theanalystnov2010ulip

8/4/2019 TheAnalystNov2010ULIP

1/27

the analystmonthly fund factsheetund snapshot

investment philosophyReliance Life Insurance seeksconsistent and superior long-termreturns with a well-defined anddisciplined investment approachsymbolizing integrity and transparencyto benefit all stakeholders.

Indian EconomyIndustrial production growth momentum slowed down to 5.6% in Aug10 as against 15.2% in

July10. Credit growth continues at robust 20% plus in Oct10 from 19% in Sep10,supported by festive season demand and favourable base effect. Going forward, we expect IIP mightremain in single digit due to high base effect and slower growth momentum compared to those during therecovery phase. Also sequential credit growth might pick-up on credit demand during the busy season.Inflation continues to be a major concern, with whole price index (WPI) inflation numbers close todouble-digit. Inflation rose to 8.62% in Sep10 as against 8.50% in Aug10 - mainly due to high food andnon-food articles and manufacturing goods prices. To address Inflation RBI hiked its Repo and Reverse repo

rate by 25bps each in the quarterly policy review.

Debt MarketAmid tight liquidity the g-sec yields showed a sharp upward movement after the RBI's rate action andhawkish stance in quarterly monetary policy meeting. The 10 year benchmark touched a high of 8.17%against 8% in previous month. However Corporate bond remained range bound with upward bias due to

fresh primary issuances.

Outlook:In Nov, we expect liquidity to remain tight on festival season demand and credit demand on start of busyseason. Although RBI hiked the key policy rates, RBI is expected to pause and has clearly indicated thatnext policy movement will determined by inflation. Key economic data-points like monthly inflationnumbers, IIP numbers, credit numbers, overall liquidity in system are likely to dominate the yield curve and

RBIs action.Equity MarketEquity markets in the month of October were flat with the benchmark BSE Sensex down 0.18% as most

of the positives in terms of results were already discounted.

Indias exports grew by 22.5% in the year to August and imports soared by 32.2% in the same period. The

countrys trade deficit was a shade over $13 billion, up from $8.9 billion a year earlier .

The Indian auto industry sharply increased its sales forecast for this fiscal after reporting more than 30%rise in car sales for the third straight month as new launches and easy finance helped keep strong demandintact in September. The Auto industry increased its growth forecast for 201011 to 18% 20% from

13% as the previous estimate.

Foreign institutional investors have pumped in record $24.7 billion into Indian equities so far this year,sending the benchmark index up 14.7%. Nearly a third of this money has come in since the start of

September. This has lead to fears of overheating and asset bubbles in the economy .

Outlook:The Indian markets are going to be dictated by foreign fund flows in the near to medium term. Marketswould now look forward to cues from Coal India IPO listing, RBI policy and the Fed meet to discuss Quan-

titative Easing.

November 2010

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www.reliancelife.com

*CAGR: Compounded Annual Growth Rate

asset allocationgross return (CAGR*) (%) As on Oct 31, 2010

funds100% equity Equity Fund 30.79% 44.93% 1.27% 21.95% August, 2004

100% pure equity Pure Equity Fund 23.66% 41.27% NA 17.33% June, 2008

100% equity Infrastructure Fund 10.20% 24.70% NA -2.46% March, 2008100% equity Energy Fund 8.77% 32.49% NA 5.88% March, 2008

100% equity Midcap Fund 28.39% 46.77% NA 9.19% March, 2008

80% equity, 20% debt Super Growth Fund 23.26% 34.78% 1.52% 8.69% May, 2007

60% equity, 40% debt High Growth Fund 19.60% 28.98% 4.05% 11.73% March, 2007

50% equity, 50% debt Growth Plus Fund 17.21% 25.99% 4.85% 11.19% March, 2007

40% equity, 60% debt Growth Fund 14.53% 22.50% 5.45% 13.05% August, 2004

20% equity, 80% debt Balanced Fund 10.52% 16.18% 7.41% 11.03% February, 2003

100% bond instruments Corporate Bond Fund 8.28% 11.43% 9.31% 9.84% May, 2007

100% debt Instruments Pure Debt Fund 8.63% 10.97% 9.17% 9.26% April, 2007

100% govt. securities Gilt Fund 6.77% 5.43% 6.06% 6.15% May, 2007

100% debt Instruments Guaranteed Bond Fund I 8.33% NA NA 12.58% December, 2008

100% money market instruments Money Market Fund 7.15% 8.63% 8.92% 8.94% May, 2007

100% money market instruments Capital Secure Fund 6.75% 8.08% 8.43% 7.03% February, 2003

100% equity Equity Plus Fund NA NA NA NA January, 2010100% dynamic Highest Nav Guarantee Fund NA NA NA NA February, 2010

date ofinceptionlast1 year last2 year last3 year sinceinception

100% dynamicHighest NAV Advantage Fund-Series I

NA NA NA NA September, 2010

Source:1 Thomson Reuters, 2eaindustry.nic.in, 3 RBI, 4SEBI, 5Bloomberg6 India Index Services & Products Ltd.

Economy Indicators 29thOct 10 30thSep 10 %Change1Rs./$ 44.39 45.64 -2.82

2WPI Inflation 141.1 0.57

3Forex Reserves ($ bn) 297.96 291.60 2.13

1Oil Price ($ per Barrel) 81.85 75.97 7.18

1Gold (Rs. per 10gm) 19,399 19150 1.28

Investments 29thOct 10 30thSep 10 AbsoluteChange4FIIs (Rs Crs) 28,563 24979 3584.40

4Mfs (Rs Crs) -5,801 -7236 1435.50

29thOct 10 30thSep 10 %Change1BSE Sensex 20,032 20069 -0.18

1S&P CNX Nifty 6,018 6030 -0.201CNX Mid Cap 9,361 9164 2.14

1BSE Small Cap 10,598 10246 3.43

29thOct 10 30thSep 10 %Change5Dow Jones 11119 10788 3.06

5FTSE 100 5675 5548 2.28

1Hang Seng 23489 21953 7.00

1Nikkei 9417 9449 -0.34

29thOct 10 30thSep 10 %Change6CNX Infrastructure 3598 3719 -3.25

6

CNX Energy 10027 9849 1.801BSE Capital Goods 15819 15996 -1.10

1BSE Bankex 14016 14025 -0.06

1BSE Oil & Gas 10949 10447 4.80

1BSE IT 5993 5947 0.77

29thOct 10 30thSep 10 AbsoluteChange5NSE Mibor 7.66 7.28 0.38

191 Day T-Bill 6.80 6.19 0.61

1182 Day T-Bill 7.03 6.46 0.56

11 year GOIBenchmark

6.60 6.47 0.13

15 Year GOIBenchmark

7.82 7.70 0.13

110 Year GOI

Benchmark

8.12 7.85 0.27

15 Year Corp BondBenchmark

8.61 8.51 0.10

110 Year AAA Corp BondBenchmark

8.80 8.66 0.14

110 Year USBenchmark

2.61 2.51 0.09


2/27

Equity Fundfund performance As on Oct 31, 2010

low low tomoderate

moderate moderateto high

high

fund objectiveProvide high real rate of return in thelong-term through high exposure toequity investments, while recognizingthat there is significant probability ofnegative returns in the short term. Therisk appetite is high.

fund mangers reportThe month of October saw themarkets ending flat. The equity marketsaw some profit booking before CoalIndia IPO and fed meeting onquantitative easing. Looking at newsflows in specific sectors, the holding inequities was kept at 91.06%.

target asset allocationEquity: 100%

benchmark constructionS&P CNX Nifty: 100%


asset allocation as on Oct 31, 2010

fund characteristics as on Oct 31, 2010

growth of initial investment of Rs. 10,000 in MRP

period grossfundreturnbenchmarkreturn fundstandarddeviation

benchmarkstandarddeviationfundsharperatio

benchmarksharperatiolast 1 year 30.79% 27.72% 13.65% 16.63% 1.89% 1.37%

last 2 year (CAGR*) 44.93% 44.41% 22.16% 27.46% 1.80% 1.44%last 3 year (CAGR*) 1.27% 0.66% 31.45% 34.00% -0.12% -0.13%

last 4 year (CAGR*) 11.69% 12.60% 29.24% 31.81% 0.23% 0.24%

last 5 year (CAGR*) 20.08% 20.48% 28.10% 30.12% 0.54% 0.51%

since inception (CAGR*) 21.95% 23.22% 26.52% 28.27% 0.64% 0.64%

date of inception august, 2004

portfolio As on Oct 31, 2010

Fund Beta 0.90

fund risk profile

security % totalnetassets1-yrbeta

equityAUTO ANCILLARYEXIDE INDUSTRIES LTDMAHINDRA & MAHINDRA LTDMARUTI SUZUKI INDIA LTDBAJAJ AUTO LTDMOTHERSON SUMI SYSTEMS LTDBANKING & FINANCEICICI BANK LTDSTATE BANK OF INDIAHDFC BANKHOUSING DEV FIN CORPN LTDAXIS BANK LTDSHRIRAM TRANSPORT FINANCE COMPANY LTDBANK OF BARODAPOWER FINANCE CORPORATION LTDINDUS IND BANKMAX INDIA LTDCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDCUMMINS INDIA LTDBHARAT HEAVY ELECTRICALS LTDALSTOM POWER INDIA LTD.CROMPTON GREAVES LTDPUNJ LLOYD LTDCEMENT & CEMENT PRODUCTSULTRATECH CEMENT LTDINDIA CEMENTS LTDCONSTRUCTIONJAIPRAKASH ASSOCIATES LTDNAGARJUNA CONSTRUCTION CO LTDCONSUMER GOODSSINTEX INDUSTRIESBALLARPUR INDUSTRIES LTDFMCGITC LTDHINDUSTAN UNILEVER LTDTATA GLOBAL BEVERAGES LTDGASGAIL (INDIA) LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDMPHASIS LTDMEDIAHT MEDIA LTDMETALSTATA STEEL LTDSTERLITE INDUSTRIES INDIA LTDJINDAL STEEL AND POWER LTDJINDAL SAW LTDHINDALCO INDUSTRIES LTDOIL EXPLORATIONCAIRN INDIA LTD

OIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDOIL INDIA LTDINDIAN OIL CORPORATION LTDPHARMACEUTICALSDIVIS LABORATORIES LTDLUPIN LTDSUN PHARMA IND LTDRANBAXY LABORATORIES LTDSTRIDES ARCOLABS LTDAUROBINDO PHARMA LTDPOWERTATA POWERNTPC LTDAREVA T AND D INDIA LTDORIENT GREEN POWER CO LTDPANTALOON RETAIL INDIA LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIATELECOMBHARTI AIRTEL LTDtotal equity

6.080.532.23

1.311.250.7623.897.194.513.392.001.971.961.720.920.170.0710.374.043.101.921.070.230.001.871.370.502.041.170.870.830.800.035.614.261.200.161.001.009.385.473.410.500.490.496.052.041.601.380.540.490.460.46

11.417.941.891.180.406.392.321.980.730.650.460.262.631.030.860.430.040.280.410.412.162.1691.06

