Monthly Update March 2016

This year, Budget comes at a time when market indices are chartering an

uncertain path and has kept investors community on tenterhooks. The current

macroeconomic landscape is characterized by extreme volatility on the back of

economic events with market (Nifty) breached its psychological level of 7000 on 11

Feb 2016.As the panic in global environment continues; India has remained resilient

and Indian equities seem to have found their consolidation levels. Going forward,

global macro-economic developments and divergent monetary policy stances of the

key economies are likely to produce volatility across financial markets but India's

domestic growth trajectory is set on its path with the new budget.

Rail & Union Budget 2016 marked the onset of India's new growth path. Suresh

Prabhakar Prabhu (Minister of Railway) came out with innumerable initiatives like

travel insurance, Internet connectivity (Wi-Fi), special coaches with advanced

amenities for reserved passengers, SMART Coaches to name a few. The Railway

Budget was aimed at raising capacity, improving quality and boosting investments in

the economy. Financing capacity expansion through JV is a welcome move.

Utilizing advertising potential and procuring power directly from generating

companies will ameliorate Indian Railways finances.

On Union budget front, the finance ministry did commendable job by sticking to

fiscal consolidation path. Fiscal deficit target was kept stable at 3.9% of GDP and

3.5% of GDP for FY16 and FY17 respectively despite higher GOI maturities. With

domestic economy registering tepid growth, Union Budget includes measures to

boost economic growth and at the same also include recourses to raise finance

through non-budgetary resources.

Union Budget outlines creation of National Disaster Response Fund aimed at

supporting farmers after calamities, implementing Pradhan Mantri Gram Sadak

Yojana (Roads), creation of Long term Irrigation Fund (Agriculture), and Pradhan

Mantri Kaushal Vikas Yojana (Skill Development). Special focus is being given to

adequate and timely flow of credit to farmers. Government has also approved a path

breaking Crop Insurance Scheme named Prime Minister Fasal Bima Yojana.The

initiatives like Make in India, Digital India, Start up India and Ease of Doing

Business will provide further impetus to Indian economy. These reforms are

necessary for reviving Infrastructure sector which is essential for achieving higher

economic growth.The GoI has set the stage that could put India on highest growth

trajectory.Amidst gloomy global outlook, the Indian economy radiates optimism.

Happy Investing!

2

March 2016

Budget Highlights 2016

ECONOMY

AGRICULTURE

HEALTHCAREAND EDUCATION

SKILLDEVELOPMENTAND JOB CREATION

FINANCIALSECTOR

GOVERNANCE

INFRASTRUCTURE

INVESTMNENT

PENSION

HOUSING

DIRECTTAXES

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Fiscal deficit in 2015-16 and 2016-17 retained at 3.9% and 3.5%.

Total Expenditure projected at 19.78 lakh crore.

Plan expenditure pegged at 5.50 lakh crore and non plan

expenditure kept at 14.28 lakh crore.

Mobilization of additional finances to the extent of 31,300 crore

by NHAI, PFC, REC, IREDA, NABARD by raising bonds.

Allocation forAgriculture and Farmer’s Welfare - 35,984 crore.Pradhan Mantri Krishi Sinchai Yojana-28.5 lakh hectares will be

brought under irrigation.Long term irrigation fund with NABARD with initial corpus of

20,000 crore.Sustainable management of Ground water resources with an

estimate cost of 6000 Crore.Promote organic Farming through “Parmparagat Krishi Vikas

Yojana’ and Organic Value Chain Development in North East

Region’.

Allocation to Pradhan Mantri Gram Sadak Yojana 19,000 Crore

by centre.UnifiedAgricultural Marketing e-platform for wholesale markets.

Allocation to Social Sector including education and Healthcare –

1,51,581 Crore.

New health protection scheme will provide health cover up to 1

lakh per family below poverty line. For senior citizens an additional

top-up package up to 30,000 will be provided.National Dialysis Services Programme to be started through PPP

mode.Standup India Scheme to facilitate to projects per bank branch for

SC / ST Entrepreneurs.Higher Education Financing Agency to be setup with initial capital

base of 1000 crore.Digital depository for educational records.

Allocation for skill development 1804 crore.National Board for Skill development Certification to be setup in

partnership with Industry and academia.GoI will pay employee pension scheme contribution of 8.33% for

new employees with salary upto 15,000 enrolling in EPFO for

first three years in employment.Deduction under section 80JJAA of the Income Tax Act for new

employees hired with salary upto 25,000.

RBI to facilitate retail participation in Government Securities.New Derivative products will be developed by SEBI in Commodity

Derivatives market.

Allocation of 25,000 Crore towards recapitalization of Public

Sector Banks.Amount sanctioned for Pradhan Mantri Mudra Yojana increased to

1,80,000 crore.General insurance companies owned by Government to be listed on

Stock Exchanges.Amendments in SARFAESI Act 2002 to enable sponsor of an ARC

to hold up to 100% stake in the ARC and permit non institutional

investors to invest in Securitization Receipts.Comprehensive Code on Resolution of Financial Firms will be

introduce.RBI Act to be amended to provide statutory basis for a Monetary

Policy Framework and a Monetary Policy Committee.Nationwide rollout of ATMs and Micro ATMs in Post Offices over

the next three years.

Bill for Targeted delivery of Financial and other subsidies, benefits

and services by usingAadhar framework to be introduced.Automation facilities will be provided in 3 lakh fair price shops by

March 2017.Amendments in Companies Act to enable environment for start-

ups.

Price stabilization Fund with corpus of 900 crore to maintain

stable prices of Pulses.

Total investment in road sector including PMGSYallocation would

be 97,000 crore in 2016-2017.

Allocation of 55,000 crore in Budget for Roads and additional

15,000 Crore to be raised by NHAI through bonds.Amendment to be made in Motor Vehicles Act to open up the road

transport sector in the passenger segment.To provide marketing freedom to incentivize gas production from

deep-water, ultra deep water and high pressure areas.Comprehensive plan of 15 to 20 years to augment investment in

nuclear power generation to be drawn up.

Reforms in FDI Policy in the areas of Insurance and Pension,Assets

Reconstruction Companies, Stock Exchanges.100% FDI to be allowed through FIPB Route in Marketing of food

products produced and manufactured in India.

Withdrawal up to 40% of the corpus at the time of retirement to be

tax exempt in case of National Pension Scheme.Limit for contribution of employer in superannuation and

recognized provident fund capped at 1.5 lakh p.a for tax

deduction.

100% deduction of income for housing projects based on area &

timely completion.Service tax exemption on construction of affordable houses .

Tax rebate under section 87Aincreased from 2,000 to 5,000.Increase the limit of deduction of rent paid under section 80GG

from 24,000 p.a to 60,000 p.aSurcharge to be raised from 12% to 15% on persons having income

above 1 crore.Extend the presumptive taxation scheme with profit deemed to be

50% to professionals with gross receipts up to 50 lakh.

For first home buyers, deduction of additional interest of 50,000

p.a for loan up to 35 lakh sanctioned in 2016-2017 where house cost

does not exceed 50 lakh.

Corporate tax rates for small companies (turnover not exceeding

5 crore in FYMarch 2015) reduced to 29% plus surcharge & cess.Increase in turnover limit under presumptive taxation scheme

under 44AD to 2 crores.New manufacturing companies incorporated after 1.3.2016 to be

given option to be taxed at 25% plus surcharge and cess if they do

not claim profit linked or investment linked deductions and do not

avail investment allowance and accelerated depreciation.Holding Period for long term capital gain in unlisted Companies

reduced from three years to two years.NBFC shall be eligible for deduction to extent of 5% of its income

in respect of provision for bad and doubtful debts.

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Corporate:

3

March 2016

Budget Highlights 2016

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Lower tax rate of 10% on gross royalty earned from patents

developed and registered in India.Clarification provided that MAT was not applicable on foreign

companies in the past.

