23 2.60 10.51 25.41 5.22 4.89 36.14 14993.98 12.20 44.91 81.01 20.79

HSBC India Opportunities Fund 12.90 2.07 8.37 24.97 2.29 4.57 44.84 233.76 12.61 37.34 72.67 20.65

ICICI Prudential Dynamic Fund - Regular 9.82 0.00 4.86 23.23 3.05 0.00 59.06 4840.34 10.29 29.93 54.91 21.55

ICICI Prudential Indo Asia Equity Fund 12.80 0.00 5.76 24.41 3.73 1.93 51.38 142.41 14.29 38.67 56.36 23.40

IDFC Classic Equity Plan B Fund 16.03 0.00 11.35 21.57 6.48 5.34 39.23 177.76 9.56 21.37 39.11 15.57

Kotak Classic Equity - Growth 12.36 3.17 8.48 22.37 8.51 6.35 38.76 114.56 8.70 26.40 45.10 19.64

L&T Indo Asia Fund 6.77 0.00 9.87 17.72 2.63 2.63 60.38 263.91 11.16 25.31 36.98 17.92

Mirae Asset India Opportunities Regular 12.34 1.65 11.49 22.32 9.31 4.36 38.53 590.68 14.84 36.38 67.11 23.02

Principal Large Cap Fund 8.99 0.74 8.52 27.44 3.98 5.83 44.50 302.92 10.56 31.89 56.34 18.60

Quantum Long Term Equity 8.38 4.84 12.97 3.32 0.00 0.00 70.49 323.01 11.08 32.70 57.27 21.39

Religare Invesco Equity Fund 21.23 0.00 12.53 13.97 7.49 0.00 44.78 43.91 11.69 23.44 39.80 17.85

Reliance NRI Equity 9.74 0.00 7.06 20.94 6.68 4.42 51.15 88.55 10.85 30.61 49.37 19.90

Reliance Focused Large Cap 9.08 0.00 12.10 26.22 12.27 0.00 40.34 1070.09 9.63 26.95 55.43 20.15

SBI Magnum Multicap Fund 12.26 0.00 6.51 18.93 8.39 4.31 49.60 399.83 15.52 38.22 64.90 20.63

Tata Equity Opportunities Fund - Plan A 16.85 0.00 12.08 21.33 6.35 2.70 40.69 481.60 13.75 32.62 53.32 20.09

Tata Retirement Savings Progressive A 18.06 0.00 7.15 18.36 2.72 7.43 46.28 60.75 13.46 33.83 51.01 0.00

UTI Contra Fund 10.29 2.03 7.46 24.65 4.33 9.22 42.03 137.15 0.00 0.00 0.00 0.00

UTI Dividend Yield Fund 16.05 0.00 4.03 25.35 0.82 6.52 47.23 3110.94 10.48 31.34 50.68 13.73

Birla Sun Life India Reforms Fund 0.00 3.86 0.00 28.73 0.00 0.00 67.42 50.05 7.08 51.35 84.56 10.53

BNP Paribas Dividend Yield 12.93 0.00 3.63 20.41 5.68 0.79 56.56 70.87 15.10 40.80 56.34 19.51

DSP BlackRock Focus 25 Fund 8.39 3.19 19.71 28.24 4.54 0.00 35.93 250.84 15.11 36.10 57.91 13.93

HDFC Core & Satellite Fund 14.57 0.00 8.30 22.48 5.94 2.01 46.71 277.31 12.19 50.53 85.52 15.96

ICICI Prudential Nifty Junior Index Fund 2.31 1.22 4.39 11.79 7.33 8.45 64.52 25.44 8.78 37.20 58.92 18.44

IDBI Nifty Junior Index 2.31 1.27 4.42 11.27 7.40 8.40 64.94 29.44 8.39 37.14 58.13 18.41

L&T India Value Fund 9.67 0.00 7.60 15.32 1.35 0.00 66.06 65.98 15.62 53.95 80.32 25.93

L&T India Special Situations Fund 13.43 0.00 8.37 20.59 5.52 1.79 50.29 715.10 11.07 36.42 60.74 21.90

PineBridge India Equity Standard Fund 11.12 4.50 16.97 12.69 6.57 0.00 48.15 137.38 18.18 39.09 59.17 17.26

Principal Dividend Yield Fund 10.41 0.96 14.91 20.33 1.97 7.35 44.07 117.60 10.98 36.25 59.97 16.06

Principal Growth Fund 8.54 0.00 8.71 20.87 6.85 0.00 55.03 512.61 14.55 38.36 64.35 17.48

Reliance Growth Fund 12.86 0.00 3.62 16.49 10.45 0.00 56.58 4846.44 9.26 40.13 65.50 18.32

Reliance Regular Savings Equity Option 10.00 0.98 7.48 19.33 7.78 0.00 54.43 2485.66 10.04 36.21 65.68 17.97

Religare Invesco Contra Fund 14.03 0.00 9.78 14.42 3.63 0.00 58.14 57.85 15.97 45.64 87.86 20.61

Tata Ethical Fund - Plan A 24.94 0.00 10.46 0.00 13.02 7.22 44.36 188.95 15.87 25.10 47.76 20.54

Tata Equity PE Fund - Plan A 16.49 0.00 9.97 20.79 2.42 0.00 50.34 460.82 12.78 46.48 83.15 20.55

Templeton India Equity Income Fund 7.55 0.00 2.16 11.60 2.06 0.00 76.62 1021.85 13.94 33.60 48.24 19.37

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Return(%)

Software Oil Auto Banks Pharma FMCG Corpus Absolute Compound Annualized

& Gas (Cr.) 3M 6M 1Y 3Y

Others

7

Mutual Fund Performance Update

Equity: Mid & Small Cap

Hybrid: Asset Allocation

as onJuly 2014

Equity: Infrastructure

Portfolio as on July 31, 2014 & Return as on 06th Sep 2014

Equity: Tax Planning

Axis Midcap Fund 7.25 3.78 9.94 13.81 6.61 0.00 58.60 562.75 14.70 53.51 92.08 28.00