0.631.17

0.640.610.63

1.451.000.831.031.130.430.630.691.050.72

0.930.310.680.670.831.16

0.601.05

1.631.23

0.830.83

0.660.490.60

0.66

0.810.820.61

0.54

1.661.681.141.301.90

1.00

1.190.600.320.23

0.670.260.430.840.970.68

0.670.630.671.150.97

0.95

0.66

total money market instruments 8.94total net assets 100.00

10,000

31,579

5,000

10,000

15,000

20,000

25,000

30,000

35,000

inception 9-Aug-2004

31-Oct-10

91.06%

8.94%

equity

total money

marketinstruments

% total net asset


3/27

Pure Equity Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide high real rate of return in thelong-term through high exposure toequity investments, while recognizingthat there is significant probability ofnegative returns in the short term. Therisk appetite is high.


target asset allocationPure Equity: 100%

(*Investments only in sectors other than banks andnon-banking financial companies, breweries,distilleries, alcohol based chemicals, cigarettes,tobacco, entertainment, leather, sugar andhatcheries.)





growth of initial investment of Rs. 10,000 in SIP





date of inception june, 2008

last 2 year (CAGR*) 41.27% 44.41% 23.65% 27.46% 1.53% 1.44%

portfolio As on Oct 31, 2010security % totalnetassets

1-yrbetaequityAUTOMOBILESMARUTI SUZUKI INDIA LTD

MAHINDRA & MAHINDRA LTDMOTHERSON SUMI SYSTEMS LTDBAJAJ AUTO LTDBANKING & FINANCEMAX INDIA LTDCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDBHARAT HEAVY ELECTRICALS LTDCROMPTON GREAVES LTDCUMMINS INDIA LTDVOLTAS LTDCEMENT & CEMENT PRODUCTSGRASIM INDUSTRIES LTDCONSTRUCTIONNAGARJUNA CONSTRUCTION CO LTDFMCGHINDUSTAN UNILEVER LTDGASGAIL (INDIA) LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDMPHASIS LTDMETALSHINDALCO INDUSTRIES LTD

JINDAL STEEL AND POWER LTDOIL EXPLORATIONCAIRN INDIA LTDOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDPHARMACEUTICALSSUN PHARMA IND LTDRANBAXY LABORATORIES LTDCADILA HEALTHCARE LTDLUPIN LTDPOWERTATA POWERNTPC LTDPTC INDIA LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIATELECOMBHARTI AIRTEL LTDtotal equity

13.246.31

2.782.321.832.192.1911.445.092.851.261.241.012.182.181.051.052.892.893.363.3610.575.733.301.547.773.963.811.861.8612.607.994.616.202.502.490.790.427.844.692.091.061.261.263.773.7788.23

0.64

1.170.630.61

0.72

0.930.680.830.310.99

0.47

1.23

0.49

0.66

0.810.820.61

1.901.14

1.00

1.190.60

0.430.840.490.26

0.670.630.88

0.95

0.66


Fund Beta 0.83

fund risk profile

88.23%

11.77%

equity

total

money

marketinstruments

% total net asset

10,000

14,312

1,000

3,000

5,000

7,000

9,000

11,000

13,000

15,000

inception12-Jun-08

31-Oct-10


4/27

Infrastructure Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide high rate of return in the longterm through high exposure to equityinvestments in Infrastructure and alliedsectors, while recognizing that there isa significant probability of negativereturns in the short term. The riskappetite is 'high'



benchmark constructionCNX Infrastructure Index: 100%




growth of initial investment of Rs. 10,000 in TIPS-I




last 2 year (CAGR*) 24.70% 25.63% 23.71% 33.02% 0.83% 0.62%

since inception (CAGR*) -2.46% -6.34% 31.73% 39.29% -0.24% -0.29%

date of inception march, 2008


1-yrbeta

equityAUTOMOBILESMOTHERSON SUMI SYSTEMS LTDCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDBHARAT HEAVY ELECTRICALS LTDCROMPTON GREAVES LTDVOLTAS LTDALSTOM POWER INDIA LTD.TRIVENI ENGINEERING & IND. LTDIRB INFRASTRUCTURE DEVELOPERS LTDPUNJ LLOYD LTDGREAVES COTTON LTDCEMENT & CEMENT PRODUCTSGRASIM INDUSTRIES LTDCONSTRUCTION

JAIPRAKASH ASSOCIATES LTDASHOKA BUILDCON LTDCONSUMER GOODSSINTEX INDUSTRIESGASGAIL (INDIA) LTDHOTELSINDIAN HOTELS LTDMETALSHINDALCO INDUSTRIES LTDTATA STEEL LTDPOWERNTPC LTDTATA POWERNEYVELI LIGNITE CORPORATION LTDBGR ENERGY SYSTEMS LTDPTC INDIA LTDORIENT GREEN POWER CO LTDRETAILPANTALOON RETAIL INDIA LTDSHIPPINGGREAT EASTERN SHIPPING COMPANY LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIATELECOMBHARTI AIRTEL LTDtotal equity

0.750.7532.42

11.469.743.902.561.681.050.860.800.383.593.597.465.282.181.401.401.851.851.161.164.012.451.5718.067.273.122.641.891.771.381.301.301.011.012.102.109.679.6784.79

0.63

0.930.680.830.990.671.020.991.160.78

0.47

1.630.42

0.83

0.66

0.95

1.901.66

0.630.671.020.720.881.15

0.97

1.14

0.95

0.66


Fund Beta 0.88

fund risk profile

84.79%

15.21%

equity

total

moneymarketinstruments

% total net asset

10,0009,430

5,000

6,000

7,000

8,000

9,000

10,000

11,000

inception19-Mar-08

31-Oct-10


5/27

Energy Fundfund performance As on Oct 31, 2010

low low to

moderate

moderate moderate

to high

high

fund objectiveProvide high rate of return in the longterm through high exposure to equityinvestments in Energy and alliedsectors, while recognizing that there isa significant probability of negativereturns in the short term. The riskappetite is 'high'



benchmark constructionCNX Energy Index: 100%








last 2 year (CAGR*) 32.49% 34.55% 21.23% 24.92% 1.29% 1.19%




1-yrbetaequityBANKING & FINANCEPOWER FINANCE CORPORATION LTD

CAP GOODS / ENGINEERINGCUMMINS INDIA LTDCROMPTON GREAVES LTDALSTOM POWER INDIA LTD.GASGAIL (INDIA) LTDOIL EXPLORATIONCAIRN INDIA LTDSHIVVANI OIL AND GAS EXPLOARATIONOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDINDIAN OIL CORPORATION LTDOIL INDIA LTDPOWERNTPC LTDTATA POWERtotal equity

1.651.65

7.723.343.331.057.307.306.465.111.3654.42

28.8412.99

6.675.9210.378.052.3387.92

0.69

0.310.830.67

0.66

1.000.45

1.190.600.230.32

0.630.67

total money market instruments 12.08total net assets 100.00Fund Beta 0.78

fund risk profile

10,000

11,473

5,000

6,0007,0008,000

9,00010,00011,000

12,000

inception19-Mar-08

31-Oct-10

87.92%

12.08%

equity

totalmoney

marketinstruments

% total net asset


6/27

Mid Cap Fund fund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide high rate of return in the longterm through high exposure to equityinvestments in Midcap companieswhile recognizing that there issignificant probability of negativereturns in the short term. The riskappetite is 'high'



benchmark constructionNifty Midcap 50: 100%








last 2 year (CAGR*) 46.77% 56.81% 28.91% 40.63% 1.44% 1.28%




1-yrbetaequityAUTO ANCILLARYEXIDE INDUSTRIES LTD

AUTOMOBILESTATA MOTORS LTDBANKING & FINANCEANDHRA BANKSHRIRAM TRANSPORT FINANCE COMPANY LTDBANK OF BARODAINDUS IND BANKCAP GOODS / ENGINEERINGVOLTAS LTDGREAVES COTTON LTDIRB INFRASTRUCTURE DEVELOPERS LTDCUMMINS INDIA LTDPUNJ LLOYD LTDCEMENT & CEMENT PRODUCTSULTRATECH CEMENT LTDCONSTRUCTION

JAIPRAKASH ASSOCIATES LTDNAGARJUNA CONSTRUCTION CO LTDSINTEX INDUSTRIES

BALLARPUR INDUSTRIES LTDFERTILIZERSTATA CHEMICALSGUJARAT STATE FERTILIZERS & CHEMICALS LTDFMCGTATA GLOBAL BEVERAGES LTDUNITED SPIRITS LTDGASPETRONET LNG LTDHOTELSINDIAN HOTELS LTDITMPHASIS LTDMETALS

JSW STEELS LTDJINDAL STEEL AND POWER LTDTATA STEEL LTD

JINDAL SAW LTDOIL EXPLORATIONSHIVVANI OIL AND GAS EXPLOARATIONPHARMACEUTICALSAUROBINDO PHARMA LTDLUPIN LTDDIVIS LABORATORIES LTD

JUBILANT LIFE SCIENCES LTDPOWERNTPC LTDBGR ENERGY SYSTEMS LTDORIENT GREEN POWER CO LTDRETAILPANTALOON RETAIL INDIA LTDSHIPPINGGREAT EASTERN SHIPPING COMPANY LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIAtotal equity

3.453.45

2.512.518.683.782.711.181.018.503.361.681.421.170.882.362.369.421.841.623.99

1.966.174.381.795.973.332.641.721.722.822.824.264.2610.865.881.851.671.461.921.9211.283.583.162.621.914.302.061.450.791.471.472.462.462.842.8490.98

0.63

1.40

0.970.430.631.05

0.990.780.990.311.16

0.60

1.631.230.83

0.83

0.790.49

0.601.01

0.84

0.95

0.61

1.821.141.661.30

0.45

0.680.260.670.74

0.630.721.15

0.97

1.14

0.95


Fund Beta 0.90

fund risk profile

90.98%

9.02%

equity

total moneymarket

instruments

% total net asset

10,000

12,951

5,0006,000

7,0008,0009,000

10,00011,00012,00013,00014,000

inception19-Mar-08

31-Oct-10


7/27

Super Growth Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide high rate of return in the longterm through high exposure to equityinvestments, while recognizing thatthere is significant probability ofnegative returns in the short term,which will be moderated through someexposure to debt. The risk appetite ishigh

fund mangers reportThe month of October saw themarkets ending flat. The equity marketsaw some profit booking before CoalIndia IPO and fed meeting onquantitative easing. Looking at news

flows in specific sectors, the holding inequities was kept at 73.90%.