3 continuous period of tax benefit to eligible start ups, however will

be subject to MAT.Tax exemption to Individuals / HUF on LTCG from sale of house

property if investment made in eligible start ups.

Tax exemption to assessee for an amount upto 50 lakhs on LTCG,

if invested into long term specified asset (the start up fund of funds

to be set up).

Additional tax of 10% on dividend income received above 10

lakhs.Applicable only on Individual / HUF / Firm.STT in case of ‘Options’ is proposed to be increased from 0.017%

to 0.05%.Disallowance of expenditure relatable to exempt income in terms

of Section 14A of the Income Tax Act will be limited to 1% of the

average monthly value of investments yielding exempt income, but

not exceeding the actual expenditure claimed.No dividend distribution tax on dividend income received by

business trust (REITs & Invits) if such trust received dividend from

specified domestic company (where it holds 100% of the capital of

the company).

TCS at the rate of 1% on purchase of luxury cars exceeding 10

lakhs and purchase of goods and services in cash exceeding 2

lakhs.Income Tax Declaration Scheme launched. A person can disclose

undisclosed income by paying tax at 30%, and surcharge at 7.5%

and penalty at 7.5% on disclosed income with immunity from

prosecution, benami transaction, wealth tax, etc. In case of

disclosure of assets / property, tax payable on fair value of such

asset / property as on the date of commencement of scheme.Exemption to securitization trust from tax on distributed income.

Pass through status to securitization trust.TDS rates reduced on bonus received on insurance policies,

national savings schemes, commission on sale of lottery tickets,

commission / brokerage.Basic limit for TDS applicability increased for payment of

accumulated salary to employees, winning from horse race,

contract, commission / brokerage, compensation on acquisition of

certain immovable property. However the limit has been reduced

for insurance commission receivable.TDS introduced on payment of income by securitization trusts

(25% in case of individual / HUF and 30% for any other assessee)Advance payment dates made uniform for all assesses (4

installments).Gold deposit bonds excluded from the definition of capital asset.Penalty rates to be 50% of tax in case of underreporting of income

and 200% of tax where there is misreporting of facts.New Dispute resolution scheme to be introduced:

• No penalty if disputed tax up to 10 Lakh.

• 25% of minimum imposable penalty if disputed tax exceeds 10

Lakh.Assessing Officer to grant stay of demand once the assessee pays

15% of disputed demand, while the appeal is pending before

Commissioner of Income-Tax.Interest at the rate of 9% p.a against 6% p.a for delay in giving effect

toAppellate order beyond 90 days.‘e-sahyog’ to be expanded to reduce compliance cost especially for

small taxpayers.Steps to move towards digitization including hearings.

Custom Act to provide for deferred payment of custom duties for

importers and exporters with proven track record.Customs Single Window Project to be implemented at major ports

and airports from beginning of next financial year.Basic custom duty on refrigerated containers reduced to 5%.Changes in customs and excise duty rates on certain inputs to

reduce costs and improve competition in sectors like IT hardware,

capital goods, defense production, textiles, mineral fuels and

mineral oils, chemicals and petrochemicals, paper etc.Simplification of Custom Baggage Rules to increase free baggage

allowance.

Revision of return extended to Central Excise assesses.Basic excise duty on refrigerated containers reduced to 6%.Excise Duties on various tobacco products other than beedi raised

about 10% to 15%.Excised duty 1% without input tax credit or 12.5% with input tax

credit on articles of jewellery with a higher exemption and

eligibility limits of 6 crores and 12 crores respectively.

Excise on readymade garments with retail price price of 1000 or

more raised to 2% without input tax credit or 12.5% with input tax

credit.

Exemption from Service Tax on services provided under Deen

Dayal Upadhyay Grameen Kaushalya Yojana and services

provided by Assessing Bodies empanelled by Ministry of Skill

Development & Entrepreneurship.Exemption of Service Tax on General Insurance Services provided

under ‘Nirmaya’ Health Insurance Scheme launched by National

Trust for the welfare of persons with autism, cerebral palsy, mental

retardation and multiple disability.School / pre school / vocational education courses brought under

exempted list (Removed from negative list).Spectrum assignment brought under declared service.Krishi Kalyan Cess, @ 0.5% on all taxable services, w.e.f 1 June

2016.To amend CENVAT Credit Rules, to improve credit flow, reduce

the compliance burden and associated litigation (including

apportionment of credit between exempted and non exempted

products/services).

Equalisation Levy @ 6% introduced on online services (i.e. online

advertisement, any provision for digital advertising space or other

facility or service for the purpose of online advertisement and

includes any other service as may be notified by the Central

Government in this behalf).Equalisation levy introduced for specified services received /

receivable by a person being a non-resident from (i) a person

resident in India an carrying on business / profession or (ii) a non

resident having a permanent establishment in India, with annual

income exceeding 1 Lakh.‘Clean Energy Cess’ levied on cola, lignite and peat renamed to

‘Clean Environment Cess’and rate increased form 200 per tonne

to 400 per tonne.Infrastructure cess introduced as a duty of excise on certain goods

specified.13 cesses levied by various ministries in which revenue collection

is less than 50 crore in a year to be abolished.To create 11 new benches of CESTAT to remove backlog of

pending cases.

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Excise Duty:

Service Tax:

START UPS

OTHERS

INDIRECTTAXES

OTHERS

4

Fixed Income Update Equities Update

Debt: Liquid 1M 3M 6M

Institutional Activity ( Feb 01- Feb 29 ) (Rs cr)