BNP Paribas Midcap Fund 6.04 0.00 4.10 15.00 7.39 1.06 66.41 167.89 18.05 51.91 81.93 28.46

Canara Robeco Emerging Equities Reg 5.48 2.19 9.76 9.28 4.80 0.00 68.49 89.38 20.31 65.45 111.97 28.85

Franklin India Prima 7.67 2.10 8.77 16.45 5.30 0.00 59.72 1971.87 16.63 49.38 87.34 27.34

Franklin India Smaller Companies 6.27 0.00 8.67 12.23 4.58 0.00 68.24 974.33 22.46 60.87 112.95 33.63

HDFC Mid-Cap Opportunities Fund 7.29 0.00 5.79 15.73 12.22 0.88 58.10 6268.54 16.62 46.31 95.35 25.87

IDFC Premier Equity 3.10 1.86 8.35 2.40 0.00 2.36 81.93 5417.38 15.48 38.19 73.63 22.42

IDFC Sterling Equity Fund - Regular Plan 9.24 3.76 10.81 4.24 8.91 0.00 63.03 1573.07 14.60 40.54 65.36 19.93

JP Morgan India Mid and Small Cap Fund 3.42 0.00 12.55 13.64 3.26 0.00 67.13 185.22 12.61 51.69 89.14 25.81

Mirae Asset Emerging Bluechip Reg 6.61 3.18 10.54 14.66 11.13 0.85 53.03 417.58 17.71 46.02 98.14 29.20

Principal Emerging Bluechip Fund 5.48 3.76 12.39 16.18 11.06 0.00 51.13 336.80 17.09 46.91 91.86 28.35

Reliance Long Term Equity Fund 3.25 0.00 0.00 11.37 7.25 0.00 78.13 1438.07 16.37 56.79 96.76 24.25

Reliance Small Cap Fund 3.50 0.00 12.09 21.82 5.40 0.00 57.18 840.24 24.31 68.60 136.53 31.51

SBI Magnum Midcap Fund 4.09 1.73 6.40 6.40 10.59 3.62 67.16 550.46 17.07 37.15 97.37 27.51

Sundaram Select Midcap Fund - Regular Plan 2.15 3.03 12.86 11.93 4.65 1.63 63.76 2217.82 15.78 52.61 90.41 22.24

Sundaram S.M.I.L.E. Fund - Regular Plan 0.74 0.00 12.06 11.51 5.69 0.00 70.00 460.24 17.02 76.70 115.53 23.66

Birla Sun Life Tax Plan 9.09 0.00 14.57 16.73 8.00 4.34 47.26 158.49 14.51 34.19 61.57 19.63

Birla Sun Life Tax Relief 96 9.17 0.00 14.71 16.71 8.17 4.42 46.82 1647.23 14.71 34.83 62.93 20.11

BNP Paribas Long Term Equity Fund 13.82 0.00 4.01 21.26 5.07 0.67 55.17 241.28 16.67 40.72 60.16 22.66

BOI AXA Equity Fund - Reg 14.10 0.00 7.96 18.45 4.68 4.16 50.64 58.42 14.51 32.27 55.63 17.59

BOI AXA Tax Advantage Fund - Regular Plan 12.81 1.04 11.47 21.49 5.35 3.20 44.64 38.19 11.11 28.51 54.23 17.73

Canara Robeco Equity Tax Saver Reg 11.15 0.00 8.78 23.18 5.85 2.17 48.88 787.20 13.83 35.66 55.19 18.86

DSP BlackRock Tax Saver Fund 12.08 1.18 9.47 22.26 6.91 2.20 45.90 903.17 14.98 40.29 66.95 22.99

Franklin India Taxshield Fund 8.86 0.00 12.12 25.42 8.54 1.13 43.93 1292.19 15.02 36.10 61.89 20.51

HDFC Long Term Advantage Fund 12.51 0.00 13.59 17.86 4.21 4.62 47.22 1080.10 14.84 36.62 69.01 21.22

HDFC Taxsaver Fund 11.21 0.00 10.21 26.07 5.95 3.43 43.12 4458.66 12.82 45.78 78.98 20.02

HSBC Tax Saver Equity Fund 9.68 4.09 12.26 21.77 4.28 4.35 43.56 191.60 13.34 37.70 71.16 22.78

ICICI Prudential Tax Plan Reg 9.98 0.00 5.44 23.63 7.48 0.00 53.46 2090.36 13.54 43.46 71.52 24.07

IDFC Tax Advantage (ELSS) Reg 12.25 0.00 12.12 15.70 11.00 2.84 46.10 225.01 13.92 31.51 60.14 22.30

L&T Tax Advantage Fund 12.47 0.00 11.92 20.61 6.82 2.47 45.72 1392.33 11.67 34.33 53.98 17.43

Principal Personal Tax Saver Fund 9.00 0.74 8.50 27.39 3.99 5.83 44.55 363.86 10.66 31.96 56.36 18.37

Reliance Tax Saver Fund 5.28 0.00 19.34 7.39 5.43 0.00 62.56 2805.37 15.83 60.99 103.97 27.40

Religare Invesco Tax Plan 15.14 0.00 7.00 15.78 5.26 0.00 56.82 180.91 17.83 39.45 70.70 20.76

SBI Magnum Taxgain Scheme 15.24 3.27 9.43 18.94 8.23 1.72 43.17 4739.92 15.24 36.14 68.18 22.25

Sundaram Taxsaver 10.11 3.47 7.60 24.80 2.87 3.11 48.04 1171.17 12.13 33.93 54.31 17.67

Tata Tax Saving Fund 17.98 0.00 10.53 15.73 6.61 3.81 45.35 162.52 13.92 33.25 54.52 18.82

Taurus Tax Shield Fund 12.60 0.65 5.61 21.36 4.63 5.90 49.24 94.36 10.19 30.01 54.44 14.86

UTI Equity Tax Savings Fund 17.05 0.00 7.06 15.97 9.81 3.82 46.29 492.96 11.71 31.14 50.89 16.47

HDFC Infrastructure Fund 3.87 1.46 8.77 28.13 0.00 0.00 57.77 1566.79 11.39 66.99 121.54 14.63