Exposures in Government Securitieshave been increased to capture thehigher yields and that of CorporateBonds have been reduced due tohardening of yield at the shorter endof the curve. Accordingly Allocations toMoney Market instruments have beenincreased. We will increase exposure togilts and corporate bonds as and whenattractive investments are available.

target asset allocationDebt: 20%Equity: 80%

benchmark constructionCRISIL ST Bond Index: 20%S&P CNX Nifty: 80%




growth of initial investment of Rs. 10,000 in AIP




last 2 year (CAGR*) 34.78% 36.88% 17.47% 22.02% 1.70% 1.45%


date of inception may, 2007

last 3 year (CAGR*) 1.52% 2.87% 24.93% 27.26% -0.14% -0.08%


M.Duration of debt portfolio: 2.42 years

YTM of debt portfolio: 8.86%Beta of equity portfolio: 0.91

fund risk profile

security % totalnetassetsrating/1-yrbeta

gilts8.24% GOI (MD 22/04/2018)8.47% NAGALAND SDL (MD 25/03/2019)total gilts

0.560.551.10

sovereignsovereignsovereign


bond/cd11.95% HDFC LTD NCD (26/11/2018)8.99% TATA SONS LTD NCD (07/06/2020)8.90% POWER GRID CORP LTD NCD STRPP C (25/2/16)8.88% LIC HOUSING FINANCE NCD (13/10/2020)8.40% ADITYA BIRLA NUVO LTD NCD (23/11/2012)9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/20208.90% POWER GRID CORP LTD NCD STRPP D (25/2/17)8.95% IRFC NCD SERIES 69 (10/03/2025)9.7% UNITED PHOS LTD (9/4/17) CALL STEP 9/4/1511.35% RECL LTD NCD (24/10/2013) P/C 24/10/20119.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/209.20% HDFC LTD NCD (09/02/2012)9.90% TATA SONS LTD NCD (20/05/2011)10% NABARD NCD SR IX (14/05/2012)9.25% POWER GRID CORPORATION NCD (09/02/2013)8.64% POWER GRID CORPN LTD NCD (08/07/2014-25)total bond/cd

1.641.401.401.391.380.700.700.570.430.280.270.140.140.090.070.4111.00

AAAAAAAAAAAAAA+AAAAAAAAAAA+AAAAA

AAAAAAAAAAAAAAA

equityAUTOMOBILESMAHINDRA & MAHINDRA LTDBAJAJ AUTO LTD NEW

MARUTI SUZUKI INDIA LTDTATA MOTORS LTDTATA MOTORS LTDBANKING & FINANCEICICI BANK LTDHDFC BANKSTATE BANK OF INDIASHRIRAM TRANSPORT FINANCE COMPANY LTDAXIS BANK LTDHOUSING DEV FIN CORPN LTDBANK OF BARODAMAX INDIA LTDCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDBHARAT HEAVY ELECTRICALS LTDVOLTAS LTDCUMMINS INDIA LTDPUNJ LLOYD LTDCEMENT & CEMENT PRODUCTSULTRATECH CEMENT LTDINDIA CEMENTS LTDCONSTRUCTIONJAIPRAKASH ASSOCIATES LTDNAGARJUNA CONSTRUCTION CO LTDCONSUMER GOODSSINTEX INDUSTRIESBALLARPUR INDUSTRIES LTDFMCGITC LTDHINDUSTAN UNILEVER LTDUNITED SPIRITS LTDGASGAIL (INDIA) LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDMPHASIS LTDMETALSTATA STEEL LTDJINDAL STEEL AND POWER LTDSTERLITE INDUSTRIES INDIA LTDOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDINDIAN OIL CORPORATION LTDOIL INDIA LTDPHARMACEUTICALSJUBILANT LIFE SCIENCES LTDDIVIS LABORATORIES LTDSUN PHARMA IND LTDCADILA HEALTHCARE LTDRANBAXY LABORATORIES LTDLUPIN LTDPOWERNTPC LTDORIENT GREEN POWER CO LTDTATA POWER

SOFTWAREFINANCIAL TECHNOLOGIES INDIATELECOMBHARTI AIRTEL LTDtotal equity

5.181.711.67

1.050.670.0718.894.963.413.141.881.881.671.630.338.124.271.481.020.960.401.081.050.021.531.220.311.201.010.195.644.040.830.780.630.637.334.961.770.604.821.931.631.2610.256.501.641.280.834.661.761.180.650.440.340.292.440.820.820.80

0.120.122.002.0073.90

1.170.610.641.401.40

1.450.831.000.431.131.030.630.72

0.930.680.990.311.16

0.601.05

1.631.23

0.830.83

0.660.491.01

0.66

0.810.820.61

1.661.141.68

1.190.600.230.32

0.740.670.430.490.840.26

0.631.150.67

0.95

0.66

10,000

12,824

5,000

6,0007,0008,0009,000

10,00011,00012,00013,00014,000

inception28-May-07

31-Oct-10

1.10%

11.00%

13.99%

73.90%

gilts

bond / cd

total money

market

instruments

equity

% total net asset


8/27

High Growth Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide, in the long-term, returnswhich are significantly higher than theinflation rate, through high exposure toequity investments, while recognizingthat there is some probability ofnegative returns in the short-term. Therisk appetite is moderate to high

fund mangers reportThe month of October saw themarkets ending flat. The equity marketsaw some profit booking before CoalIndia IPO and fed meeting on

quantitative easing. Looking at newsflows in specific sectors, the holding inequities was kept at 56.12%.







growth of initial investment of Rs.10,000 in MGP




fund risk profile

security % totalnet assets rating/1-yr beta

gilts6.72% GOI 2014 (MD 24/02/2014)8.26% GOI (MD 02/08/2027)8.30% GOI (MD 02/07/2040)8.47% JHARKHAND SDL (MD 25/03/2019)total gilts

0.141.370.680.142.33

sovereignsovereignsovereignsovereignSovereign


bond/cd11.45% RELIANCE IND LTD NCD (25/11/2013)10.70% POWER FIN CORP LTD NCD (15/07/2013)8.99% TATA SONS LTD NCD (07/06/2020)8.75% RELIANCE INDUSTRIES LTD NCD (07/05/2020)8.40% HDFC LTD NCD (08/12/2014)8% RECL LTD NCD (05/08/2014)9.7% UNITED PHOS LTD (9/4/17) CALL STEP 9/4/158.23%TATA CAP LTD NCD(MD29/07/13)PUT&RESET27/07/128.95% INFOTEL BROADBAND SERV LTD NCD (15/09/20)11.45% RELIANCE INDUSTRIES LTD NCD (25/11/2013)9.50% TATA COMMUNICATION LTD NCD (08/06/2014)10.10% POWER GRID CORPORATION (12/06/2012)9.45% RECL LTD NCD (04/04/2013)9.40% POWER FIN CORP LTD NCD (25/03/2013)

9.80% POWER FINANCE CORP 22/03/20129.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/20208.90% POWER GRID CORP LTD NCD STRPP C (25/2/16)9.90% TATA SONS LTD NCD (20/05/2011)8.90% SAIL (01/05/2019) CALL 0105148.79% IRFC NCD (04/05/2030)8.88% LIC HOUSING FINANCE NCD (13/10/2020)8.48% LIC HOUSING FINANCE NCD (27/09/2013)8.60% POWER FIN CORP LTD NCD (07/08/2014)8.68% NAT CAP REG PLAN NCD (18/8/19)P/C18/08/168.4% TATA CAPITAL LTD NCD (26/11/2012)11.35% RECL LTD NCD (24/10/2013) P/C 24/10/20119.15% NAT CAP REG PLAN NCD (MD18/02/2019)P/C1802168.90% POWER GRID CORP LTD NCD STRPP A (25/2/14)8.90% POWER GRID CORP LTD NCD STRPP G (25/2/20)7.60% ICICI BANK LTD NCD (30/12/2015)8.25% IDBI OMNI BOND SER III 26-05-20118.95% IRFC NCD SERIES 69 (10/03/2025)9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/2010.90% POWER FIN CORP LTD NCD (11/08/2013)8.64% POWER GRID CORPN LTD NCD (08/07/2014-25)total bond/cd

1.801.461.401.381.381.360.930.900.840.740.720.710.710.71

0.710.710.700.700.700.700.700.700.690.690.690.440.430.350.350.350.330.280.270.150.8326.52

AAAAAAAAAAAAAAAAAAAA+AA+AAAAAAAAAAAAAAAAAA

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA+AAAAAAAAAAAALAAAAA+AAAAAAAAAAA

equityAUTOMOBILESMAHINDRA & MAHINDRA LTDBAJAJ AUTO LTDMARUTI SUZUKI INDIA LTDTATA MOTORS LTDBANKING & FINANCEICICI BANK LTDHDFC BANKSTATE BANK OF INDIASHRIRAM TRANSPORT FINANCE COMPANY LTDAXIS BANK LTDBANK OF BARODAHOUSING DEV FIN CORPN LTDMAX INDIA LTDCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDBHARAT HEAVY ELECTRICALS LTDVOLTAS LTDCUMMINS INDIA LTDPUNJ LLOYD LTDCEMENT & CEMENT PRODUCTSULTRATECH CEMENT LTDINDIA CEMENTS LTDCONSTRUCTIONJAIPRAKASH ASSOCIATES LTDNAGARJUNA CONSTRUCTION CO LTDCONSUMER GOODSSINTEX INDUSTRIESBALLARPUR INDUSTRIES LTD

FMCGITC LTDUNITED SPIRITS LTDHINDUSTAN UNILEVER LTDGASGAIL (INDIA) LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDMPHASIS LTDMETALSTATA STEEL LTDJINDAL STEEL AND POWER LTDSTERLITE INDUSTRIES INDIA LTDOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDOIL INDIA LTDPHARMACEUTICALSJUBILANT LIFE SCIENCES LTDDIVIS LABORATORIES LTDSUN PHARMA IND LTDCADILA HEALTHCARE LTDRANBAXY LABORATORIES LTDLUPIN LTDPOWERTATA POWERORIENT GREEN POWER CO LTDNTPC LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIA

TELECOMBHARTI AIRTEL LTDtotal equity

3.951.431.150.790.5714.683.832.532.501.481.451.341.290.266.373.271.170.810.810.310.870.850.021.210.970.240.930.790.14

4.413.140.790.480.620.625.873.791.610.463.651.411.300.946.874.981.240.653.881.660.920.490.330.260.231.210.600.540.060.100.101.501.5056.12

1.170.610.641.40

1.450.831.000.431.130.631.030.72

0.930.680.990.311.16

0.601.05

1.631.23

0.830.83

0.661.010.49

0.66

0.810.820.61

1.661.141.68

1.190.600.32

0.740.670.430.490.840.26

0.671.150.63

0.95

0.66




last 2 year (CAGR*) 28.98% 29.40% 13.14% 16.60% 1.82% 1.47%

last 3 year (CAGR*) 4.05% 4.61% 18.97% 20.53% -0.05% -0.02%

since inception (CAGR*) 11.73% 11.64% 18.34% 19.79% 0.37% 0.34%date of inception march, 2007

2.33%

15.04%

26.52%

56.12%

gilts

total moneymarket instruments

bond / cd

equity

% total net asset

10,000

14,340

1,0003,000

5,000

7,000

9,000

11,000

13,000

15,000

17,000

inception01-Mar-07

31-Oct-10


9/27

Growth Plus Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide, in the long-term, returnswhich are significantly higher than theinflation rate, through high exposure toequity investments, while recognizingthat there is some probability ofnegative returns in the short-term. Therisk appetite is moderate to high.

fund mangers reportThe month of October saw themarkets ending flat. The equity marketsaw some profit booking before CoalIndia IPO and fed meeting onquantitative easing. Looking at newsflows in specific sectors, the holding in

equities was kept at 45.63%.