Fund Performance Fund Performance

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

Forex / Call / Economic Indicators

Equity Purchase Sales Net InvDebt Purchase Sales Net Inv

Key Indices 29-Feb 31-Jan Chg. Key Indices 29-Feb 31-Jan %Chg. I Yr Ret

Other 29-Feb 31-Jan %Chg. I Yr RetIndices

Portfolio as on Jan 31, 2016 & Return as on Feb 29, 2016

Crisil 10 Yr G-Sec Index 7.63 7.78 -0.16

Crisil 1 Yr T-Bill Index 7.26 7.19 0.07

29-Jan 31-Jan

Rupee/$ 68.21 68.05

Call Rate 6.79 6.89

Total Forex (Rs.Bn) 23826.70 23528.20

Inflation - 5.69%

FIIs 14,449.25 22,644.00 -8194.75

Mutual Funds 108,963.30 82,714.50 26248.80

BSE Sensex 23002.00 24870.69 -7.51% -21.61%

S&P CNX Nifty 6987.05 7563.55 -7.62% -21.46%

BSE IT Index 10229.49 11165.05 -8.38% -14.50%

BSE Healthcare 15207.69 16304.98 -6.73% -4.07%

BSE FMCG Index 7114.45 7438.52 -4.36% -13.44%

BSE PSU Index 5525.87 6234.54 -11.37% -31.73%

BSE Bankex 15814.82 17603.89 -10.16% -29.87%

FIIs 73,186.33 78,707.72 -5521.39

Mutual Funds 22,466.70 17,537.00 4929.70

Birla Sun Life Equity Fund - Growth -12.78 -16.39 17.12

ICICI Prudential Dynamic Plan - Growth -12.81 -18.63 12.00

Reliance Top 200 Fund - Growth -15.45 -19.88 13.20

SBI Magnum Multiplier Fund - Growth -12.47 -12.89 18.09

UTI Top 100 Fund - Growth -13.12 -18.65 11.60

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

FT India Ultra Short Bond Fund 7.68 7.60 8.24

HDFC F R I F - STF - Reg 6.94 6.64 7.42

ICICI Prudential Flexible Income Plan - Reg 6.66 6.82 7.52

Reliance Money Manager Fund 7.27 6.57 7.34

UTI Treasury Advantage Fund - IP 6.99 7.11 7.95

Axis Liquid Fund - Growth 7.59 7.54 7.65

Birla Sun Life Floating Rate Fund - STP 7.58 7.53 7.64

HDFC Liquid Fund 7.59 7.54 7.66

Reliance Liquid Fund - Cash Plan - Growth 7.01 6.80 6.89

UTI Liquid Fund - Cash Plan - Reg - Growth 6.93 6.86 6.93

Birla Sun Life Mid Cap Fund - Plan A -16.11 -13.10 19.06

Canara Robeco Emerging Equities -18.79 -13.42 26.42

Franklin India Prima Fund -12.12 -11.56 23.96

Reliance Small Cap Fund -19.12 -10.94 31.43

Sundaram Select Midcap -15.61 -12.55 23.14

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

Birla Sun Life Short Term Fund - Reg - Growth 5.36 7.16 7.89

ICICI Prudential STP - Growth 0.50 4.84 6.38

Reliance Medium Term Fund - Growth 6.19 6.01 7.29

SBI Short Term Debt Fund - Growth 3.68 5.58 6.92

UTI Short Term Income Fund - IP - Growth 5.17 5.47 8.16

Axis Long Term Equity Fund - Growth -9.97 -11.90 24.35

Birla Sun Life Tax Relief 96 - Growth -11.14 -12.97 19.78

DSP BlackRock Tax Saver Fund - Growth -13.36 -14.19 16.04

Franklin India Taxshield - Growth -11.54 -12.24 16.92

HDFC Taxsaver - Growth -18.89 -24.62 10.65

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

Hybrid: Equity-oriented 1M 3M 6M

Hybrid: Debt-oriented 1M 3M 6M

DSP BlackRock Strategic Bond Fund -1.93 3.41 5.53

HDFC HIF - Dynamic - Growth 0.41 -1.23 2.98

IDFC SSIF - Invt Plan -Growth -0.19 3.73 5.02

Reliance Dynamic Bond Fund - Growth 0.31 1.41 4.19

UTI Bond Fund - Growth -2.63 1.20 4.04

Debt: Accrual Funds 1M 3M 6M

Birla Sun Life Medium Term Plan 2.59 4.63 7.10

Franklin India Low Duration Fund 1.32 5.47 7.50

HDFC Corporate Debt Opportunities Fund 4.01 6.21 7.65

ICICI Prudential Income Opportunities Fund -5.18 0.42 4.55

SBI Corporate Bond Fund 5.95 6.00 7.33

Debt: Gilt 1M 3M 6M

Birla Sun Life G Sec Fund - LT -Growth 3.43 -3.10 1.73

HDFC Gilt Fund - L T P - Growth 2.26 -1.66 2.95

IDFC G Sec Fund - Invt Plan (Re-launched) 0.63 3.28 5.03

Reliance G Sec Fund - Growth 0.64 1.20 4.36

SBI Magnum Gilt LTP - Growth 0.15 2.42 4.90

Birla Sun Life MNC Fund - Growth -11.01 -9.02 28.42

ICICI Prudential Exports & Other Services Fund -11.11 -3.41 29.56

Reliance Banking Fund - Growth -18.72 -25.05 8.45

SBI Pharma Fund - Growth -10.16 8.57 31.07

UTI Transportation and Logistics Fund - Growth -15.60 -13.45 35.46

HDFC Balanced Fund - Growth -6.47 -10.46 -10.00

ICICI Prudential Balanced Advantage Fund -6.36 -9.60 -8.23

Reliance RSF - Balanced - Growth -8.09 -10.75 -8.35

SBI Magnum Balanced Fund - Growth -5.64 -8.26 -6.88

Tata Balanced Fund -Growth -7.06 -9.80 -10.59

Birla Sun Life MIP II - Wealth 25 - Growth -3.06 -4.30 -4.06

HDFC MIP - LTP - Growth -2.98 -5.17 -3.97

ICICI Prudential MIP 25 - Growth -2.91 -3.70 -2.25

Reliance MIP - Growth -2.16 -3.19 -2.02

UTI - MIS - Advantage Fund - Growth -1.92 -1.75 -0.70

March 2016

*CA : Compound Annualized

Simple Annualized

Simple Annualized

Absolute CA*

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March 2016

Nifty10 Yr GOI Yield

• 10 Yr G-sec :

• Globally,

• Credit & Deposit

• Retail inflationWPI

• Liquidity conditions

• Fiscal Deficit:

The month of Feb'16 started with yield of sovereign bond at 7.78%,yields continues to remain in narrow range but at the end yields faltered amidBudget Sessions and stood at 7.62%. G-Sec yields curve observed hardening by ~1to 14 bps across all maturities barring 9 and 10 year segment where softening wasobserved.

yields amongst advanced and emerging economies have softened duringFeb’2016. Amongst emerging economies, Brazilian yield observed the highesthardening as Brazilian economy stayed in contraction and rating agency Moody'sdowngraded the economy sovereign debt status to Junk. Amongst advancedeconomies, UK observed the highest softening in yields. Business spending in UKfell at the sharpest pace, compounding anxiety about unstable recovery.

growth have remained weak throughout the year but haverecently shown some improvement and stood at 11.50% and 11.30% respectively.Incremental Credit Deposit Ratio (ICDR) has been continuously improving andstood at 74.52% in Feb'16 as against 30.45% (Aug 2015) implying growth in creditdeployment. Credit offtake is expected to register growth going ahead as GoI hasannounced a slew of measures in Union Budget like enabling business friendlyenvironment for start-ups, lesser tax rate for manufacturing companies to name afew.

increased to 5.69% in Jan’16 as against 5.61% in Dec'15. Inflationbased on , decreased from -0.73% to -0.90% in Jan'16 mainly on account ofkitchen staples. Within food basket, pulses, vegetables, edible oils & spicesobserved highest contribution to inflation.

continue to remain tight due to continuous intervention tostabilize the currency, capital outflows and slower government spending. Theemergency liquidity window was also accessed in recent sessions, along with aregular dose of repo auctions. In Feb 2016, RBI conducted two tranches of bondpurchases through OMO. Liquidity conditions tightened during the 2nd and 3rdweek of Feb’16 prompting RBI to take term repo route worth INR 3,450.58 bn inFeb 2016.

During Apr-Feb’2016,Net Central Govt. borrowings stood at INR4,406.3 bn (i.e. -2.77% down on y-o-y basis) & Net State Govt. borrowings stood atINR 2,216.9 bn (i.e. 26.62% up on y-o-y basis). Thus, GOI is maneuvering itsFiscal deficit by limiting the central govt. borrowings but simultaneously the Stategovt. borrowings have increased significantly. So far, fiscal deficit stood at 87.9%of budget estimate during April to Dec’2015 vs. 100.2% in the same period a yearago. GoI has sticked to its fiscal consolidation path and set the fiscal deficit targetfor FY16 and FY17 at 3.9% and 3.5% of GDP despite competing expenditureschedule.

Government's move to stick to its fiscal consolidation path may make RBI to continuewith the policy easing cycle ahead. Taking cues from that event, the sovereign bondyields should observe some softening going ahead. February 2016 was marked withhardening in the yields of State Development Loans (SDLs) and it should further risein the near term due to demand supply mismatch. On fiscal front, the governmentaims to raise INR 69,500 Crores in FY16 through stake sale, till now INR 17,364Crores has been raised. The government is considering about diluting its stake in ITCand Larsen and Toubro. The stake sale would give ~INR 50,000 Crores to theexchequer and may reduce some stress on fragile public finances. At the same time,government has set the fiscal deficit target of 3.5% of GDP despite competingexpenditure. With GoI announcing a slew of measures in Union Budget, creditdeployment should register an uptick going ahead.

In light of the current scenario, we recommend investors to initiate long position induration funds (Gilt/ Dynamic) with tactical investment strategy. Simultaneously longterm investors should continue core allocation allocate inAccrual/short term funds foryield enhancement.