ICICI Prudential Infrastructure Reg 0.00 1.90 0.00 18.48 0.00 0.00 79.62 1729.69 6.00 53.81 78.53 13.79

Tata Infrastructure Fund - Plan A 0.00 0.00 0.00 22.80 0.00 0.00 77.20 779.75 5.92 43.90 67.99 8.54

UTI Infrastructure Fund 0.00 0.00 0.00 23.34 0.00 0.00 76.66 1586.18 6.91 51.20 81.29 11.28

ING Asset Allocator Multi-Manager FoF Scheme 0.00 0.00 0.00 0.00 0.00 0.00 100.00 3.29 11.21 27.98 44.81 8.22

Franklin India Dynamic PE Ratio Fund of Funds 0.00 0.00 0.00 0.00 0.00 0.00 100.00 825.18 6.74 18.62 32.03 12.32

Pramerica Dynamic Asset Allocation Fund 0.00 0.00 0.00 0.00 0.00 0.00 100.00 32.27 3.25 12.57 21.91 9.45

Principal Smart Equity Fund - Growth 0.00 0.00 0.00 0.00 0.00 0.00 100.00 56.36 3.60 25.24 46.58 17.98

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Return(%)

Compound Annualized

8

Mutual Fund Performance Update

Hybrid: Equity-oriented

Debt: Income

Hybrid: Arbitrage

as onJuly 2014

Return(%)

Return(%)as on

July 2014

Software Oil Auto Banks Pharma FMCG Others

& Gas (Cr.) 3M 6M 1Y 3Y

Absolute Compound AnnualizedCorpus

AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*

AA- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus

Portfolio as on July 31, 2014 & Return as on 06th Sep 2014

Birla Sun Life 95 Fund 7.48 1.05 6.32 17.42 3.30 0.84 63.60 852.83 10.33 31.11 49.27 17.41

Canara Robeco Balance Reg 5.61 1.71 7.37 16.24 3.64 1.12 64.31 237.62 11.61 32.99 49.84 17.37

DSP BlackRock Balanced Fund 9.25 0.00 7.14 11.86 7.37 0.00 64.38 490.44 11.86 29.67 47.40 13.57

HDFC Balanced Fund 8.73 0.00 5.80 17.89 7.76 0.00 59.82 1896.73 12.40 32.50 64.12 19.59

HDFC Prudence Fund 9.49 1.49 7.94 20.51 3.30 2.59 54.68 6466.12 11.61 42.42 73.83 19.43

ICICI Prudential Balanced Reg 5.97 0.00 14.24 15.00 5.96 2.18 56.65 940.77 12.48 30.15 54.72 21.13

Reliance Regular Savings - Balanced 9.16 0.00 16.56 23.51 4.12 0.00 46.65 619.89 12.34 34.42 57.48 19.91

SBI Magnum Balanced Fund 1.81 0.00 12.73 12.55 4.37 4.22 64.31 766.13 14.01 31.13 53.18 21.61

Sundaram Balanced Fund - Regular Plan 13.73 1.73 5.34 30.81 5.49 3.76 39.13 34.09 6.36 19.80 30.78 11.92

Tata Balanced Fund - Plan A 10.78 0.00 8.85 15.46 4.07 1.74 59.10 817.63 12.26 31.89 53.50 20.80

UTI Balanced Fund 9.14 1.64 6.91 14.20 7.01 3.51 57.59 1139.09 7.73 25.36 44.50 15.49

Birla Sun Life Enhanced Arbitrage 0.00 1.30 2.80 33.90 9.92 1.71 50.36 99.78 1.35 4.53 8.07 8.03

HDFC Arbitrage Fund - Retail Plan 4.02 0.00 0.00 38.37 8.56 0.00 49.05 45.46 1.67 3.77 8.53 8.31

ICICI Prudential Blended Plan A Reg 0.34 0.41 2.54 37.84 9.97 0.56 48.35 771.89 2.19 4.47 9.44 9.43

ICICI Prudential Equity Arbitrage - Reg 1.35 0.16 2.19 37.30 9.97 0.78 48.25 792.71 2.20 4.40 9.44 9.36

IDFC Arbitrage Fund - Regular Plan 0.00 -0.01 -0.01 23.46 -0.05 0.00 76.60 1863.79 2.01 4.30 9.45 9.05

IDFC Arbitrage Plus Fund - Regular Plan 0.00 0.00 -0.05 4.50 -0.04 0.00 95.59 43.69 1.88 4.05 8.65 8.56

JM Arbitrage Advantage Fund 1.13 0.28 3.02 37.93 2.01 0.96 54.67 5668.78 2.04 4.37 9.47 9.07

Kotak Equity Arbitrage Fund 0.57 0.03 0.49 37.26 7.86 0.00 53.79 1610.27 2.06 4.58 9.92 9.12

Reliance Arbitrage Advantage Fund 2.11 0.26 2.47 18.80 8.52 0.00 67.84 345.58 1.77 3.96 7.96 9.23

Religare Invesco Arbitrage Fund 0.00 0.00 -0.02 16.16 -0.04 0.00 83.91 612.41 1.93 4.11 8.50 8.35

SBI Arbitrage Opportunities Fund 0.00 0.00 0.00 41.31 12.57 0.00 46.12 168.85 2.09 4.46 9.18 8.93

UTI SPrEAD Fund 4.71 0.00 6.75 28.04 6.04 0.00 54.47 20.56 1.63 4.08 8.86 8.27

Birla Sun Life Dynamic Bond - Retail 11.96 0.00 83.75 0.00 0.13 4.16 8710.39 0.00 1.05 14.88 13.82 2.44 11.31 10.27

Birla Sun Life Income Plus 9.41 0.00 81.51 5.86 0.00 3.22 3459.95 0.00 1.50 13.99 12.74 2.05 12.52 7.39

Birla Sun Life Medium Term Plan 18.62 4.52 0.00 53.92 19.54 3.40 3285.43 0.00 1.32 10.99 9.02 7.74 11.59 11.77