Exposures in Government Securitieshave been increased to capture thehigher yields and that of CorporateBonds have been reduced due tohardening of yield at the shorter endof the curve. Accordingly Allocations toMoney Market instruments have beendecreased. We will increase exposureto gilts and corporate bonds as andwhen attractive investments areavailable .






growth of initial investment of Rs.10,000 in MGP




fund risk profile


gilts8.26% GOI (MD 02/08/2027)8.30% GOI (MD 02/07/2040)6.72% GOI 2014 (MD 24/02/2014)

8.32% GOI (MD 02/08/2032)total gilts

5.090.840.84

0.427.20

sovereignsovereignsovereignsovereign

sovereign


bond/cd10.90% RECL LTD NCD (MD 14/08/2013)

12%TATA CAPITAL LTD NCD (MD 05/03/2014) P/C 05031210.60% IRFC NCD (MD 11/09/2018)9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/20209.05% CANARA BANK PERP NCD CALL/STEP-UP 03/08/20208.99% TATA SONS LTD NCD (MD 07/06/2020)8.79% IRFC NCD (MD 04/05/2030)8.23%TATA CAP LTD NCD(MD29/07/13)PUT&RESET27/07/1211.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013)11.45% RELIANCE IND LTD NCD (MD 25/11/2013)9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/159.90% TATA SONS LTD NCD (MD 20/05/2011)8.90% POWER GRID CORP LTD NCD STRPP F (MD 25/2/19)9.07% RECL (MD 28/02/2018)8.40% ADITYA BIRLA NUVO LTD NCD (MD 23/11/2012)9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/209.20% HDFC LTD NCD (MD 09/02/2012)7.60% ICICI BANK LTD NCD (MD 30/12/2015)10% NABARD NCD SR IX (MD 14/05/2012)10.10% POWER GRID CORPORATION (12/06/2011)total bond/cd

4.092.692.392.182.182.172.162.141.621.161.111.081.080.870.860.410.220.170.090.0528.71

AAA

LAA+AAAAAAAAAAAAAAAAA+AAAAAAAA+AAAAAAAAAAA+AA

AAALAAAAAAAAA

equityAUTOMOBILESMAHINDRA & MAHINDRA LTDBAJAJ AUTO LTD

MARUTI SUZUKI INDIA LTDTATA MOTORS LTD DVR SHARESTATA MOTORS LTDBANKING & FINANCEICICI BANK LTDHDFC BANKSTATE BANK OF INDIASHRIRAM TRANSPORT FINANCE COMPANY LTDAXIS BANK LTD

HOUSING DEV FIN CORPN LTDBANK OF BARODAMAX INDIA LTDCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTD

BHARAT HEAVY ELECTRICALS LTDVOLTAS LTDCUMMINS INDIA LTDPUNJ LLOYD LTDCEMENT & CEMENT PRODUCTSULTRATECH CEMENT LTDINDIA CEMENTS LTDCONSTRUCTIONJAIPRAKASH ASSOCIATES LTDNAGARJUNA CONSTRUCTION CO LTDCONSUMER GOODSSINTEX INDUSTRIES

BALLARPUR INDUSTRIES LTDFMCGITC LTDHINDUSTAN UNILEVER LTDUNITED SPIRITS LTDGASGAIL (INDIA) LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDMPHASIS LTDMETALSTATA STEEL LTDJINDAL STEEL AND POWER LTDSTERLITE INDUSTRIES INDIA LTDOIL REFINERIESRELIANCE INDUSTRIES LTDINDIAN OIL CORPORATION LTDONGC CORPORATION LTDOIL INDIA LTDPHARMACEUTICALSJUBILANT LIFE SCIENCES LTDDIVIS LABORATORIES LTDSUN PHARMA IND LTDCADILA HEALTHCARE LTDRANBAXY LABORATORIES LTD

LUPIN LTDPOWERTATA POWERNTPC LTDORIENT GREEN POWER CO LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIATELECOMBHARTI AIRTEL LTDtotal equity

3.191.081.01

0.620.410.0611.212.991.951.861.141.11

0.980.970.204.862.54

0.880.650.550.240.640.630.010.920.730.190.760.64

0.123.402.430.490.470.470.474.702.971.380.362.951.170.970.817.214.740.980.980.502.761.050.690.370.270.21

0.171.330.480.440.410.070.071.161.1645.63

1.170.61

0.641.401.40

1.450.831.000.431.13

1.030.630.72

0.93

0.680.990.311.16

0.601.05

1.631.23

0.83

0.83

0.660.491.01

0.66

0.810.820.61

1.661.141.68

1.190.230.600.32

0.740.670.430.490.84

0.26

0.670.631.15

0.95

0.66




last 2 year (CAGR*) 25.99% 25.69% 11.24% 13.90% 1.87% 1.49%

last 3 year (CAGR*) 4.85% 5.31% 15.96% 17.17% -0.01% 0.02%since inception (CAGR*) 11.19% 11.19% 15.38% 16.57% 0.40% 0.37%


10,000

14,096

1,000

3,000

5,000

7,000

9,000

11,000

13,000

15,000

inception01-Mar-07

31-Oct-10

45.63%

28.71%

18.46%

7.20%

equity

bond / cd

total money

market instruments

gilts

% total net asset


10/27

Growth Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveThe investment objective of the fund is toprovide investment returns that exceed therate of inflation in the long-term whilemaintaining moderate probability of negativereturns in the short-term. The risk appetite isdefined as moderate.

fund mangers reportThe month of October saw themarkets ending flat. The equity marketsaw some profit booking before CoalIndia IPO and fed meeting onquantitative easing. Looking at news

flows in specific sectors, the holding inequities was kept at 36.90%.







growth of initial investment of Rs.10,000 in MRP




fund risk profile


gilts8.26% GOI (MD 02/08/2027)7.02% GOI (MD 17/08/2016)7.80% GOI (MD 03/05/2020).7.46% GOI 2017 (M/D. 28/8/2017)

8.35% GOI 2022 (M/D. 14.05.2022)total gilts

2.091.770.520.52

0.014.91

sovereignsovereignsovereignsovereignsovereign

sovereign


bond/cd8.97% TATA SONS LTD NCD (MD 15/07/2020)8.79% IRFC NCD (MD 04/05/2030)11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013)8.95% INFOTEL BROADBAND SERV LTD NCD (MD 15/09/20)8.25% IDBI OMNI BOND SER III 26-05-201111.95% HDFC LTD NCD (MD 26/11/2018)9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/159.70% LIC HOUSING FINANCE LTD NCD (MD 07/04/2013)9.25% HDFC LTD. NCD (MD 24/11/2016)9.40% POWER FIN CORP LTD NCD (MD 25/03/2013)9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/202010.35% HDFC LTD NCD (MD 16/05/2017)9.05% CANARA BANK PERP NCD CALL/STEP-UP 03/08/20208.99% TATA SONS LTD NCD (MD 07/06/2020)8.80% SAIL NCD (MD 22/06/2019)8.4% TATA CAPITAL LTD NCD (MD 26/11/2012)8.23% SUNDARAM FINANCE LTD NCD (MD 27/07/2012)8.20% IRFC NCD (MD 27/04/2016)8% RECL LTD NCD (MD 05/08/2014)11.45% RELIANCE IND LTD NCD (MD 25/11/2013)11.40% POWER FIN CORP LTD NCD (MD 28/11/2013)9.80% TATA STEEL LTD NCD (MD 07/05/2011)8.90% POWER GRID CORP LTD NCD STRPP E (MD 25/2/18)8.65% L&T LTD PART PD NCD(MD 26/5/20)CALL 26/5/119.50% NABARD NPS BONDS SR IX I (MD 15/10/2012)9.90% TATA SONS LTD NCD (MD 20/05/2011)8.95% IRFC NCD SERIES 69 (MD 10/03/2025)9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/20total bond/cd

4.014.004.001.601.591.571.361.361.361.351.351.341.341.341.331.321.321.311.300.860.860.800.670.660.570.530.270.2539.59

AAAAAAAAAAA+AAAAA+

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LAA+AAAAAAAAAAAAAA

AAAAAAAAAAAAAAAAA

equityAUTOMOBILESMAHINDRA & MAHINDRA LTDTATA MOTORS LTDMARUTI SUZUKI INDIA LTDBAJAJ AUTO LTDBANKING & FINANCEICICI BANK LTDSTATE BANK OF INDIAPOWER FINANCE CORPORATION LTDSHRIRAM TRANSPORT FINANCE COMPANY LTDAXIS BANK LTDBANK OF BARODAHOUSING DEV FIN CORPN LTDMAX INDIA LTDHDFC BANKCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDCROMPTON GREAVES LTDCUMMINS INDIA LTDVOLTAS LTDBHARAT HEAVY ELECTRICALS LTDCEMENT & CEMENT PRODUCTSULTRATECH CEMENT LTDINDIA CEMENTS LTD

CONSTRUCTIONNAGARJUNA CONSTRUCTION CO LTDBALLARPUR INDUSTRIES LTDSINTEX INDUSTRIESFERTILIZERSGUJARAT STATE FERTILIZERS & CHEMICALS LTDTATA CHEMICALSFMCGITC LTDUNITED SPIRITS LTDASIAN PAINTS LTD.GASGAIL (INDIA) LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDMETALSSTERLITE INDUSTRIES INDIA LTDTATA STEEL LTDOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDPHARMACEUTICALSJUBILANT LIFE SCIENCES LTDLUPIN LTDDIVIS LABORATORIES LTDCADILA HEALTHCARE LTDRANBAXY LABORATORIES LTD

POWERPTC INDIA LTDORIENT GREEN POWER CO LTDRETAILPANTALOON RETAIL INDIA LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIATELECOMBHARTI AIRTEL LTDtotal equity

1.380.490.400.320.1810.452.891.661.451.221.130.970.670.340.125.052.200.930.780.600.541.150.600.55

0.420.330.090.000.950.480.461.780.830.710.240.590.593.782.840.941.660.900.754.003.440.562.801.170.930.320.220.17

0.650.330.320.500.500.580.581.181.1836.90

1.171.400.640.61

1.451.000.690.431.130.631.030.720.83

0.930.830.310.990.68

0.601.05

1.230.830.83

0.490.79

0.661.010.31

0.66

0.810.82

1.681.66

1.190.60

0.740.260.670.490.84

0.881.15

0.97

0.95

0.66




last 2 year (CAGR*) 22.50% 21.99% 9.17% 11.22% 1.91% 1.51%

last 3 year (CAGR*) 5.45% 5.89% 13.21% 13.82% 0.03% 0.06%

last 4 year (CAGR*) 9.80% 10.60% 12.41% 13.02% 0.39% 0.43%

last 5 year (CAGR*) 12.76% 13.25% 11.84% 12.26% 0.66% 0.67%


date of inception august, 2004

39.59%

36.90%

18.60%

4.91%

bond / cd

equity

total moneymarket

instruments

gilts

% total net asset

10,000

19,532

5,0007,0009,000

11,00013,00015,00017,00019,00021,000

inception09-Aug-04

31-Oct-10


11/27

Balanced Fundfund performance As on Oct 31, 2010

low low to

moderate

moderate moderate

to high

high

fund objectiveThe investment objective of the fund isto provide investment returns thatexceed the rate of inflation in the long-term while maintaining a low prob-ability of negative returns in the short-term. The risk appetite is defined aslow to moderate.

fund mangers reportThe month of October saw themarkets ending flat. The market sawsome profit booking before Coal IndiaIPO and fed meeting on quantitativeeasing. Looking at news flows inspecific sectors, the holding in equitieswas kept at 18.42%.