Outlook

• Sensex and Nifty

sectoral indices

• Industrial production (IIP)

• Core sector

PMI

• Foreign Institutional Investors

Foreign direct

investment

• Trade Deficit:

imports

Trade deficit

• Globally

February 2016 ended in negative with dropped by -7.34% and -

7.52% respectively.The Indian market witnessed a bout of high volatility amid

capital outflows. Concerns about China economic growth have brought volatility

throughout the month. Among , Auto (6.67%), Capital goods

(10.03%), Oil & Gas (11.04%) and Realty (13.23%) ended in red.

Among domestic macros, shrank by 1.34% in

December 2015 primarily because of the base affect from change in festive

season. Amongst broad sectors, manufacturing sector; a key indicator of

economic activity degrew by 2.4% on y-o-y basis. On the other hand, mining and

electricity grew by 2.9% and 3.2% in December 2015.

Amongst advanced indicators, output returned to positive territory in

Dec'15 after contracting 1.29% in the previous month but was much lower than

3.22% growth registered in the same period a year ago. manufacturing for

the Jan'16 stood at 51.1 as compared to 49.1 in Dec'15. January'PMI numbers

depicts an improvement in operating conditions.

continue to draw money from equity market.

This is fourth straight month in succession; when FII turned out to be net sellers in

equity market. FII draw INR 38.47bn from equity market.

(FDI-Equity Inflows), India continues to attract FDI to the tune of

INR1,910.64 bn during (April-December 2015) representing a growth of 50% as

against the same period a year ago. Overseas investors were overweight on

Computer, Software and Hardware sector followed by services sector.

Exports continue to fall and widens to US $21.07 bn representing a

fall of 13.60% in Jan 2016. On the other hand, stood at US $ 28.71 bn in

Jan 2016 which was 11.01% lower over the level of imports recorded in Jan 2015.

The fall in imports is mainly attributed to fall in petroleum oil lubricants prices.

during the year (April-December 2015) stood at US$ 106.84 bn as

compared to US$ 119.55 bn in the same period a year ago.

, Amongst advanced economies, growth in UK remained subdued after

falling to its slowest rate in Jan 2016 compounding anxiety about unstable

recovery. US economy expanded by 1 % on Q-o-Q basis in the last quarter of

2015. Consumer prices in US went up by 1.4% Y-o-Y basis, the inflation

increased for the fourth straight month, reaching the highest level since October

2014.

The month of February 2016 witnessed extreme volatility on account of on-going

global developments. Taking cues from global developments; the Indian indices

ended in red in February 2016.Market reacted on slightly positive side post Budget

speech. Concerns about on-going global developments might further bring some

volatility. With equity markets trading near historical long term lows and P/E

multiple ~ 19x; Indian equities are consolidating near 7000 level. Going forward

market should remain volatile with upward bias while taking cues from corporate

earnings, industrial growth and implementation of reforms. Globally, policymakers

downgraded UK's GDP forecast to 2.2% in 2016 from earlier estimates of 2.5%.

China observed the lowest GDPgrowth of 6.8% in the last quarter of 2015 since 2009

thus bringing full 2015 growth to 6.9%. In a bid to restore growth, People bank of

China (PBoC) has cut Reserve Requirement Ratio (RRR) to 17%.

Outlook

Returns for Feb'16 Nifty Dow FTSE 100 Hang Seng Kospi Nasdaq Nikkei Sensex

TTM

Feb' 16

-21.99% -9.68% -12.15% -23.22% -4.01% -8.98% -14.87% -21.98%

-7.53% 0.40% 0.61% -2.46% -0.42% -1.35% -10.29% -7.34%

6

Mutual Fund Performance Update

Equity : Diversified Fund

Equity : Mid & Small Cap Fund

as onJan 2016

Software Oil Auto Banks Pharma FMCG Absolute Compound Annualized

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

Others Corpus

Portfolio as on Jan 31, 2016 & Return as on Feb 29, 2016

Axis Equity Fund 11.56 3.77 9.11 20.70 7.43 2.03 45.40 1908.68 -11.56 -11.23 -16.14 11.86

Axis Focused 25 Fund 12.29 0.00 12.04 15.71 7.07 0.00 52.89 342.16 -12.62 -13.76 -17.06 9.90

Birla Sun Life Advantage Fund 7.65 0.00 14.12 18.88 13.61 2.31 43.43 714.21 -12.02 -13.76 -14.27 19.36

Birla Sun Life Equity Fund 9.71 0.00 9.66 20.67 13.55 5.32 41.09 2336.22 -12.78 -13.53 -16.39 17.12

Birla Sun Life Long Term Advantage 12.59 0.00 13.81 19.84 7.10 1.48 45.18 265.43 0.00 0.00 0.00 0.00

BNP Paribas Equity Fund 9.58 0.00 7.68 24.77 7.64 3.35 46.98 1153.90 -12.52 -12.89 -15.35 14.46

Canara Robeco Equity Diversified 9.51 1.33 7.43 18.41 6.62 0.00 56.70 701.33 -17.16 -17.13 -22.15 8.81

DSP BlackRock Equity Fund 7.17 0.82 16.26 16.69 6.24 0.00 52.82 2342.04 -15.04 -14.65 -19.92 12.43

DSP BlackRock Focus 25 Fund 7.20 0.00 22.55 17.07 6.04 0.00 47.14 1140.51 -13.51 -14.10 -16.23 13.26

Franklin India Flexi Cap Fund 13.87 2.08 13.51 25.51 8.94 1.77 34.32 2647.65 -11.99 -11.87 -13.35 16.85

Franklin India High Growth Companies 9.66 0.00 16.74 34.03 2.64 0.00 36.93 3832.83 -17.49 -15.69 -18.27 20.31

Franklin India Prima Plus 11.96 0.00 11.97 26.31 8.39 2.35 39.02 6295.26 -11.18 -11.12 -11.59 17.34

Goldman Sachs India Equity Fund 9.00 0.00 7.04 15.71 7.72 5.21 55.32 88.26 -15.82 -15.86 -17.32 16.63

HDFC Capital Builder Fund 10.66 2.32 3.81 21.23 8.26 3.67 50.05 1007.25 -15.65 -13.51 -16.76 14.59

HDFC Equity Fund 15.98 1.95 13.97 28.12 5.25 0.00 34.73 14470.31 -19.89 -19.82 -24.66 9.63

HDFC Top 200 14.39 2.12 9.08 28.58 4.51 3.25 38.07 11515.37 -17.85 -17.56 -23.85 8.24

HSBC India Opportunities Fund 16.47 0.00 10.18 24.38 8.63 4.75 35.59 507.77 -12.65 -13.83 -20.18 14.89

ICICI Prudential Top 100 Fund 13.28 0.00 6.31 16.52 7.11 0.97 55.81 1290.91 -11.38 -8.66 -18.56 11.31

ICICI Prudential Multicap Fund 15.81 2.34 3.07 26.77 8.83 0.00 43.18 991.32 -13.50 -12.89 -13.00 15.38

Kotak Select Focus Fund 9.09 3.83 9.56 19.55 5.18 4.36 48.43 3841.35 -12.54 -12.51 -14.84 17.12

L&T Equity Fund 10.06 0.00 7.68 20.28 7.58 5.53 48.87 2747.22 -13.03 -13.89 -18.68 13.49

Mirae Asset India Opportunities Fund 10.21 1.58 11.29 22.87 10.13 5.32 38.60 1455.97 -12.83 -13.21 -15.01 16.40

Motilal Oswal MOSt Focused 25 Fund 16.64 0.00 10.98 22.12 4.03 0.00 46.23 364.70 -11.56 -13.52 -15.34 0.00

Motilal Oswal MOSt Focused 25 Fund 16.64 0.00 10.98 22.12 4.03 0.00 46.23 364.70 -11.56 -13.52 -15.34 0.00

Principal Growth Fund 11.55 0.89 8.53 15.88 7.59 1.74 53.82 342.07 -16.57 -13.81 -18.66 14.19

Reliance Equity Opportunities Fund 9.76 0.00 3.00 19.68 10.95 0.00 56.61 10664.37 -18.03 -18.30 -21.94 13.30