BNP Paribas Flexi Debt Reg Plan A 3.89 5.63 35.59 0.00 2.01 52.88 247.79 3.58 1.85 10.02 13.08 4.34 10.16 8.01

DSP BlackRock Bond - Retail Plan 19.46 0.00 44.80 11.82 7.10 16.83 205.18 7.28 2.10 11.70 12.26 4.76 11.39 7.66

DWS Premier Bond - Premium Plus 78.76 0.00 0.00 0.00 13.78 7.46 650.84 2.59 1.02 12.33 10.26 6.93 11.15 10.70

Franklin India Income Opportunities 9.68 4.15 0.12 65.02 18.30 2.74 4064.27 2.42 1.67 11.60 9.41 7.91 11.26 11.39

HDFC High Interest Fund - Dynamic 17.59 0.00 77.66 1.80 0.00 2.95 834.26 13.07 1.55 13.23 14.03 2.95 13.06 8.95

HDFC Income Fund 28.88 0.00 58.00 8.49 0.00 4.63 2263.92 12.65 1.87 11.89 11.75 2.04 12.92 8.62

HSBC Income Fund - Investment Plan 18.15 0.00 76.74 0.00 0.00 5.11 98.72 10.77 1.85 12.53 13.52 2.41 10.59 7.07

ICICI Prudential Income Opp. Reg 13.29 0.00 74.45 9.07 0.00 3.20 2645.91 14.00 1.81 13.25 11.88 1.96 14.41 8.57

IDFC SSI Inv Plan C 0.93 1.43 82.89 0.04 0.00 14.72 1726.73 13.76 1.89 12.20 16.24 2.18 9.76 6.40

IDFC SSI Medium-term Reg 43.51 4.80 23.33 0.00 24.42 3.95 1741.99 3.70 1.20 10.80 10.40 5.84 9.75 8.57

ING Income Fund 13.71 26.10 55.33 0.00 0.00 4.86 7.82 8.63 1.95 11.12 10.40 2.97 11.16 8.75

Kotak Bond - Deposit Plan 7.37 0.00 68.59 16.55 0.97 6.53 3103.28 12.95 1.79 11.36 11.93 0.58 12.49 7.96

Kotak Bond - Plan A 7.37 0.00 68.59 16.55 0.97 6.53 3103.28 12.95 1.79 11.32 11.94 0.63 12.53 8.01

LIC Nomura MF Bond Fund 41.26 1.68 18.11 0.45 17.64 20.86 112.39 4.89 2.35 11.59 8.84 4.27 10.00 8.80

Pramerica Dynamic Bond Fund 18.01 0.00 65.75 0.00 0.00 16.24 26.57 10.30 1.95 11.49 11.69 3.28 8.02 4.99

Principal Income Long Term Plan 39.35 3.26 52.64 3.33 0.00 1.43 74.75 7.63 1.73 12.89 12.55 4.06 10.09 6.95

Reliance Income Fund 16.07 1.53 76.32 1.47 0.00 4.61 1678.15 12.81 1.81 13.33 12.91 1.69 10.89 7.16

Reliance Regular Savings Debt 4.28 5.06 0.00 39.03 43.59 8.04 4851.04 1.82 1.85 13.05 9.40 8.19 11.27 10.49

SBI Magnum Income Fund 4.02 0.00 84.16 3.38 5.62 2.82 2740.95 11.37 1.80 10.68 12.01 2.40 9.36 5.66

Sundaram Bond Saver Reg 28.09 0.00 55.37 6.91 0.00 9.62 215.74 7.57 2.21 12.32 11.16 2.65 11.37 7.69

Tata Income Fund - Plan A 29.41 0.72 40.02 1.48 8.86 19.50 330.10 0.00 1.75 12.93 10.44 4.59 10.62 8.62

Tata Income Plus Fund - Plan A 29.41 0.72 40.02 1.48 8.86 19.50 330.10 0.00 1.75 12.93 10.44 4.59 10.62 8.62

UTI Bond Fund 13.43 0.00 51.86 3.36 1.63 29.72 2016.43 6.20 1.86 8.89 12.01 3.56 13.68 7.73

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*CA : Compound Annualized

Internet Trading Online Stock Trading & Investment

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Mutual Fund Performance Update

9

Hybrid: Debt-oriented Conservativeas on

July 2014Return(%)

Return(%)

Return(%)

Debt: Short-termas on

July 2014

AAA P1+ Sov. A & AA Others Cash Equity Equiry Avg. Exp. Simple Annualized CA*

AA- Range (Cr.) Maturity 1M 3M 6M 1Y

Corpus

Portfolio as on July 31, 2014 & Return as on 06th Sep 2014

Hybrid: Debt-oriented Aggressiveas on

July 2014

Software OIL Auto Banks Pharma FMCG Others Simple Annualized CA*

& Gas (Cr.) 3M 6M 1Y 3Y

Corpus

Birla Sun Life MIP II - Savings 5 - Reg 23.38 0.00 59.17 4.45 0.00 3.64 9.36 0.00-11.19 227.04 0.00 1.10 21.35 9.24 18.53 15.24

Birla Sun Life Monthly Income - Reg 18.22 0.00 58.65 3.90 0.37 4.02 14.85 0.00-16.03 259.19 0.00 2.42 27.63 10.06 19.20 15.74

DWS Income Advantage Fund - Reg 48.20 0.00 4.87 21.71 18.66 5.28 1.28 1.06-9.22 53.33 1.14 2.63 18.77 10.75 16.12 11.92

DWS Twin Advantage Fund 44.21 0.00 0.00 28.90 8.05 18.84 0.00 2.91-19.84 7.48 2.86 2.77 16.35 8.65 12.16 12.03

Franklin India MIP - Growth 14.59 0.00 41.01 20.46 0.00 2.82 21.12 0.00-26.56 327.84 13.48 2.23 32.17 15.63 25.46 19.60

HDFC MIP - LTP - Growth 25.00 2.10 31.17 12.89 1.89 3.49 23.47 0.00-19.88 3560.51 9.27 1.93 27.67 10.58 33.73 26.80