Exposures in Government Securitieshave been increased to capture thehigher yields and that of CorporateBonds have been reduced due tohardening of yield at the shorter endof the curve. Accordingly Allocations toMoney Market instruments have beendecreased. We will increase exposureto gilts and corporate bonds as andwhen attractive investments areavailable.

target asset allocationDebt.: 80%Equity: 20%









last 2 year (CAGR*) 16.18% 14.69% 5.55% 6.01% 2.02% 1.61%

last 3 year (CAGR*) 7.41% 6.70% 7.22% 7.21% 0.33% 0.24%

last 4 year (CAGR*) 9.50% 9.07% 6.85% 6.86% 0.66% 0.56%

last 5 year (CAGR*) 10.63% 10.12% 6.48% 6.41% 0.87% 0.80%since inception (CAGR*) 11.03% 9.83% 5.65% 5.73% 1.07% 0.84%

date of inception february, 2003


rating/1-yrbeta

gilts7.80% GOI (MD 03/05/2020).8.30% GOI (MD 02/07/2040)8.13% GOI (MD 21/09/2022)8.26% GOI (MD 02/08/2027)7.02% GOI (MD 17/08/2016)7.46% GOI 2017 (M/D. 28/8/2017)6.72% GOI 2014 (MD 24/02/2014)8.24% GOI (MD 22/04/2018)total gilts

5.611.761.201.180.910.580.230.2011.68

sovereignsovereignsovereignsovereignsovereignsovereignsovereignsovereignsovereign


bond/cd88.97% TATA SONS LTD NCD (MD 15/07/2020)11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013)9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/158.99% TATA SONS LTD NCD (MD 07/06/2020)8.95% INFOTEL BROADBAND SERV LTD NCD (MD 15/09/20)11.45% RELIANCE IND LTD NCD (MD 25/11/2013)11.40% POWER FIN CORP LTD NCD (MD 28/11/2013)9.05% CANARA BANK PERP NCD CALL/STEP-UP 03/08/20208.70% BAJAJ AUTO FINANCE LTD NCD (MD 22/07/2015)8.75% RELIANCE INDUSTRIES LTD NCD (MD 07/05/2020)8.42% SHREE CEMENT LTD NCD (MD 22/07/2015)9.90% TATA SONS LTD NCD (MD 20/05/2011)8% RECL LTD NCD (MD 05/08/2014)

11.25% POWER FIN CORP LTD NCD (MD 28/11/2018)11.10% POWER FIN CORP LTD NCD (MD 15/09/2013).8.40% HDFC LTD NCD (MD 08/12/2014)9.35% LIC HO FI LTD NCD (MD 23/11/2014) P/C 23111210% NABARD NCD SR IX (MD 14/05/2012)11.50% RECL LTD NCD (MD 26/11/2013)10.90% RECL LTD NCD (MD 14/08/2013)10.05% NABARD (MD 11/06/2014)10.20% SUNDRAM FINANCE LTD NCD (MD 29/05/2013)9.50% TATA COMMUNICATION LTD NCD (MD 08/06/2014)9.80% POWER FINANCE CORP 22/03/20129.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/20209.20% POWER GRID CORP STRIP A NCD (MD 12/03/2013)8.95% HDFC LTD NCD (MD 19/10/2020)8.90% SAIL (MD 01/05/2019) CALL 0105148.79% IRFC NCD (MD 04/05/2030)8.88% LIC HOUSING FINANCE NCD (MD 13/10/2020)8.88% IDFC LTD NCD 07/01/2011)8.80% SAIL NCD (MD 22/06/2019)8.48% LIC HOUSING FINANCE NCD (MD 27/09/2013)8.68% NAT CAP REG PLAN NCD (MD 18/8/19)P/C18/08/168.40% ADITYA BIRLA NUVO LTD NCD (MD 23/11/2012)8.4% TATA CAPITAL LTD NCD (MD 26/11/2012)8.23% SUNDARAM FINANCE LTD NCD (MD 27/07/2012)10.10% POWER GRID CORPORATION (12/06/2011)9.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/209.30% POWER FIN CORP LTD NCD (MD 12/03/2013)12%TATA CAPITAL LTD NCD (MD 05/03/2014) P/C 0503128.2% NATIONAL HSG BANK NCD (MD 30/08/13)9.34% STATE BANK OF TRAVAN NCD PERP CALL 31/10/168.23%TATA CAP LTD NCD(MD29/07/13)PUT&RESET27/07/1211.15% HDFC LTD NCD (MD 06/08/2018)9.50% NABARD NPS BONDS SR IX I (MD 15/10/2012)9.20% HDFC LTD NCD (MD 09/02/2012)8.40% L & T FINANCE LTD NCD (MD 08/03/2013)8.90% POWER GRID CORP LTD NCD STRPP H (MD 25/2/21)

8.65% L&T LTD PART PD NCD(MD 26/5/20)CALL 26/5/119.33% POWER GRID CORP LTD NCD (MD 15/12/2013)10.60% IRFC NCD (MD 11/09/2018)9.80% TATA STEEL LTD NCD (MD 07/05/2011)10.35% HDFC LTD SR E006 NCD (MD 06/06/2017)11.35% RECL LTD NCD (MD 24/10/2013) P/C 24/10/2011total bond/cd

3.612.702.582.412.412.251.931.821.781.641.401.201.17

1.090.970.850.730.720.640.630.620.620.610.610.610.610.600.600.600.600.600.600.600.600.600.600.590.590.570.550.500.470.440.420.400.370.360.310.30

0.300.240.130.120.120.0549.02

AAAAAAAA+AAAAAAAAAAAAAAA

LAA+AAAAA+AAAAAA

AAAAAAAAAAAAAAAAAAAAAAAAAA+AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA+AA+

LAA+AAAAA

AAALAA+AAAAAAAA+AAAAAAAAAAA+AAAAAAAAAAAAAA

AAAAAA

equityAUTOMOBILESMAHINDRA & MAHINDRA LTDTATA MOTORS LTDMARUTI SUZUKI INDIA LTDBAJAJ AUTO LTDBANKING & FINANCEICICI BANK LTDSTATE BANK OF INDIAPOWER FINANCE CORPORATION LTDSHRIRAM TRANSPORT FINANCE COMPANY LTDAXIS BANK LTDBANK OF BARODAHOUSING DEV FIN CORPN LTDMAX INDIA LTD

HDFC BANKCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDCROMPTON GREAVES LTDCUMMINS INDIA LTDVOLTAS LTDBHARAT HEAVY ELECTRICALS LTDPUNJ LLOYD LTDCEMENT & CEMENT PRODUCTSULTRATECH CEMENT LTDINDIA CEMENTS LTDCONSTRUCTIONNAGARJUNA CONSTRUCTION CO LTDCONSUMER GOODSSINTEX INDUSTRIESBALLARPUR INDUSTRIES LTDFERTILIZERSGUJARAT STATE FERTILIZERS & CHEMICALS LTDTATA CHEMICALSFMCGITC LTDUNITED SPIRITS LTDASIAN PAINTS LTD.GASGAIL (INDIA) LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDMETALSSTERLITE INDUSTRIES INDIA LTDTATA STEEL LTDOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDPHARMACEUTICALS

JUBILANT LIFE SCIENCES LTD

LUPIN LTDCADILA HEALTHCARE LTDRANBAXY LABORATORIES LTDPOWERPTC INDIA LTDORIENT GREEN POWER CO LTDRETAILPANTALOON RETAIL INDIA LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIATELECOMBHARTI AIRTEL LTDtotal equity

0.660.230.190.150.094.911.360.810.580.550.540.460.320.16

0.122.621.050.450.380.280.250.200.580.320.260.170.170.220.170.050.630.400.220.850.400.340.110.280.281.781.330.450.800.430.371.911.630.281.170.56

0.420.110.080.360.190.170.680.680.260.260.560.5618.42

0.270.270.100.05

1.980.810.400.240.610.290.330.12

0.100.970.380.120.280.170.23

0.200.27

0.20

0.140.04

0.200.18

0.260.340.03

0.19

1.070.36

0.720.61

1.930.17

0.41

0.110.050.07

0.170.19

0.66

0.25

0.37

M.Duration of debt portfolio: 3.56 yearsYTM of debt portfolio: 8.55%Fund Beta: 0.92

fund risk profile

10,000

17,183

5,000

7,000

9,000

11,000

13,000

15,000

17,000

19,000

inception9-Aug-2004

31-Oct-10

11.68%

18.42%

20.89%

49.02%

gilts

equity

total moneymarket

instruments

bond / cd

% total net asset


12/27

Corporate Bond Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide returns that exceed theinflation rate, while taking some creditrisk (through investments in corporatedebt instruments) and maintaining amoderate probability of negative returnin the short-term. The risk appetite islow to moderate.

fund mangers reportExposures in Government Securitieshave been increased to capture thehigher yields and that of CorporateBonds have been reduced due tohardening of yield at the shorter endof the curve. Accordingly Allocations toMoney Market instruments have beenincreased. We will increase exposure togilts and corporate bonds as and whenattractive investments are available.

target asset allocationBond Instruments: 100%

benchmark constructionCRISIL Composite Bond Index: 100%








last 2 year (CAGR*) 11.43% 7.56% 4.02% 4.83% 1.60% 0.53%



last 3 year (CAGR*) 9.31% 6.02% 3.48% 4.22% 1.24% 0.24%

M.Duration of debt portfolio: 3.12 yearsYTM of debt portfolio: 8.74%

fund risk profile


rating/1-yrbetabond/cd8.75% RELIANCE INDUSTRIES LTD NCD (MD 07/05/2020)11.10% POWER FIN CORP LTD NCD (MD 15/09/2013).8.80% SAIL NCD (MD 22/06/2019)12%TATA CAPITAL LTD NCD (MD 05/03/2014) P/C 050312

2% TATA MOTORS LTD NCD (MD 31/03/2014)2% INDIAN HOTELS COMPANY LTD NCD (MD 09/12/2014)9.05% CANARA BANK PERP NCD CALL/STEP-UP 03/08/20208.95% INFOTEL BROADBAND SERV LTD NCD (MD 15/09/20)8.40% L & T FINANCE LTD NCD (MD 08/03/2013)8.40% ADITYA BIRLA NUVO LTD NCD (MD 23/11/2012)10.90% RECL LTD NCD (MD 14/08/2013)8.23% SUNDARAM FINANCE LTD NCD (MD 27/07/2012)11.25% POWER FIN CORP LTD NCD (MD 28/11/2018)11.50% RECL LTD NCD (MD 26/11/2013)9.70% LIC HOUSING FINANCE LTD NCD (MD 07/04/2013)9.50% HDFC LTD NCD (MD 27/02/2013)10% NABARD NCD SR IX (MD 14/05/2012)9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/20208.99% TATA SONS LTD NCD (MD 07/06/2020)8.90% SAIL (MD 01/05/2019) CALL 0105149.50% NABARD NPS BONDS SR IX I (MD 15/10/2012)8.60% POWER FIN CORP LTD NCD (MD 07/08/2014)8.68% NAT CAP REG PLAN NCD (MD 18/8/19)P/C18/08/168% RECL LTD NCD (MD 05/08/2014)9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/159.33% POWER GRID CORP LTD NCD (MD 15/12/2013)8.2% NATIONAL HSG BANK NCD (MD 30/08/13)