Reliance Growth 8.74 0.53 1.25 15.10 12.76 0.00 61.62 5065.21 -16.23 -17.07 -18.52 13.99

Reliance RSF - Equity 9.00 0.00 6.15 12.58 8.35 0.00 63.92 2623.82 -19.25 -18.45 -18.48 12.51

Reliance Vision 15.56 0.00 15.19 22.00 5.73 4.68 36.84 3240.19 -15.04 -16.02 -22.54 13.85

Religare Invesco Growth Fund 17.73 0.00 12.37 21.23 4.33 4.47 39.87 118.45 -12.94 -14.28 -17.78 13.71

SBI Magnum Equity Fund 19.11 0.00 7.47 28.32 3.03 3.50 38.57 1282.00 -12.30 -11.21 -15.36 11.70

SBI Magnum Global Fund 94 2.36 0.00 5.53 0.00 2.28 4.48 85.35 2355.97 -10.37 -11.57 -10.87 21.77

SBI Magnum Multi Cap Fund 11.08 0.92 6.81 16.72 7.85 3.49 53.13 588.70 -12.03 -10.03 -10.31 17.60

SBI Magnum Multiplier Fund 9.09 1.65 7.76 16.04 9.71 0.00 55.75 1457.13 -12.47 -11.50 -12.89 18.09

Tata Equity Opportunities Fund 7.93 0.00 11.74 13.65 10.46 1.25 54.97 1112.05 -14.33 -13.28 -16.40 14.71

Tata Ethical Fund 18.44 0.00 15.99 0.00 12.69 9.56 43.32 406.78 -9.18 -12.74 -11.15 17.09

Union KBC Equity Fund 14.84 0.00 12.85 18.08 8.06 3.46 42.71 134.87 -14.82 -16.23 -24.83 6.97

UTI Equity Fund 12.77 0.00 13.16 24.22 10.20 4.50 35.15 4505.63 -12.18 -13.34 -15.63 13.53

UTI Mastershare 14.73 1.42 9.50 22.54 8.21 2.15 41.45 2833.16 -11.68 -13.86 -18.30 11.68

UTI Opportunities Fund 15.09 0.00 14.26 21.88 7.17 2.87 38.73 4652.42 -13.77 -15.83 -22.70 8.93

Axis Midcap Fund 6.32 3.33 6.84 5.22 11.77 4.43 62.09 1153.58 -15.58 -18.80 -16.37 18.99

BNP Paribas Mid Cap Fund 2.09 0.00 4.11 10.63 8.99 1.98 72.20 474.27 -15.76 -14.90 -9.89 22.55

Canara Robeco Emerging Equities 1.83 3.44 5.36 8.25 7.38 0.00 73.74 885.33 -18.79 -14.84 -13.42 26.42

DSP BlackRock Micro Cap Fund 6.70 0.00 6.13 2.17 6.53 0.00 78.47 2230.02 -15.47 -12.11 -5.48 32.86

Franklin India Prima Fund 7.45 1.58 10.60 17.89 5.70 0.00 56.78 3668.34 -12.12 -9.96 -11.56 23.96

HDFC Mid-Cap Opportunities Fund 8.46 1.24 5.47 12.36 10.55 0.00 61.92 10094.40 -13.50 -13.65 -11.56 23.19

ICICI Prudential MidCap Fund 5.13 8.32 5.91 15.13 2.54 0.00 62.97 1132.52 -16.35 -16.49 -17.11 23.33

IDFC Premier Equity Fund 0.00 0.74 8.09 0.00 4.85 1.52 84.80 5896.74 -13.05 -12.50 -13.62 19.01

JPMorgan India Mid and Small Cap Fund 3.65 0.00 8.61 5.24 7.45 0.99 74.06 615.33 -15.18 -16.55 -13.86 24.37

Mirae Asset Emerging Bluechip Fund 7.60 4.58 9.44 10.76 12.50 2.52 52.60 1190.73 -12.74 -10.29 -6.89 28.43

Principal Emerging Bluechip Fund 3.63 1.25 13.58 11.18 10.84 0.00 59.52 488.90 -15.71 -16.84 -15.64 21.87

Reliance Mid & Small Cap Fund 3.02 0.00 0.83 7.05 7.74 0.00 81.36 2119.41 -17.47 -14.24 -16.52 23.19

Reliance Small Cap Fund 2.87 0.00 5.69 5.48 5.99 0.00 79.97 1896.25 -19.12 -11.06 -10.94 31.43

SBI Magnum Midcap Fund 4.58 2.51 2.08 1.81 13.88 1.18 73.96 1488.61 -12.24 -10.60 -5.15 27.66

Sundaram Select Midcap 3.32 4.03 11.59 9.54 1.98 1.63 67.91 3234.41 -15.61 -15.39 -12.55 23.14

UTI Mid Cap Fund 2.53 3.25 12.43 8.57 7.06 3.59 62.57 3121.50 -14.20 -15.21 -11.70 28.54

Return(%)

March 2016

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Mutual Fund Performance Update

Portfolio as on Jan 31, 2016 & Return as on Feb 29, 2016

March 2016

Equity : Large Cap Funds

Birla Sun Life Frontline Equity Fund 12.73 0.00 8.21 22.90 7.92 5.35 42.89 10154.44 -11.13 -11.40 -16.26 13.91

Birla Sun Life Top 100 Fund 14.58 0.95 7.67 23.34 8.95 3.85 40.66 1759.98 -11.85 -11.79 -16.27 14.87

DSP BlackRock Top 100 Equity Fund 9.86 0.00 18.74 18.28 6.67 0.00 46.45 3258.59 -14.15 -14.36 -20.92 8.15

Franklin India Bluechip 17.01 0.47 9.90 27.63 6.65 3.49 34.85 6491.01 -10.80 -11.02 -13.45 10.59

ICICI Prudential Focused Bluechip Equity 16.43 0.00 7.70 28.91 8.23 3.56 35.17 9537.75 -13.20 -12.82 -18.04 11.69

ICICI Prudential Select Large Cap 12.17 0.00 6.26 29.66 4.97 2.99 43.95 536.57 -13.24 -12.55 -21.40 9.84

IDBI India Top 100 Equity Fund 6.42 0.00 19.14 12.27 8.26 5.71 48.20 294.13 -10.71 -13.27 -16.00 14.21

Reliance Focused Large Cap Fund 11.50 0.00 7.23 16.94 7.11 0.00 57.22 984.14 -17.07 -18.17 -19.94 11.17

Reliance Top 200 Fund 11.21 3.55 9.34 21.73 5.10 1.49 47.58 1939.48 -15.45 -16.06 -19.88 13.20

SBI Bluechip Fund 9.35 0.00 9.12 15.16 11.90 2.53 51.94 3872.56 -10.18 -9.17 -10.64 16.12

Tata Large Cap Fund 11.90 0.00 11.87 19.42 8.45 5.46 42.90 785.52 -11.95 -13.17 -17.19 10.88

UTI Mastershare Fund 14.73 1.42 9.50 22.54 8.21 2.15 41.45 2833.16 -11.68 -13.86 -18.30 11.68

Equity : Index Funds

Birla Sun Life Index Fund 13.38 0.31 7.37 21.18 5.82 6.71 45.23 427.59 -11.76 -12.54 -20.55 7.28

Franklin India Index Fund - NSE Nifty Plan 17.59 0.41 9.35 22.41 7.33 8.86 34.05 209.46 -11.92 -12.70 -20.38 7.29

Goldman Sachs CNX 500 Fund 13.32 0.94 8.77 17.11 8.41 8.05 43.40 58.42 -12.75 -13.22 -19.27 8.75

HDFC Index Fund - Nifty Plan 17.25 0.42 9.42 22.87 7.59 8.78 33.67 146.68 -11.78 -12.58 -20.01 7.91

HDFC Index Fund - Sensex Plan 17.26 0.00 10.53 20.49 9.04 10.51 32.17 85.88 -11.65 -12.55 -19.99 7.86