HDFC MIP - STP - Growth 35.83 10.66 2.58 19.94 0.16 8.03 22.80 14.41-23.78 186.43 2.94 2.78 10.37 7.32 25.04 21.20

HDFC Multiple Yield Fund 38.44 31.01 0.00 0.00 0.00 7.68 22.87 0.00-25.30 78.13 0.33 1.92 19.55 8.48 24.21 19.91

HSBC Monthly Income Plan - Reg 22.32 0.00 53.56 0.00 2.24 7.53 14.36 11.90-15.12 89.34 8.47 2.35 22.52 7.29 18.69 14.91

ICICI Prudential MIP 25 - Growth 14.33 0.00 43.26 12.22 4.93 2.85 22.41 0.00-25.22 612.03 4.81 2.44 22.80 12.65 27.19 21.64

ICICI Prudential MIP - Regular 10.33 0.00 39.11 21.46 11.68 2.67 14.75 0.00-15.31 343.36 6.23 2.41 18.68 13.14 24.10 18.34

Kotak Monthly Income Plan 12.16 0.00 20.96 8.71 19.14 19.08 19.95 0.00-19.96 118.89 4.40 2.41 23.57 13.00 23.49 20.07

L&T Monthly Income Plan 23.59 0.00 21.06 11.26 0.00 24.08 20.01 0.00-19.94 43.17 7.77 2.29 26.84 12.46 20.97 13.86

LIC Nomura MF Monthly Income Plan 17.17 41.38 0.00 0.00 0.00 21.43 20.02 11.06-18.57 74.07 0.13 2.20 20.09 14.94 13.65 12.50

Peerless Income Plus Fund 5.85 17.17 0.00 50.49 5.90 1.74 18.85 0.00-19.37 84.93 2.12 2.91 21.77 13.31 16.43 13.33

Principal Debt Savings Fund - MIP 35.60 34.85 2.89 0.00 15.99 10.67 0.00 2.04-13.61 23.99 1.43 1.25 8.93 7.35 8.88 9.56

Reliance Monthly Income Plan 21.95 7.06 20.41 18.04 4.85 7.66 20.03 0.00-20.17 2246.75 6.22 1.95 20.35 13.84 26.32 20.05

SBI Magnum Monthly Income Plan 22.85 0.00 42.29 0.00 12.72 7.80 14.34 0.00-24.34 237.12 5.74 2.30 27.24 13.52 19.95 14.58

SBI Magnum MIP - Floater 0.00 78.25 0.00 0.00 0.00 7.10 14.66 0.00-15.83 10.63 0.52 2.45 13.86 17.50 21.65 16.39

Sundaram MIP - Moderate Plan 26.93 18.76 17.73 0.00 14.21 3.22 19.14 3.45-20.02 28.34 2.57 2.00 19.78 8.92 9.01 8.84

Tata MIP Plus Fund - Plan A 22.10 0.63 36.80 5.03 0.00 15.87 19.56 0.00-20.12 94.65 0.00 2.30 23.07 13.10 22.80 16.80

UTI Monthly Income Scheme 35.76 0.00 20.49 10.50 13.60 5.45 14.21 0.00-15.34 290.29 4.81 2.22 21.51 10.85 19.24 15.71

Birla Sun Life Asset Allocation Moderate 7.85 0.00 0.00 8.89 0.00 0.00 83.26 4.26 6.40 16.74 32.46 11.31

Franklin India Life Stage FOFs 30s 6.08 5.58 3.03 18.47 3.92 0.82 62.10 12.58 7.75 20.96 34.41 13.42

ICICI Prudential Advisor Series - Moderate 3.90 4.10 2.26 7.27 1.33 2.43 78.71 5.13 5.47 15.65 30.79 11.70

Tata Young Citizens Fund - Plan A 8.20 1.35 5.17 15.51 2.63 6.13 61.01 195.79 7.01 18.71 28.04 13.68

UTI CRTS 81 Fund 4.20 1.66 3.10 6.78 2.55 3.08 78.63 354.55 4.01 14.95 23.23 14.28

UTI Retirement Benefit Pension 5.37 2.28 4.89 8.17 3.71 2.89 72.69 1238.63 4.45 16.62 26.16 11.47

Axis Short Term Fund - Retail Plan 46.82 17.50 12.22 9.04 5.99 8.43 820.20 1.42 1.05 10.96 8.64 6.96 9.80 10.01

Canara Robeco Short Term Regular 25.48 66.97 0.00 0.00 2.73 4.83 183.41 1.27 1.06 9.57 8.30 6.90 9.52 9.13

DSP BlackRock Short Term Fund 30.48 0.16 0.00 27.34 15.09 26.93 864.31 1.98 1.10 11.18 9.37 7.26 10.33 10.46

DWS Short Maturity Premium Plus 14.52 50.35 5.49 13.59 5.45 10.59 1826.51 2.15 1.19 9.39 8.30 6.66 9.72 10.05

Franklin India ST Income - Retail Plan 8.21 10.28 9.49 56.52 13.01 2.50 9524.14 1.84 1.54 12.03 10.11 7.97 11.09 11.31

HDFC Short term Fund 27.19 16.78 1.59 26.10 14.96 13.38 2049.24 1.74 1.00 12.72 10.30 8.26 10.83 10.94

HSBC Income Fund - Short Term Plan 49.52 28.52 0.00 0.00 14.58 7.37 926.90 1.87 1.25 10.09 8.64 6.69 9.66 9.62

ICICI Prudential ST Fund - Regular 21.82 0.40 25.82 27.63 21.51 2.82 2775.25 3.13 0.85 13.70 9.89 6.45 11.68 10.66

DFC Super Saver Income ST - Plan D 56.42 24.09 0.00 1.80 14.54 3.14 2797.79 1.71 1.02 9.94 8.37 6.94 9.91 10.07

Kotak Bond - Short Term Plan 39.18 23.80 6.49 16.13 8.89 5.51 1425.79 2.37 1.25 10.22 9.13 7.01 10.25 9.91

Kotak Income Opportunities 10.24 17.52 2.19 55.30 3.21 11.54 936.90 2.19 1.60 12.52 9.85 8.04 11.31 10.84