11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013)8.90% POWER GRID CORP LTD NCD STRPP C (MD 25/2/16)9.35% LIC HO FI LTD NCD (MD 23/11/2014) P/C 2311129.32% HDFC LTD NCD (MD 17/12/2012)8.97% TATA SONS LTD NCD (MD 15/07/2020)9.47% POWER GRID CORPORATION NCD (MD 31/03/2013)9.20% HDFC LTD NCD (MD 09/02/2012)9.80% TATA STEEL LTD NCD (MD 07/05/2011)11.30% ACC LTD NCD (MD 10/12/2013)9.30% POWER FIN CORP LTD NCD (MD 12/03/2013)10.48% SAMRUDDHI CEMENTS LTD NCD (MD 16/12/2013)11.35% RECL LTD NCD (MD 24/10/2013) P/C 24/10/2011total bond/cd

6.786.504.093.69

2.972.952.762.752.722.722.482.441.561.471.401.391.391.391.381.371.361.361.361.341.120.840.81

0.760.690.560.550.550.280.280.270.150.140.090.0470.03

AAAAAAAAALAA+

AAALAA+AAAAAAAA+AA+AAALAA+AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA+AAAAAA

AAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

gilts8.26% GOI (MD 02/08/2027)7.80% GOI (MD 03/05/2020).7.46% GOI 2017 (M/D. 28/8/2017)7.35% GOI (MD 22/06/2024)total gilts

2.692.671.331.267.94

Sovereignsovereignsovereignsovereignsovereign


70.03%

22.03%

7.94%

bond / cd

total moneymarket

instruments

gilts

% total net asset

10,000

13,271

5,0006,0007,0008,000

9,00010,00011,00012,00013,00014,000

inception28-May-07

31-Oct-10


13/27

Pure Debt Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide steady investment returns achievedthrough 100% investment in debt securities,while maintaining moderate probability ofnegative returns in the short-term. The riskappetite is defined as moderate.

fund mangers reportExposures in Government Securitieshave been increased to capture thehigher yields and that of CorporateBonds have been reduced due tohardening of yield at the shorter endof the curve. Accordingly Allocations toMoney Market instruments have beendecreased. We will increase exposureto gilts and corporate bonds as andwhen attractive investments are

available.

target asset allocationDebt Instruments: 100%

benchmark constructionCRISIL Composite Bond Index: 100%








last 2 year (CAGR*) 10.97% 7.56% 3.77% 4.83% 1.58% 0.53%

last 3 year (CAGR*) 9.17% 6.02% 3.28% 4.22% 1.27% 0.24%since inception (CAGR*) 9.26% 6.53% 3.04% 4.03% 1.40% 0.38%

date of inception april, 2007


rating/1-yr betabond/cd10.90% RECL LTD NCD (MD 14/08/2013)11.45% RELIANCE INDUSTRIES LTD NCD (MD 25/11/2013)

2% TATA MOTORS LTD NCD (MD 31/03/2014)2% INDIAN HOTELS COMPANY LTD NCD (MD 09/12/2014)10.90% RECL LTD NCD (MD 30/09/2013)9.70% LIC HOUSING FINANCE LTD NCD (MD 07/04/2013)8.40% L & T FINANCE LTD NCD (MD 08/03/2013)8.40% HDFC LTD NCD (MD 08/12/2014)11.25% POWER FIN CORP LTD NCD (MD 28/11/2018)10.60% IRFC NCD (MD 11/09/2018)9.7% UNITED PHOS LTD (MD 9/4/17) CALL STEP 9/4/1511.45% RELIANCE IND LTD NCD (MD 25/11/2013)8.98% NAT CAP REG PLAN NCD (14/02/18)P/C14/02/158.95% INFOTEL BROADBAND SERV LTD NCD (MD 15/09/20)8.90% SAIL (MD 01/05/2019) CALL 0105149.25% IDBI BANK LTD PERP NCD CALL/STEP-UP 29/01/208.97% TATA SONS LTD NCD (MD 15/07/2020)8.40% ADITYA BIRLA NUVO LTD NCD (MD 23/11/2012)9.05% SBI PERPETUAL NCD CALL/STEP-UP 27/01/20208.90% POWER GRID CORP LTD NCD STRPP B (MD 25/2/15)12%TATA CAPITAL LTD NCD (MD 05/03/2014) P/C 05031210% NABARD NCD SR IX (MD 14/05/2012)total bond/cd

5.084.76

4.214.184.113.973.873.843.092.592.192.091.971.951.951.851.171.160.980.980.810.4057.17

AAAAAA

AAALAA+AAAAAAAA+AAAAAAAAAAA+AAAAAAAAAAAAAAAAAAA+AAAAAALAA+AAA

gilts7.02% GOI (MD 17/08/2016)7.80% GOI (MD 03/05/2020).7.46% GOI 2017 (M/D. 28/8/2017)8.32% GOI (MD 02/08/2032)8.26% GOI (MD 02/08/2027)8.28% GOI (MD 15/02/2032)total gilts

5.563.793.771.911.911.9118.84

sovereignsovereignsovereignsovereignsovereignsovereignsovereign


fund risk profile

M.Duration of debt portfolio: 3.25 yearsYTM of debt portfolio: 8.80%

10,000

13,186

5,000

7,000

9,000

11,000

13,000

15,000

inception9-Aug-07

31-Oct-10

57.17%

23.99%

18.84%

bond / cd

total moneymarket

instruments

gilts

% total net asset


14/27

Gilt Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveProvide returns that exceed theinflation rate, without taking any creditrisk (sovereign risk only) andmaintaining a low probability of nega-tive return in the short- term. The riskappetite is low to moderate.

fund mangers reportExposures in Government Securitieshave been increased to capture thehigher yields Accordingly Allocations toMoney Market instruments have beendecreased. We will increase exposureto gilts as and when attractive invest-ments are available .target asset allocationGovernment Securities: 100%

benchmark constructionI-Sec Composite Sovereign Bond Index:100%








last 2 year (CAGR*) 5.43% 6.65% 3.50% 11.00% 0.21% 0.15%



last 3 year (CAGR*) 6.06% 8.29% 3.31% 10.57% 0.32% 0.31%


rating/1-yr betagilts8.28% GOI (MD 15/02/2032)

8.13% GOI (MD 21/09/2022)7.80% GOI (MD 03/05/2020).6.49% GOI (MD 08/06/2015)8.26% GOI (MD 02/08/2027)8.30% GOI (MD 02/07/2040)7.02% GOI (MD 17/08/2016)8.24% GOI (MD 15/02/2027)7.49% GOI 2017 (M/D. 16.04.2017)8.39% GOI UTTAR PRADESH SDL (22/09/2020)9.85% GOI 2015 (M/D. 16.10.2015)total gilts

14.85

11.3311.0610.697.437.407.213.713.663.190.0280.54

sovereignsovereign

sovereignsovereignsovereignsovereignsovereignsovereignsovereignsovereignsovereignsovereign


fund risk profile


YTM of debt portfolio: 8.44%

80.54%

19.46%

gilt

total moneymarket

instruments

% total net asset

10,000

11,798

5,000

6,000

7,000

8,000

9,000

10,000

11,000

12,000

inception28-May-07

31-Oct-10


15/27

Guaranteed Bond Fund Ifund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveTo achieve predictable investment return.This will be achieved through 100% invest-ments in debt securities where returns arelocked in through portfolio immunizationtechniques and use of rigorous Asset LiabilityManagement (ALM). The risk appetite is 'lowto moderate'.

fund mangers reportThe allocation to gilts was increased tothe portfolio is maintained to deliverguaranteed returns

target asset allocationDebt Instruments: 100%




growth of initial investment of Rs.10,000 in GRP-I



benchmarksharperatiolast 1 year 8.33% NA 2.17% NA 1.53% NA

since inception (CAGR*) 12.58% NA 3.65% NA 2.08% NA

date of inception december, 2008

portfolio As on Oct 31, 2010security % totalnet assets rating/1-yr betabond/cd9.15% NCRP NCD (18/02/2019)P/C18021611% POWER FIN CORPOARTION LTD NCD (15/09/2018)2% TATA MOTORS LTD NCD (MD 31/03/2014)

11.45% RELIANCE INDUSTRIES LTD NCD (25/11/2013)9.50% TATA COMMUNICATION LTD NCD (08/06/2014)10.48% SAMRUDDHI CEMENTS LTD NCD (16/12/2013)11.30% ACC LTD NCD (MD 10/12/2013)10.35% HDFC LTD SR E006 NCD (MD 06/06/2017)11.35% RECL LTD NCD (24/10/2013) P/C 24/10/201110.60% IRFC NCD (MD 11/09/2018)9.07% RECL (MD 28/02/2018)11.15% HDFC LTD NCD (MD 06/08/2018)total bond/cd

8.546.726.49

5.925.925.905.795.294.114.003.652.8465.17

AAAAAAAAA

AAAAAAAAAAAAAAAAAAAAAAAAAAA


fund risk profile



10,000

12,288

5,000

7,000

9,000

11,000

13,000

inception12-Dec-08

31-Oct-10

65.17%

34.83%

bond/cd

total moneymarket

instruments

% total net asset


16/27

Money Market Fundfund performance As on Oct 31, 2010

low low tomoderate


high

fund objectiveTo achieve predictable investmentreturn. This will be achieved through100% investments in debt securitieswhere returns are locked in throughportfolio immunization techniques anduse of rigorous Asset LiabilityManagement (ALM). The risk appetiteis 'low to moderate'.

fund mangers reportPresently the investments of this fundare entirely in Certificate of deposits,Commercial Paper and Fixed Depositsi.e. at 100% of the portfolio.target asset allocationMoney Market Instruments : 100%

benchmark constructionCRISIL Liquid Bond Index: 100%




growth of initial investment of Rs.10,000 in AIP



benchmarksharperatiolast 1 year 7.15% 4.33% 0.09% 0.36% 23.34% -1.86%

last 2 year (CAGR*) 8.63% 5.27% 0.52% 0.78% 6.95% 0.35%



last 3 year (CAGR*) 8.92% 6.08% 0.46% 0.75% 8.57% 1.45%

portfolio As on Oct 31, 2010security % totalnet assets rating/1-yr betaother money market Instrument 100.00total net assets 100.00

fund risk profile

YTM of debt portfolio: 7.82 %

100%

total moneymarket

instruments

% total net asset

10,000

12,896

3,000

5,000

7,000

9,000

11,000

13,000

inception28-May-07

31-Oct-10


17/27

Capital Secure Fundfund performance As on Oct 31, 2010

fund objectiveMaintain the capital value of allcontributions (net of charges) and allinterest additions, at all times. The riskappetite is extremely low.

fund mangers reportThe allocation to CDs and CPs andbank fixed deposits was maintained at100% to take advantage of highyields in these instruments.