HDFC Index Fund - Sensex Plus Plan 15.22 0.00 9.29 19.72 8.00 9.27 38.50 114.95 -12.44 -13.50 -20.74 7.50

ICICI Prudential Index Fund 15.76 0.37 8.53 20.83 6.88 7.97 39.66 164.08 -11.81 -12.64 -20.35 7.92

ICICI Prudential Nifty Junior Index Fund 1.46 2.55 11.05 2.39 10.15 10.97 61.43 26.26 -12.33 -14.68 -13.11 14.15

IDBI Nifty Index Fund 17.49 0.40 9.39 23.03 7.56 8.80 33.33 121.56 -12.12 -13.18 -21.12 6.81

IDBI Nifty Junior Index Fund 1.51 2.62 11.28 2.43 10.42 11.31 60.43 30.71 -12.61 -15.34 -13.49 13.56

IDFC Nifty Fund - Reg 16.91 0.39 9.15 22.42 7.38 8.55 35.20 63.20 -11.69 -12.39 -20.24 7.88

Reliance Index Fund - Nifty Plan 17.34 0.40 9.39 22.98 7.57 8.76 33.56 72.17 -11.97 -12.89 -20.79 7.36

SBI Nifty Index Fund 16.72 0.39 9.08 22.72 7.30 8.45 35.34 204.46 -11.92 -12.81 -20.80 6.61

UTI Nifty Fund 17.34 0.40 9.41 23.00 7.57 8.76 33.52 295.42 -11.70 -12.34 -20.12 7.60

Software Oil Auto Banks Pharma FMCG Corpus Absolute Compound Annualized

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

Others

Equity : Tax Saving Fundsas on

Jan 2016

Axis Long Term Equity Fund 11.19 2.44 13.20 15.54 12.12 0.00 45.51 6885.54 -9.97 -12.19 -11.90 24.35

Birla Sun Life Tax Plan 6.26 0.00 15.70 14.43 8.17 4.81 50.63 293.73 -10.85 -10.63 -13.19 19.02

Birla Sun Life Tax Relief 96 6.55 0.00 16.20 15.10 8.60 5.03 48.52 1928.24 -11.14 -10.74 -12.97 19.78

BNP Paribas Long Term Equity Fund 8.75 0.00 7.35 23.99 6.30 1.66 51.95 398.25 -12.72 -13.01 -14.20 16.46

Canara Robeco Equity Taxsaver 7.69 1.28 7.13 19.73 6.96 0.00 57.21 788.11 -15.29 -14.33 -19.97 10.86

DSP BlackRock Tax Saver Fund 9.19 0.29 13.87 19.36 9.48 0.85 46.96 1070.94 -13.36 -12.88 -14.19 16.04

Franklin India Taxshield 10.94 0.00 12.45 27.76 8.75 2.28 37.82 1770.92 -11.54 -11.51 -12.24 16.92

HDFC Long Term Advantage Fund 13.49 0.00 11.13 16.76 2.04 3.30 53.28 1066.34 -12.53 -12.57 -17.28 12.00

HDFC Taxsaver 13.01 1.25 7.51 26.45 3.97 3.67 44.14 4424.42 -18.89 -18.43 -24.62 10.65

ICICI Prudential LT Equity (Tax Saving) 10.41 0.00 5.18 16.53 15.31 0.00 52.57 2800.83 -13.57 -11.44 -15.85 16.52

IDBI Equity Advantage Fund - Reg 0.00 0.00 22.84 5.19 3.15 6.56 62.26 382.60 -10.71 -13.03 -13.28 0.00

L&T Tax Advantage Fund 11.01 0.00 5.15 17.30 6.38 5.50 54.66 1452.17 -13.45 -13.99 -15.00 13.33

Reliance Tax Saver (ELSS) Fund 4.52 0.98 16.29 15.40 3.50 4.85 54.46 4288.72 -16.46 -15.07 -24.99 18.87

Religare Invesco Tax Plan 15.92 0.00 12.82 18.84 5.81 0.00 46.61 253.49 -13.50 -13.43 -16.47 17.17

SBI Magnum Tax Gain Scheme 93 12.36 2.71 9.24 16.25 8.27 0.87 50.30 4404.99 -14.03 -14.90 -17.90 14.66

Return(%)

Compound Annualized

Equity : Dividend Yield Funds

Birla Sun Life Dividend Yield Plus 11.56 0.93 4.45 13.91 8.30 5.19 55.66 1034.96 -15.27 -16.68 -21.31 9.14

BNP Paribas Dividend Yield Fund 6.86 0.00 2.93 21.33 7.36 5.69 55.83 173.88 -12.71 -13.22 -13.78 14.41

Principal Dividend Yield Fund 6.37 0.74 19.17 14.56 2.11 11.92 45.13 100.33 -16.62 -16.12 -19.73 6.30

Tata Dividend Yield Fund - Reg 23.76 0.00 8.54 16.85 9.54 7.28 34.03 282.39 -13.18 -12.46 -15.01 12.13

UTI Dividend Yield Fund 19.46 0.31 3.46 20.74 2.61 5.85 47.57 2591.21 -14.08 -14.87 -21.29 6.85

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Mutual Fund Performance Update

Equity : Balanced Fundsas on

Jan 2016Return(%)

Software Oil Auto Banks Pharma FMCG Others

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

Absolute Compound AnnualizedCorpus

Portfolio as on Jan 31, 2016 & Return as on Feb 29, 2016

Birla Sun Life Balanced 95 7.06 1.01 4.92 15.37 7.80 1.87 61.97 2339.07 -8.86 -7.97 -10.71 14.87

Canara Robeco Balance 2.49 2.36 3.96 11.60 4.02 1.43 74.14 449.40 -13.71 -11.02 -12.11 13.20

DSP BlackRock Balanced Fund 5.83 1.57 9.26 20.46 10.15 0.00 52.73 958.49 -10.29 -10.22 -9.06 13.03

HDFC Balanced Fund 9.46 0.00 5.34 15.18 6.76 1.53 61.73 4855.05 -10.46 -10.00 -10.53 16.55

HDFC Prudence Fund 10.29 0.40 6.88 20.19 2.63 0.00 59.61 7861.12 -15.67 -14.38 -16.93 12.02

ICICI Prudential Balanced 10.78 2.42 7.09 18.02 6.59 0.75 54.35 2514.78 -9.93 -8.83 -11.63 14.78

ICICI Prudential Balanced Advantage 11.02 0.00 6.06 12.78 5.44 3.95 60.75 10610.53 -9.60 -8.23 -6.83 12.37

Reliance RSF - Balanced 5.78 0.00 11.58 19.25 6.50 0.00 56.89 1917.39 -10.75 -8.35 -9.36 14.10

SBI Magnum Balanced Fund 15.18 1.57 6.38 12.00 1.01 2.90 60.96 3442.99 -8.26 -6.88 -7.36 16.54

Tata Balanced Fund - Reg 7.77 0.00 5.40 11.48 9.48 2.52 63.35 5320.75 -9.80 -10.59 -11.72 16.99

UTI Balanced Fund 12.29 2.85 7.62 15.85 4.83 1.96 54.60 1257.37 -10.83 -10.68 -13.30 10.08

*CA : Compound Annualized

March 2016

Equity : ETF FundsGS Bank BeES 0.00 0.00 0.00 99.93 0.00 0.00 0.07 566.64 -19.39 -19.08 -28.72 7.47

GS Hang Seng BeES 0.00 3.38 0.00 18.41 0.00 0.86 77.35 6.14 -11.36 -8.36 -12.74 4.00

GS Nifty BeES 17.42 0.40 9.45 23.10 7.60 8.80 33.23 807.76 -11.81 -12.54 -20.71 8.13

ICICI Prudential CNX 100 ETF 14.53 0.75 9.53 19.39 7.91 9.03 38.86 24.63 -11.64 -12.60 -18.56 0.00