Pramerica Credit Opportunities 6.26 2.87 0.00 80.54 1.96 8.37 254.78 2.22 2.31 11.27 8.10 7.59 10.58 10.69

Reliance Short Term Fund 40.47 13.10 16.38 4.51 22.07 3.48 3793.33 2.50 1.01 11.76 9.53 6.79 10.94 10.40

SBI Short Horizon Debt Short Term Ret 54.48 13.26 9.35 7.36 4.24 11.31 2136.11 2.53 1.10 10.36 9.17 6.45 10.12 9.46

UTI Short Term Income - Regular Plan 10.70 3.25 6.93 7.01 16.14 55.97 3014.62 1.08 1.13 8.55 8.08 7.43 10.94 10.60

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*CA : Compound Annualized

AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*

AA- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus

10

Mutual Fund Performance Update

Debt: Ultra Short-term

Debt: Liquid

as onJuly 2014

Return %

AAA P1+ Sov. A & AA Others Cash Avg. Exp. Simple Annualized CA*

AA- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus

Portfolio as on July 31, 2014 & Return as on 06th Sep 2014

Axis Treasury Advantage Fund - Retail Plan 0.00 78.58 16.67 0.00 0.00 4.74 1378.27 0.19 1.55 7.52 7.25 7.23 8.08 8.74

Baroda Pioneer Treasury Advantage Reg 1.53 74.67 14.51 1.42 1.27 6.59 1055.10 0.23 1.60 7.75 7.47 7.43 8.91 9.72

Birla Sun Life Cash Manager 7.15 39.41 10.70 19.13 18.33 5.28 5009.13 0.00 1.44 8.03 8.10 7.78 9.24 9.62

Birla Sun Life Treasury Optimizer - Retail 73.34 0.00 11.38 5.75 4.66 4.88 1300.46 0.00 0.57 12.42 9.70 7.23 11.47 11.14

Birla Sun Life Savings Fund - Retail Plan 15.04 52.97 6.35 5.66 15.94 4.02 7016.91 0.00 0.53 9.31 9.01 8.34 9.69 10.05

BNP Paribas Money Plus Fund 2.24 39.61 11.37 13.45 0.00 33.33 223.36 0.17 0.85 7.86 7.92 7.64 8.41 8.92

DSP BlackRock Money Manager - Regular 3.53 76.09 3.20 5.01 2.49 9.68 2861.23 0.26 0.90 8.54 8.24 7.85 8.91 9.47

DWS Treasury Investment Fund 0.00 97.13 0.00 0.00 0.00 2.87 1879.23 0.60 0.52 8.60 8.18 7.66 9.49 9.97

Franklin India Low Duration Fund 6.70 40.93 4.41 22.52 23.50 1.94 2247.11 0.48 0.73 11.04 9.85 9.20 10.25 10.44

Franklin India Ultra Short Bond - Retail Plan 4.77 34.60 16.25 24.23 16.83 3.33 5263.83 0.34 0.86 9.90 8.85 8.36 9.46 9.84

ICICI Prudential Flexible Income Reg 5.69 36.00 28.48 6.47 6.79 16.57 11179.48 0.36 1.13 8.59 8.02 7.59 8.72 9.02

ICICI Prudential Savings Reg 9.87 25.81 22.53 14.79 9.25 17.76 2136.23 0.43 1.27 9.80 8.39 7.61 8.95 9.06

ICICI Prudential Ultra ST Plan - Regular 34.61 51.53 0.00 9.83 1.43 2.61 1781.43 0.80 1.02 10.11 8.48 6.98 9.33 9.58

IDBI Ultra Short Term Fund 0.00 86.94 2.27 2.27 0.00 8.52 440.21 0.25 1.00 8.02 7.76 7.53 8.57 9.32

IDFC Money Manager - Investment Plan - A 8.70 90.94 0.00 0.00 0.00 0.36 1898.00 0.61 0.45 8.69 8.33 7.72 9.37 10.04

Indiabulls Ultra Short Term Fund 0.00 90.71 0.00 0.00 2.09 7.21 165.84 0.11 2.38 9.48 8.97 8.49 9.53 9.57

JP Morgan India Treasury Retail 1.79 76.55 0.00 8.79 3.68 9.20 2060.41 0.36 1.10 8.20 8.01 8.14 9.07 9.70

Kotak Flexi Debt - Regular Plan 9.01 21.70 30.93 20.41 9.69 8.25 549.79 2.41 1.50 9.73 10.28 7.70 9.37 9.67

Kotak Floater Long Term 3.40 57.02 1.04 11.67 22.95 3.93 2381.34 0.54 0.40 9.24 8.94 8.35 9.54 10.00

L&T Floating Rate Fund 3.85 70.75 0.00 0.00 5.12 20.28 380.11 0.47 0.80 8.31 7.92 7.94 8.95 8.96

L&T Ultra Short Term Fund - Regular Plan 3.36 64.02 0.00 11.20 11.93 9.49 1310.13 0.45 0.50 8.45 8.09 7.66 8.89 9.16

Religare Invesco Credit Opportunities 6.62 31.08 0.00 47.68 6.59 8.03 75.60 0.63 1.10 10.53 9.05 8.76 10.38 10.65

Pramerica Short Term Floating Rate 4.18 78.93 0.00 0.00 0.00 16.89 35.91 0.19 0.90 8.49 8.45 8.48 8.92 9.49

Reliance Medium Term Fund 22.57 63.45 0.00 4.58 2.74 6.66 2186.81 0.66 0.73 8.51 8.05 7.82 9.38 9.91

Reliance Money Manager Fund - Retail 1.68 65.45 9.68 1.34 6.87 14.98 10657.92 0.21 0.96 8.00 8.03 7.90 8.88 9.40

Sundaram Ultra Short Term Fund - Retail 2.52 67.35 10.56 1.88 1.25 16.44 1996.47 0.39 1.99 7.61 7.23 7.19 8.34 8.64

Tata Floater Fund - Plan A 1.78 66.23 6.87 1.88 3.00 20.23 2876.48 0.00 0.35 8.48 8.40 8.35 9.28 9.83