target asset allocationMoney Market Instruments : 100%

benchmark constructionYield on 182-day T.Bills : 100%




growth of initial investment of Rs.10,000 in



benchmarksharperatiolast 1 year 6.75% 4.98% 0.14% 0.27% 12.77% -0.06%


date of inception february, 2003

last 2 year (CAGR*) 8.08% 4.98% 0.50% 0.37% 6.15% -0.05%

last 3 year (CAGR*) 8.43% 6.05% 0.52% 0.53% 6.54% 1.97%last 4 year (CAGR*) 8.56% 6.42% 0.48% 0.50% 7.40% 2.84%

last 5 year (CAGR*) 8.11% 6.47% 0.50% 0.45% 6.25% 3.27%

portfolio As on Oct 31, 2010security % totalnet assets rating/1-yr betaother money market Instrument 100.00total net assets 100.00

fund risk profile


low low to

moderate

moderate moderate

to high

high

10,000

14,398

5,000

7,000

9,000

11,000

13,000

15,000

inception10-Feb-08

31-Oct-10

100%

total moneymarket

instruments

% total net asset


18/27

Equity Plus Fundfund performance As on Oct 31, 2010

fund objectiveProvide high real rate of return in thelong term through high exposure toequity investments, while recognizingthat there is significant probability ofnegative returns in the short term. Therisk appetite is high.

fund mangers reportThe month of October saw themarkets ending flat. The equity marketsaw some profit booking before CoalIndia IPO and fed meeting onquantitative easing. Looking at newsflows in specific sectors, the holding inequities was kept at 93.11%. .

target asset allocationEquity Plus : 100%






benchmarksharperatiolast 1 year fund has not completed a period of one year since inceptiondate of inception january, 2010

portfolio As on Oct 31, 2010security % totalnet assets rating/1-yr beta


equityAUTO ANCILLARYEXIDE INDUSTRIES LTDAUTOMOBILESMAHINDRA & MAHINDRA LTDMARUTI SUZUKI INDIA LTDBAJAJ AUTO LTDBANKING & FINANCEICICI BANK LTDSTATE BANK OF INDIAHDFC BANKAXIS BANK LTDBANK OF BARODAHOUSING DEV FIN CORPN LTDPOWER FINANCE CORPORATION LTDINDUS IND BANKCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDCUMMINS INDIA LTDBHARAT HEAVY ELECTRICALS LTDTRIVENI ENGINEERING & IND. LTDCROMPTON GREAVES LTDCEMENT & CEMENT PRODUCTSULTRATECH CEMENT LTDGRASIM INDUSTRIES LTD

CONSTRUCTIONNAGARJUNA CONSTRUCTION CO LTD

JAIPRAKASH ASSOCIATES LTDCONSUMER GOODSBALLARPUR INDUSTRIES LTDFERTILIZERSGUJARAT STATE FERTILIZERS & CHEMICALS LTDFMCGITC LTDASIAN PAINTS LTD.HINDUSTAN UNILEVER LTDUNITED SPIRITS LTDTATA GLOBAL BEVERAGES LTDGASGAIL (INDIA) LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDMETALSTATA STEEL LTDSTERLITE INDUSTRIES INDIA LTD

HINDALCO INDUSTRIES LTDJINDAL STEEL AND POWER LTDOIL EXPLORATIONCAIRN INDIA LTDOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDINDIAN OIL CORPORATION LTDPHARMACEUTICALS

JUBILANT LIFE SCIENCES LTDAUROBINDO PHARMA LTD FVLUPIN LTDRANBAXY LABORATORIES LTDPOWERNTPC LTDORIENT GREEN POWER CO LTDRETAILPANTALOON RETAIL INDIA LTDSOFTWAREFINANCIAL TECHNOLOGIES INDIATELECOMBHARTI AIRTEL LTDtotal equity

1.881.883.76

1.711.270.77

22.957.263.873.332.102.071.861.391.0711.945.212.951.561.171.041.721.070.65

1.081.080.773.543.540.820.826.742.571.251.180.960.780.650.659.865.973.894.581.791.74

0.930.110.360.3610.767.782.130.855.772.221.441.250.862.551.610.941.501.501.041.041.621.6293.11

0.63

1.170.640.61

1.451.000.831.130.631.030.691.05

0.930.310.681.020.83

0.600.47

1.231.63

0.83

0.49

0.660.310.491.010.60

0.66

0.810.82

1.661.681.901.14

1.00

1.190.600.23

0.740.680.260.84

0.631.15

0.97

0.95

0.66

fund risk profile

Fund Beta 0.92

low low to

moderate

moderate moderate

to high

high

93.11%

6.89%

equity

total money

marketinstruments

% total net asset


19/27

Highest Nav Guarantee Fundfund performance As on Oct 31, 2010

fund objectiveOffer guarantee of maturity value, inan equity oriented fund, at the highestNAV achieved during the period of theguarantee. The risk appetite ismoderate to high

target asset allocationEquity : 0 to 100%Debt : 0 to 100%

benchmark constructionSensex: 100%





benchmarksharperatiolast 1 year fund has not completed a period of one year since inceptiondate of inception february, 2010

portfolio As on Oct 31, 2010security % totalnet assets 1-yr betaequityAUTOMOBILESTATA MOTORS LTDMAHINDRA & MAHINDRA LTD

MARUTI SUZUKI INDIA LTDHERO HONDA MOTORS LTDBANKING & FINANCEICICI BANK LTDSTATE BANK OF INDIAHOUSING DEV FIN CORPN LTDHDFC BANKCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDBHARAT HEAVY ELECTRICALS LTDCEMENT & CEMENT PRODUCTSACC LTDCONSTRUCTION

JAIPRAKASH ASSOCIATES LTDFMCGITC LTDHINDUSTAN UNILEVER LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDWIPRO LTD

METALSTATA STEEL LTD

JINDAL STEEL AND POWER LTDHINDALCO INDUSTRIES LTDSTERLITE INDUSTRIES INDIA LTDOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDPHARMACEUTICALSCIPLA LTDPOWERNTPC LTDTATA POWERTELECOMBHARTI AIRTEL LTDtotal equity

5.081.741.45

1.040.8518.066.034.114.093.837.005.051.950.480.480.660.665.634.161.4610.436.652.850.93

5.651.751.361.331.2111.599.052.540.840.842.571.491.082.022.0270.00

1.401.17

0.640.58

1.451.001.030.83

0.930.68

0.71

1.63

0.660.49

0.810.820.91

1.661.141.901.68

1.190.60

0.39

0.630.67

0.66

total net assets 100.00total money market instruments 30.00

fund risk profile

Fund Beta 0.99

low low tomoderate


high

growth of initial investment of Rs.10,000 in TIPS-I

70.00%

30.00%

equity

total moneymarket

instruments

% total net asset

10,000

11,460

5,000

6,0007,0008,000

9,00010,00011,000

12,000

inception10-Feb-10

31-Oct-10


20/27

Highest NAV Advantage Fund-Series Ifund performance As on Oct 31, 2010

fund objectiveOffer guarantee of maturity value, inan equity oriented fund, at the highestNAV achieved during the period of theguarantee. The risk appetite ismoderate to high asset allocation as on Oct 31, 2010




benchmarksharperatiolast 1 year fund has not completed a period of one year since inceptiondate of inception september, 2010

portfolio As on Oct 31, 2010security % totalnet assets 1-yr betaequityAUTOMOBILESTATA MOTORS LTDMAHINDRA & MAHINDRA LTD

MARUTI SUZUKI INDIA LTDHERO HONDA MOTORS LTDBANKING & FINANCEICICI BANK LTDSTATE BANK OF INDIAHDFC BANKHOUSING DEV FIN CORPN LTDCAP GOODS / ENGINEERINGLARSEN & TOUBRO LTDBHARAT HEAVY ELECTRICALS LTDCEMENT & CEMENT PRODUCTSACC LTDCONSTRUCTION

JAIPRAKASH ASSOCIATES LTDFMCGITC LTDHINDUSTAN UNILEVER LTDITINFOSYS TECHNOLOGIES LTDTATA CONSULTANCY SERVICES LTDWIPRO LTD

METALSTATA STEEL LTD

JINDAL STEEL AND POWER LTDHINDALCO INDUSTRIES LTDSTERLITE INDUSTRIES INDIA LTDOIL REFINERIESRELIANCE INDUSTRIES LTDONGC CORPORATION LTDPHARMACEUTICALSCIPLA LTDPOWERNTPC LTDTATA POWERTELECOMBHARTI AIRTEL LTDtotal equity

6.202.131.78

1.251.0420.877.405.034.703.758.516.162.350.570.570.780.786.104.301.7912.538.073.451.00

6.372.061.651.571.0812.749.623.121.031.033.101.801.292.422.4281.21

1.401.17

0.640.58

1.451.000.831.03

0.930.68

0.71

1.63

0.660.49

0.810.820.91

1.661.141.901.68

1.190.60

0.39

0.630.67

0.66

total net assets 100.00total money market instruments 18.79

fund risk profile

Fund Beta 0.99

low low tomoderate


high

growth of initial investment of Rs.10,000 in TIPS-I

target asset allocationEquity : 0 to 100%Debt : 0 to 100%

benchmark constructionSensex: 100%

10,000 10,239

5,0006,000

7,000

8,000

9,000

10,000

11,000

inception9-Sep-10

31-Oct-10

81.21%

18.79%

equity

total moneymarket

instruments

% total net asset


21/27

Product DetailsNavs as of 31 October, 2010Automatic Investment Plan- Corporate Bond May 28, 2007 13.2713

Automatic Investment Plan- Energy August 1, 2008 11.3282

Automatic Investment Plan- Equity May 28, 2007 13.4147

Automatic Investment Plan- Gilt May 28, 2007 11.7978

Automatic Investment Plan- Infrastructure August 1, 2008 9.5891

Automatic Investment Plan- Midcap August 1, 2008 12.8621

Automatic Investment Plan- Money Market May 28, 2007 12.8957Automatic Investment Plan- Option A May 28, 2007 12.8237