ICICI Prudential Nifty ETF 17.26 0.40 9.27 22.92 7.53 8.73 33.89 342.88 -11.67 -12.32 -19.81 0.00

Kotak Nifty ETF 17.42 0.40 9.46 23.11 7.61 8.81 33.19 214.52 -11.72 -12.36 -19.87 8.26

MOSt Shares M100 4.99 4.28 7.69 3.43 14.53 5.25 59.83 43.58 -12.23 -11.79 -11.42 16.11

MOSt Shares NASDAQ 100 35.59 0.00 1.39 0.00 13.07 0.00 49.95 72.30 -6.44 1.72 5.26 25.20

R*Shares Banking ETF 0.00 0.00 0.00 99.95 0.00 0.00 0.05 320.14 -19.33 -18.96 -26.14 7.86

R*Shares CNX 100 ETF 14.58 0.75 9.62 19.39 7.93 9.05 38.68 6.14 -11.79 -12.90 -19.26 0.00

R*Shares Nifty ETF 17.34 0.40 9.41 22.98 7.57 8.76 33.54 26.21 -11.65 -12.28 -19.68 0.00

SBI ETF Sensex 17.39 0.00 10.65 20.81 9.12 10.62 31.41 1212.21 -11.69 -12.57 -19.37 0.00

Equity : Arbitrage FundsBirla Sun Life Enhanced Arbitrage 2.24 4.10 7.53 29.05 9.92 4.37 42.79 1107.31 1.16 2.57 6.56 8.22

DWS Equity Income Fund 2.95 0.00 3.37 17.21 0.00 1.93 74.54 36.47 -1.07 0.13 4.47 10.10

HDFC Arbitrage Fund - Ret 1.52 0.82 1.18 29.83 13.93 3.87 48.85 2730.98 1.33 2.84 6.83 7.59

ICICI Prudential Blended - Option A 4.34 0.12 0.34 37.26 2.21 0.00 55.73 371.12 1.37 2.82 6.67 8.14

ICICI Prudential Equity - Arbitrage 8.04 0.11 4.49 20.18 16.93 2.51 47.74 3647.48 1.42 2.81 6.77 8.27

IDFC Arbitrage Fund - Reg -0.01 -0.01 -0.02 23.69 -0.05 -0.01 76.41 2951.00 1.32 2.74 6.59 8.13

IDFC Arbitrage Plus Fund - Reg 0.00 0.00 -0.01 12.03 -0.05 -0.01 88.04 746.69 1.09 2.47 5.54 7.50

JM Arbitrage Advantage Fund - Reg 1.94 2.67 2.90 36.97 7.85 1.89 45.78 3529.20 1.36 2.76 6.58 8.00

Kotak Equity Arbitrage Fund - Reg 2.29 2.22 5.46 23.14 7.20 1.52 58.17 4377.89 1.43 2.86 6.83 8.29

Reliance Arbitrage Advantage 4.39 0.07 4.04 22.97 12.60 2.88 53.05 3363.41 1.29 2.71 7.10 8.22

Religare Invesco Arbitrage 0.00 -0.01 0.00 19.94 -0.01 0.00 80.08 540.19 1.33 2.78 6.79 7.72

SBI Arbitrage Opportunities 4.70 0.55 4.35 35.96 12.23 2.98 39.23 1384.22 1.24 2.52 6.44 8.00

UTI Spread Fund - Growth 0.62 1.74 3.97 22.19 12.36 0.05 59.07 550.61 1.29 2.75 6.70 7.62

Birla Sun Life India GenNext 0.00 0.00 12.54 19.33 8.03 16.17 43.93 288.63 -10.49 -12.00 -11.66 16.80

Birla Sun Life MNC Fund 0.60 0.00 18.11 4.92 13.80 14.89 47.68 2915.56 -11.01 -13.16 -9.02 28.42

Franklin Build India Fund 0.00 0.00 15.33 35.88 1.69 0.00 47.10 503.58 -16.06 -14.85 -16.60 22.98

ICICI Pru Exports & other Services Fund 30.77 0.00 5.35 0.00 34.96 0.00 28.92 811.67 -11.11 -12.90 -3.41 29.56

L&T India Special Situations Fund 15.78 0.00 6.82 16.74 4.76 5.31 50.59 916.80 -14.16 -15.46 -17.86 13.65

Reliance Pharma Fund 0.00 0.00 0.00 0.00 94.61 0.00 5.39 1504.43 -9.22 -10.65 3.70 27.36

SBI Pharma Fund 0.00 0.00 0.00 0.00 91.25 0.00 8.75 957.47 -10.16 -11.69 8.57 31.07

UTI MNC Fund 5.55 0.00 17.71 1.43 8.12 16.00 51.19 1729.02 -10.93 -12.95 -9.99 24.90

UTI Transportation & Logistics Fund 0.00 0.00 67.31 0.45 0.00 0.00 32.24 614.55 -15.60 -16.55 -13.45 35.46

Equity : Thematic Funds

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Mutual Fund Performance Update

9

Debt : MIP Fundsas on

Jan 2016Return(%)

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

A1 Plus & A1 & A- (Cr.) Maturity 1M 3M 6M 1Y

Corpus

Portfolio as on Jan 31, 2016 & Return as on Feb 29, 2016

Axis Income Saver Fund 64.16 12.76 0.00 2.01 19.18 1.89 14.28 669.29 0.90 2.14 -12.60 -5.18 -0.73 2.12

Birla Sun Life MIP II - Savings 5 14.66 1.27 61.74 0.00 17.85 4.48 9.39 246.06 6.85 1.42 -11.69 -2.44 1.14 2.88

Birla Sun Life MIP II - Wealth 25 0.50 0.87 65.39 0.00 31.28 1.96 30.52 1037.66 8.22 2.16 -36.00 -17.07 -8.05 -2.53

Birla Sun Life Monthly Income 15.43 0.00 53.41 0.00 27.31 3.85 14.32 251.75 5.77 2.58 -17.45 -4.06 -0.59 1.79

BNP Paribas MIP 19.99 8.50 34.59 0.00 21.41 15.51 18.48 176.88 4.66 2.66 -14.68 -8.71 -2.32 -0.75

Canara Robeco Monthly Income Plan 13.79 0.00 50.26 0.00 25.29 10.66 20.84 285.30 0.00 2.47 -32.15 -18.76 -6.42 -2.63

DSP BlackRock MIP Fund 23.00 23.71 26.70 0.00 21.67 4.92 21.67 402.42 3.88 2.75 -33.25 -15.53 -4.59 -1.34

Franklin India MIP 10.23 6.03 43.12 0.00 28.52 12.10 19.80 426.51 5.86 2.26 -16.79 -8.92 -2.72 0.45

HDFC MIP - LTP 7.60 8.31 45.51 0.00 36.02 2.56 24.12 3637.48 6.59 1.96 -35.09 -20.52 -7.88 -3.22

HDFC MIP - STP 23.87 4.09 37.41 7.08 24.45 3.10 15.86 291.00 3.78 2.44 -23.93 -13.31 -3.86 -1.63

HDFC Multiple Yield Fund - Plan 2005 41.55 14.33 0.00 0.00 34.09 10.03 19.41 174.03 0.47 1.94 -17.96 -7.48 -0.14 1.34

HSBC MIP - Savings Plan 24.65 1.64 45.00 0.00 23.31 5.40 23.31 213.93 5.14 2.31 -29.41 -14.05 -5.39 -2.57

ICICI Prudential MIP - Cumulative 11.82 25.01 41.59 0.00 20.47 1.11 13.89 347.43 4.77 2.30 -24.62 -10.80 -3.77 0.26

ICICI Prudential MIP 25 4.42 8.41 57.05 0.00 27.95 2.17 23.53 1255.59 5.47 2.04 -34.25 -14.69 -4.47 -0.47

IDFC Monthly Income Plan 5.52 2.64 66.96 0.00 23.11 1.77 23.11 259.62 4.44 1.36 -28.93 -9.77 -2.89 0.38