Taurus Short Term Income Fund 0.00 98.42 0.15 0.00 0.00 1.43 162.54 0.06 0.60 8.98 9.18 9.24 9.77 10.18

Taurus Ultra Short Term Bond Fund - Retail 0.00 92.38 0.69 0.00 0.00 6.93 58.22 0.04 1.05 8.23 8.13 8.11 8.75 9.33

Union KBC Ultra Short Term Debt Fund 0.00 91.23 0.00 0.00 0.00 8.77 244.44 0.10 0.08 8.60 8.81 8.98 9.49 9.79

UTI Floating Rate Short Term Fund - Reg 0.00 40.46 0.00 0.00 0.61 58.93 4080.51 0.15 0.39 7.66 7.84 7.84 8.89 9.39

UTI Treasury Advantage 1.52 47.79 4.43 0.45 6.27 39.53 5510.88 0.26 0.45 7.99 7.97 7.75 8.90 9.31

Axis Liquid Fund - Retail Plan 0.79 71.87 15.09 0.00 0.00 12.26 7632.16 0.08 0.67 7.99 7.99 8.09 8.51 8.93

Birla Sun Life Cash Plus 2.60 58.82 8.39 1.14 2.72 26.33 21938.00 0.00 0.62 8.49 8.49 8.57 9.12 9.29

DSP BlackRock Liquidity Fund - Regular 0.51 58.49 11.72 1.68 0.50 27.10 7751.34 0.05 0.25 8.18 8.31 8.45 8.82 9.22

DWS Insta Cash Plus Reg 0.00 78.49 0.59 0.00 0.00 20.92 5909.67 0.08 0.19 8.52 8.51 8.59 8.97 9.42

Franklin India TMA Fund - Regular Plan 5.40 88.28 1.87 0.79 1.95 1.70 3146.37 0.07 0.86 8.02 7.93 7.95 8.64 8.91

HDFC Cash Management - Savings Plan 2.16 72.31 21.99 0.00 0.40 3.15 6255.52 0.09 0.15 8.50 8.47 8.53 9.00 9.48

HDFC Liquid Fund 0.00 69.73 20.05 0.00 0.00 10.22 15152.01 0.08 0.15 8.56 8.52 8.57 9.06 9.50

ICICI Prudential Liquid Plan Reg 0.10 74.05 16.73 0.00 0.00 9.12 24757.20 0.08 1.10 7.58 7.56 7.66 8.18 8.52

ICICI Prudential Money Market Fund Reg 0.00 75.40 13.27 0.00 0.00 11.33 5345.20 0.08 0.95 7.78 7.74 7.84 8.21 8.29

IDFC Cash Fund - Regular Plan 2.73 67.40 17.40 0.00 2.94 9.54 7573.25 0.08 0.80 8.01 8.17 8.24 8.64 8.96

JP Morgan India Liquid Retail 0.00 68.36 0.00 0.00 0.00 31.64 8275.31 0.05 0.55 8.31 8.28 8.40 8.83 9.26

Kotak Liquid - Regular Plan 0.00 67.24 21.86 0.15 0.00 10.75 6152.77 0.08 0.25 7.60 7.60 7.71 8.14 8.58

Pramerica Liquid Fund 0.84 94.15 0.12 0.84 2.50 1.55 1194.14 0.06 0.15 8.58 8.53 8.65 8.99 9.46

Reliance Liquidity Fund 3.59 67.56 13.36 0.00 0.00 15.49 6125.61 0.10 0.15 8.53 8.52 8.57 9.02 9.48

Religare Invesco Liquid Fund 0.00 83.39 1.46 0.00 0.00 15.15 6139.45 0.07 1.45 7.24 7.27 7.33 7.77 8.16

Tata Liquid Fund - Retail Investment Plan 0.64 68.57 17.00 0.00 0.00 13.80 3274.60 0.00 1.00 7.80 7.82 8.03 8.55 8.82

Taurus Liquid 0.00 94.33 0.12 0.00 0.00 5.55 3634.85 0.06 1.02 7.82 7.79 7.92 8.33 8.78

UTI Liquid Cash Fund - Regular Plan 0.00 72.89 3.13 0.00 0.00 23.97 16762.92 0.06 0.08 7.82 7.85 7.92 8.40 8.79

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*CA : Compound Annualized

Sov. Others Cash Corpus Avt. Expense Simple Annualized CA*

(Cr.) Maturity 7D 1M 3M 6M 1Y

Mutual Fund Performance Update

11

Debt Gilt: Short-term

Debt Gilt: Medium & Long-termas on

July 2014Return(%)

Portfolio as on July 31, 2014 & Return as on 06th Sep 2014 *CA : Compound Annualized

Axis Constant Maturity 10 Year 83.95 0.00 16.05 48.62 8.67 0.49 15.47 14.69 3.69 11.64 5.99

Baroda Pioneer Gilt Fund 86.95 0.00 13.05 45.51 9.82 2.50 11.36 12.99 2.41 12.80 7.35

Birla Sun Life GSF - Long Term Plan 96.07 0.00 3.93 354.30 0.00 1.39 12.73 15.79 0.83 12.75 8.05

Birla Sun Life Gilt Plus - PF Plan 93.70 0.00 6.30 47.71 0.00 0.49 17.54 14.04 1.00 8.37 3.97

Canara Robeco Gilt PGS 96.12 0.00 3.88 31.92 14.12 1.70 10.66 15.67 1.49 13.01 6.48

DSP BlackRock GSF Fund 85.28 0.00 14.72 419.27 10.19 1.35 16.34 14.33 1.69 10.74 5.20

DWS Gilt Fund - Regular Plan 97.34 0.00 2.66 537.51 8.58 0.79 15.24 11.70 4.34 14.34 9.06

Edelweiss Gilt Fund 68.27 0.00 31.73 0.29 6.37 1.22 11.75 14.29 4.12 8.20 2.70

Franklin India GSF - Composite Plan 95.64 0.00 4.36 107.27 18.86 1.74 14.92 17.03 0.39 16.33 9.68

Franklin India GSF - Long Term Plan 96.45 0.00 3.55 148.65 21.05 1.71 13.59 16.61 0.89 16.45 9.29