Automatic Investment Plan- Option B May 28, 2007 13.2793

Automatic Investment Plan- Option C May 28, 2007 13.2255

Automatic Investment Plan- Pure Equity August 1, 2008 12.9324

Golden Year Plan- Balanced February 10, 2003 17.1865

Golden Year Plan- Capital Secure February 10, 2003 14.4540

Golden Year Plan- Energy August 1, 2008 11.3282

Golden Year Plan- Equity March 12, 2007 15.5775

Golden Year Plan- Growth March 12, 2007 15.5595

Golden Year Plan- Infrastructure August 1, 2008 9.5891

Golden Year Plan- Midcap August 1, 2008 12.8621

Golden Year Plan- Pure Equity August 1, 2008 12.9324

Imaan Plan - Indian Traditional December 17, 2008 14.3123

Market Return Plan- Balanced August 9, 2004 17.1827

Market Return Plan- Capital Secure August 9, 2004 14.3980

Market Return Plan- Energy August 1, 2008 11.3282

Market Return Plan- Equity August 9, 2004 31.5790

Market Return Plan- Growth August 9, 2004 19.5321

Market Return Plan- Infrastructure August 1, 2008 9.5891

Market Return Plan- Midcap August 1, 2008 12.8621

Market Return Plan- Pure Equity August 1, 2008 12.9324

Money Guarantee Plan- Option D March 1, 2007 13.9267

Money Guarantee Plan- Option E March 1, 2007 14.0958

Money Guarantee Plan- Option F March 1, 2007 14.3398

Money Guarantee Plan- Return Shield April 9, 2007 13.1856

Pension Bond Option - GRPS I December 12, 2008 12.2980

Pension Bond Option - New GRPS I February 25, 2009 11.5738

Reliance Balanced- New Fund C January 11, 2010 10.6311

Reliance Balanced- New Fund G January 11, 2010 10.6311

Reliance Growth- New Fund D January 11, 2010 10.8424

Reliance Growth- New Fund H January 11, 2010 10.8424

Reliance Growth Plus- New Fund B January 11, 2010 11.0075

Reliance Growth Plus- New Fund E January 11, 2010 11.0075

Reliance Guaranteed Bond December 12, 2008 12.2877

Reliance Highest NAV Advantage Fund-Series-I September 9, 2010 10.2386

Reliance Highest NAV Guarantee Plan February 15, 2010 11.4599

Reliance Money Market January 11, 2010 10.4674Reliance New Balanced Fund January 11, 2010 10.6311

Reliance New Corporate Bond January 11, 2010 10.4938

Reliance New Energy January 11, 2010 10.4217

Reliance New Equity January 11, 2010 11.6673

Reliance New Gilt January 11, 2010 10.4055

Reliance New Growth Fund January 11, 2010 10.8424

Reliance New Guaranteed Bond I February 25, 2009 11.5613

Reliance New High Growth January 11, 2010 11.2906

Reliance New Infrastructure January 11, 2010 9.7831

Reliance New Midcap January 11, 2010 10.9066

Reliance Premier Life- Corporate Bond August 20, 2009 11.8308

Reliance Premier Life- Energy August 20, 2009 16.8956Reliance Premier Life- Equity August 20, 2009 21.1367

Reliance Premier Life- Gilt August 20, 2009 10.7087

Reliance Premier Life- Infrastructure August 20, 2009 14.2771

Reliance Premier Life- Midcap August 20, 2009 21.4325

Reliance Premier Life- Money Market August 20, 2009 11.4665

Reliance Premier Life- Pure Equity August 20, 2009 19.9381


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Product DetailsNavs as of 31 October, 2010

Product Name Inception Date NAVReliance New Return Shield January 11, 2010 10.4194

Reliance New Indian Traditional Fund January 11, 2010 10.9297

Reliance New Pure Equity January 11, 2010 10.9297

Reliance Super Golden Years Term 10 Plan - Midcap December 4, 2008 12.8621Reliance Super Golden Years Term 10 Plan - Money Market December 4, 2008 11.5244

Reliance Super Growth- New Fund A January 11, 2010 11.3105

Savings Linked Insurance- Energy May 26, 2009 16.8956

Savings Linked Insurance- Equity May 26, 2009 21.1367

Savings Linked Insurance- Gilt May 26, 2009 10.7087

Savings Linked Insurance- Money Market May 26, 2009 11.4665

Savings Linked Insurance- Infrastructure May 26, 2009 14.2771

Savings Linked Insurance- Pure Equity April 29, 2009 19.9381

Secure Child Plan- Energy August 1, 2008 11.3282

Secure Child Plan- Equity November 29, 2007 10.2436

Secure Child Plan- Option G November 29, 2007 12.0193

Secure Child Plan- Option H November 29, 2007 11.4730Secure Child Plan- Infrastructure August 1, 2008 9.5891

Secure Child Plan- Midcap August 1, 2008 12.8621

Secure Child Plan- Pure Equity August 1, 2008 12.9324

Secure Child Plan- Return Shield December 27, 2007 12.4390

Super Automatic Investment Plan- Corporate Bond December 4, 2008 13.2713

Super Automatic Investment Plan- Energy December 4, 2008 11.3282

Super Automatic Investment Plan- Equity December 4, 2008 13.4147

Super Automatic Investment Plan- Option A December 4, 2008 12.8237

Super Automatic Investment Plan- Option B August 4, 2008 13.2793

Super Automatic Investment Plan- Option C December 4, 2008 13.2255

Super Automatic Investment Plan- Gilt December 4, 2008 11.7978

Super Automatic Investment Plan- Infrastructure December 4, 2008 9.5891

Super Automatic Investment Plan- Midcap December 4, 2008 12.8621

Super Automatic Investment Plan- Money Market December 4, 2008 12.8957

Super Automatic Investment Plan- Pure Equity December 4, 2008 12.9324

Super Golden Year Plan- Balanced December 4, 2008 17.1865

Super Golden Year Plan- Energy December 4, 2008 11.3282

Super Golden Year Plan- Equity December 4, 2008 13.4147

Super Golden Year Plan- Growth December 4, 2008 15.5595

Super Golden Year Plan- Infrastructure December 4, 2008 9.5891

Super Golden Year Plan- Pure Equity December 4, 2008 12.9324

Super Market Return Plan- Balanced December 4, 2008 17.1827

Super Market Return Plan- Energy December 4, 2008 11.3282

Super Market Return Plan- Equity December 4, 2008 13.4147

Super Market Return Plan- Growth December 4, 2008 19.5321

Super Market Return Plan- Infrastructure December 4, 2008 9.5891

Super Market Return Plan- Midcap December 4, 2008 12.8621

Super Market Return Plan- Money Market December 4, 2008 11.5244

Super Market Return Plan- Pure Equity December 4, 2008 12.9324

SuperInvest Assure Plan- Corporate Bond June 12, 2008 12.2641

SuperInvest Assure Plan- Energy June 12, 2008 12.0916

SuperInvest Assure Plan- Equity June 12, 2008 13.8483

SuperInvest Assure Plan- Gilt June 12, 2008 11.2616

SuperInvest Assure Plan- Infrastructure June 12, 2008 9.8909

SuperInvest Assure Plan- Midcap June 12, 2008 12.4276

SuperInvest Assure Plan- Money Market June 12, 2008 11.9275

SuperInvest Assure Plan- Pure Equity June 12, 2008 14.3123SuperInvest Assure Plan Plus- Corporate Bond December 4, 2008 12.2641

SuperInvest Assure Plan Plus- Energy December 10, 2008 12.0916

SuperInvest Assure Plan Plus- Equity December 10, 2008 13.8483

SuperInvest Assure Plan Plus- Gilt December 10, 2008 11.2616


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Product DetailsNavs as of 31 October, 2010

Product Name Inception Date NAVSuperInvest Assure Plan Plus- Infrastructure December 10, 2008 9.8909

SuperInvest Assure Plan Plus- Midcap December 10, 2008 12.4276

SuperInvest Assure Plan Plus- Money Market December 10, 2008 11.9275SuperInvest Assure Plan Plus- Pure Equity December 10, 2008 14.3123

Total Investment Plan Series I- Corporate Bond March 19, 2008 12.3595

Total Investment Plan Series I- Energy March 19, 2008 11.4732

Total Investment Plan Series I- Equity March 19, 2008 13.8390

Total Investment Plan Series I- Gilt March 19, 2008 11.2091

Total Investment Plan Series I- Infrastructure March 19, 2008 9.4295

Total Investment Plan Series I- Midcap March 19, 2008 12.9508

Total Investment Plan Series I- Money Market March 19, 2008 12.1338

Total Investment Plan Series I- Pure Equity August 1, 2008 12.9324

Total Investment Plan Series II- Corporate Bond March 19, 2008 12.3477

Total Investment Plan Series II- Energy March 19, 2008 11.4741

Total Investment Plan Series II- Equity March 19, 2008 13.8336

Total Investment Plan Series II- Gilt March 19, 2008 11.2127

Total Investment Plan Series II- Infrastructure March 19, 2008 9.4191

Total Investment Plan Series II- Midcap March 19, 2008 12.9865

Total Investment Plan Series II- Money Market March 19, 2008 12.1257

Total Investment Plan Series II- Pure Equity August 1, 2008 12.9324

Wealth + Health Plan- Corporate Bond February 27, 2008 12.4402

Wealth + Health Plan- Energy August 1, 2008 11.3282

Wealth + Health Plan- Equity February 27, 2008 11.1364

Wealth + Health Plan- Option A February 27, 2008 10.9101

Wealth + Health Plan- Option B February 27, 2008 11.6711

Wealth + Health Plan- Gilt February 27, 2008 11.2586

Wealth + Health Plan- Infrastructure August 1, 2008 9.5891

Wealth + Health Plan- Midcap August 1, 2008 12.8621

Wealth + Health Plan- Money Market February 27, 2008 12.2036

Wealth + Health Plan- Pure Equity August 1, 2008 12.9324


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Investment strategy and risk control

Macro analysis of the economy is carried out by tracking the trends in key economic indicators.Market dynamics are also studied apart from the above to determine our view of the changes likely in theinterest rate scenario and equity market movements. Price movements in the market are monitored at alltimes along with factors that affect them such as the prevailing market sentiments, cash flows in themarket and views/actions of key market participants including institutional investors like FIIs and mutualfunds. For analyzing the debt markets, yield curve movements and changes in its shape are also studied.

The risk appetite and investment objective is clearly defined for each fund keeping in mind theinvestment horizon, liquidity requirements etc.

A range of acceptable holdings under each asset class is determined at the investment policy level. Theasset allocation primarily takes into account, the investment objectives, regulatory issues and the likelyrisk return matrix to obtain a potential return which is the highest achievable for the risk that is assumed.Within the strategic asset allocation, the fund managers determine the weights of the various assetclasses; primarily factoring in the developing market scenarios.

Based on the investment of objectives of each fund option, a rigorous security selection process isfollowed. The fixed income fund manager identifies cheaper securities across the yield curve and builds abasket of securities to arrive at the optimum level of yield within the range of pre-determined 'duration'for the entire portfolio after paying particular attention to the liquidity position and the liquidity premiumon the securities. An active fund management style is followed or the equity portfolios. A core portfolio ofstocks is first created driven by a top-down approach and a research based bottom-up stock selectionmethod is followed.

Benchmarks are pre-determined for each fund based on the most appropriate indices available in themarket or by constructing proxy benchmarks out of multiple indices. Performance of each fund iscontinuously tracked based on the benchmarks and recalibrated.

A statistical analysis is carried out to determine that the risk levels are in tune with the risk appetite of theparticular fund. Statistical tools such as the standard tools such as the standard deviation and risk-adjustedreturn measures such as the Sharp ratio are calculated in order to compare the returns generated per unitof risk vis--vis benchmarks.

The investment policy has been designed by the Board to cover regulatory guidelines, the various productinvestment objectives, risk appetite strategic asset allocation and the investment style. It is ensued thatthe portfolio is always kept complaint with the relevant regulations. Our rigorous process andrisk/compliance controls are well documented.

Macro Analysis Appreciation of MarketDynamics Meeting InvestmentObjective vis--vis RiskAppetite Asset Allocation Strategy SecuritySelection- PortfolioConstriction Benchmark Risk Management /Portfolio Evolution/Diagnostics Governance andProcess


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