HDFC Gilt Fund - Long Term Plan 95.30 0.00 4.70 305.36 17.51 0.81 14.59 17.15 2.05 13.66 9.08

ICICI Prudential Long Term Gilt Reg 97.15 0.00 2.85 684.04 13.06 1.25 18.85 15.36 2.48 14.39 8.07

IDFC GSF Investment Plan A 93.75 0.00 6.25 434.77 14.66 1.37 13.02 16.89 2.11 10.15 6.88

IDFC GSF Investment Reg 93.75 0.00 6.25 434.77 14.66 1.37 13.02 16.89 2.11 10.15 6.88

IDFC GSF PF Regular 95.48 0.00 4.52 58.13 14.69 1.37 13.10 17.61 2.44 10.79 7.35

ING Gilt Fund - PF Dynamic Plan 95.27 0.00 4.73 4.54 12.54 1.50 12.57 14.40 1.09 9.95 7.48

JM G-Sec Fund 96.85 0.00 3.15 11.33 18.51 2.65 13.50 11.95 1.03 8.07 5.01

Kotak Gilt Investment - Regular Plan 67.61 0.00 32.39 388.94 10.21 2.23 9.97 15.61 2.48 15.29 8.42

Kotak Gilt Investment PF and Trust Plan 67.61 0.00 32.39 388.94 10.21 2.23 10.24 15.44 2.43 15.28 8.49

L&T Gilt Fund - Investment Plan 90.57 0.00 9.43 71.15 13.56 1.50 13.75 16.31 3.13 12.32 9.10

LIC Nomura MF Govt Sec 72.21 2.47 25.32 41.34 9.01 2.35 19.92 14.14 2.22 10.20 5.97

Motilal Oswal MOSt 10 Year Gilt 92.73 0.00 7.27 36.27 0.00 0.99 13.35 18.43 3.70 9.07 3.51

Principal Government Securities Fund 96.61 0.00 3.39 50.26 9.82 1.50 13.79 16.79 3.97 11.42 6.29

Reliance Gilt Securities Fund 94.91 0.00 5.09 340.47 12.56 1.65 14.66 17.08 3.94 13.93 9.51

Religare Invesco Gilt Fund - Longer Duration Plan 66.91 0.00 33.09 33.02 10.28 2.16 14.34 9.29 0.57 10.44 8.73

SBI Magnum Gilt Fund - Long Term Plan 97.77 0.00 2.23 171.86 14.83 1.25 15.05 18.93 7.06 15.39 9.72

Tata Gilt Securities Fund - High Investment Plan 92.48 0.00 7.52 72.20 0.00 1.60 16.43 15.34 3.54 14.67 10.53

Tata Gilt Mid Term Fund - Plan A 94.97 0.00 5.03 46.43 0.00 1.95 12.69 15.24 3.85 13.23 10.29

Tata Gilt Retirement Plan (28-02-25) 92.48 0.00 7.52 72.20 0.00 1.60 16.45 15.35 3.67 14.74 10.56

Tata Gilt Securities Fund - Plan A 92.48 0.00 7.52 72.20 0.00 1.20 16.09 14.89 3.16 14.28 10.22

Taurus Gilt Fund 0.00 0.00 100.00 0.07 0.00 1.52 6.01 6.64 7.08 7.11 7.58

UTI Gilt Advantage LT 82.27 0.00 17.73 169.57 7.42 1.62 12.25 17.94 5.40 16.47 7.69

UTI Gilt Advantage LT - Provident Fund 82.27 0.00 17.73 169.57 7.42 1.62 12.27 17.95 5.40 16.47 7.69

Birla Sun Life Gilt Plus - Liquid Plan 79.91 0.00 20.09 18.53 0.00 0.49 7.73 7.87 7.88 8.18 8.62

Birla Sun Life GSF Short-term 0.00 0.00 100.00 0.87 0.00 0.40 7.02 7.48 7.72 7.74 8.12

Canara Robeco Gilt Advantage Reg 0.00 0.00 100.00 1.17 0.00 1.09 6.75 7.06 7.22 7.54 7.71

DSP BlackRock Treasury Bill Fund 93.85 0.00 6.15 128.37 0.58 0.60 7.71 7.81 7.43 8.29 8.70

HDFC Gilt Fund - Short Term Plan 79.89 0.00 20.11 6.91 2.95 0.52 9.62 9.15 6.45 9.38 8.72

ICICI Prudential Short Term Gilt Reg 75.89 0.00 24.11 137.39 1.95 0.50 13.51 10.33 6.96 11.74 9.96

ICICI Prudential Gilt Treasury PF Reg 99.39 0.00 0.61 120.66 0.00 0.61 25.23 7.12 3.81 4.17 3.52

Religare Invesco Gilt Fund - Short Duration Plan 0.00 0.00 100.00 6.70 0.00 0.55 7.10 7.80 7.71 8.24 8.71

SBI Magnum Gilt Fund - Short Term Plan 81.62 0.00 18.38 131.06 2.86 0.90 9.60 10.15 7.85 10.46 10.30

Sundaram Gilt Fund - Regular Plan 88.60 0.00 11.40 33.64 8.17 1.32 13.34 15.18 7.97 8.53 10.98

Tata Gilt Short Maturity Fund - Plan A 64.21 0.00 35.79 34.19 0.00 1.60 8.62 8.39 5.82 10.21 9.95

UTI G-Sec Fund - Short Term Plan 46.11 0.00 53.89 21.34 0.09 0.50 7.66 7.76 7.79 8.00 8.63

Sep 09, 2014

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Risk Factors/Disclaimers: Mutual Funds and Securities Investments are subject tomarket risks and their NAVs / prices can fluctuate on factors affecting capital/debtmarkets. Past performance is not an indicator of future performance of theInvestments. Efforts have been made to ensure that the information provided areaccurate, complete and up-to date, irrespective please read the offer document of therespective schemes before investing. SPA Group is not liable for any inaccurate orincomplete information. SPA Group also takes no responsibility for any gain/ loss onany investment made pursuant to the above letter.

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