Kotak Monthly Income Plan 0.09 0.00 76.56 0.48 19.95 2.92 19.79 118.46 0.00 2.41 -23.25 -11.20 -2.34 -0.05

Reliance MIP 16.55 4.64 42.60 0.00 33.57 2.64 19.87 2538.79 6.78 1.82 -25.41 -12.67 -4.02 -1.19

SBI Magnum MIP 0.00 7.38 55.93 20.46 13.09 3.14 13.10 339.18 4.14 2.27 -9.45 -1.31 2.46 3.97

UTI - MIS - Advantage Fund - Growth 22.77 4.83 38.26 0.00 27.60 6.54 23.93 658.74 0.00 2.22 -22.61 -6.92 -1.39 1.29

UTI Monthly Income Scheme 34.20 5.79 30.58 0.00 23.42 6.01 13.38 264.79 0.00 2.23 -15.43 -5.11 -0.79 1.35

March 2016

*CA : Compound Annualized

Return(%)Debt: Short-term Fundsas on

Jan 2016

Birla Sun Life Medium Term 8.20 11.54 31.62 27.97 16.00 4.67 5059.58 4.02 1.68 23.04 2.59 4.63 7.10 8.34

Birla Sun Life Short Term Fund 42.17 7.79 40.41 0.00 1.67 7.96 9497.08 2.04 0.32 12.65 5.36 7.16 7.89 8.34

Birla Sun Life Treasury Optimizer Plan 33.02 9.65 52.88 0.00 1.04 3.41 5286.95 4.30 0.60 24.36 2.10 5.31 7.04 7.34

DSP BlackRock Income Opportunities 40.57 15.38 0.00 36.57 1.46 6.02 2260.05 2.08 1.78 3.05 4.93 6.11 7.62 8.52

Franklin India STIP 7.26 5.68 0.00 51.36 30.93 4.77 10009.11 1.89 1.56 2.76 -15.46 -1.60 3.09 6.00

HDFC HIF - S T P 24.47 20.20 31.84 0.93 18.92 3.64 1911.11 3.30 1.05 18.58 2.36 4.17 5.87 6.26

HDFC Short Term Opportunities Fund 65.22 13.33 12.34 0.00 5.60 3.51 6330.81 1.42 0.33 5.88 5.03 5.65 7.21 7.97

HDFC Short Term Plan 8.12 16.63 0.04 42.53 24.88 7.80 2366.22 1.60 1.07 3.77 5.73 6.66 8.06 8.75

ICICI Pru Banking & PSU Debt Fund 51.21 0.00 36.08 0.00 0.00 12.71 3948.28 3.41 0.57 15.42 -0.97 3.94 6.37 7.31

ICICI Pru STP 34.69 15.40 39.30 0.00 6.91 3.70 5642.27 3.33 1.15 18.39 0.50 4.84 6.38 7.03

IDFC SSIF - Short Term 85.82 9.44 0.00 0.00 -0.01 4.75 4274.19 1.73 1.26 0.07 2.02 4.65 6.54 7.34

IDFC SSIF - MTP 66.86 2.34 27.99 0.00 0.00 2.81 3717.12 3.10 1.24 3.38 0.32 4.68 6.28 6.72

Reliance Medium Term Fund 55.74 28.45 0.00 2.87 9.85 3.09 6280.66 0.86 0.65 6.15 6.19 6.01 7.29 8.42

Reliance Short Term Fund 53.88 13.07 20.48 0.00 5.03 7.54 9163.44 2.21 1.04 8.10 3.07 5.44 6.83 7.29

SBI Short Term Debt Fund 55.20 15.61 22.77 0.00 3.96 2.46 4087.90 2.09 0.80 10.70 3.68 5.58 6.92 7.43

Tata Short Term Bond Fund 65.85 5.41 24.79 0.00 0.01 3.94 4635.66 0.00 1.10 12.70 3.13 5.30 6.70 7.46

Taurus Short Term Income Fund 95.25 0.00 0.34 0.00 0.00 4.41 291.91 0.08 0.70 8.11 7.94 8.09 8.21 8.74

UTI Short Term Income Fund - Ret 31.05 21.70 31.64 2.10 7.37 6.14 5271.17 2.85 1.01 9.79 2.48 5.00 6.92 7.20

AAA & A1 AA & Sov. A & A+ Others Cash Avg. Exp. Simple Annualized CA*

Plus AA+ &A1 &A- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus

Debt: Income Funds

ICICI Prudential LTP 2.90 0.00 95.11 0.00 0.00 1.99 863.67 9.12 1.17 53.17 1.93 -0.71 3.15 3.05

IDFC D B F (Re-Launched) 0.00 0.00 97.99 0.00 0.00 2.01 6669.92 4.74 1.06 19.32 0.39 4.08 5.27 3.94

DWS Medium Term Income Fund 50.87 0.00 37.11 0.00 0.00 12.02 809.12 4.24 1.03 5.70 -1.82 2.76 5.53 6.46

DSP BlackRock Strategic Bond Fund 20.28 0.67 73.13 0.00 0.84 5.08 2982.69 5.85 1.07 26.46 -1.93 3.41 5.53 4.60

Reliance Corporate Bond Fund 20.72 32.19 0.00 21.38 20.77 4.94 1226.79 3.09 1.66 4.69 2.29 5.20 6.56 7.69

IDFC SSIF - Invt Plan 2.23 0.00 95.64 0.00 0.00 2.13 2259.16 4.78 1.50 18.67 -0.19 3.73 5.02 3.73

HDFC Corporate Debt Opportunities 17.48 10.72 0.00 45.40 20.81 5.59 6029.09 2.31 1.85 2.59 4.01 6.21 7.65 7.80

Birla Sun Life Income Plus 1.95 0.00 95.98 0.00 0.00 2.07 3905.20 9.19 1.86 55.64 -0.06 -3.37 1.32 1.56

DSP BlackRock Strategic Bond Fund 20.28 0.67 73.13 0.00 0.84 5.08 2982.69 5.85 1.07 26.46 -1.93 3.41 5.53 4.60

DWS Banking & PSU Debt Fund 70.85 0.00 16.98 0.00 0.00 12.17 1502.02 1.97 0.77 2.76 2.40 4.86 6.42 7.42

ICICI Prudential Income Opportunities 95.84 0.00 0.00 0.00 0.00 4.16 3048.85 4.34 0.89 1.30 -5.18 0.42 4.55 5.78 So

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Mutual Fund Performance Update

Debt: Ultra Short-term Funds

Debt: Liquid Funds

as onJan 2016

Return %

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

A1 Plus & A1 & A- (Cr.) Duration 7D 1M 3M 6M 1Y

Corpus

Portfolio as on Jan 31, 2016 & Return as on Feb 29, 2016

Axis Treasury Advantage Fund - Growth 78.60 8.83 0.00 2.78 5.85 3.94 1693.52 0.29 0.68 6.02 6.89 6.82 7.62 8.35

Baroda Pioneer Treasury Advantage A 49.20 28.28 0.00 8.41 9.38 4.73 1495.87 0.68 0.80 6.17 7.27 7.03 7.74 8.77

Birla Sun Life Cash Manager 52.05 36.39 5.34 1.65 1.38 3.19 6526.49 0.63 0.72 6.19 7.01 6.29 7.06 7.84

Birla Sun Life Floating Rate LTP 40.24 25.13 30.84 0.00 0.00 3.79 1350.49 0.63 0.35 5.73 6.34 6.22 7.50 8.40

Birla Sun Life Savings Fund 62.70 12.21 14.34 3.57 4.96 2.22 11888.14 0.70 0.28 6.86 7.21 6.86 7.58 8.61

DSP BlackRock Money Manager 74.72 20.07 3.36 0.00 -0.01 1.86 2037.32 0.36 1.00 6.21 6.75 6.06 6.68 7.61

DWS Cash Opportunities Fund 50.68 10.15 0.00 24.53 12.18 2.46 925.96 0.40 1.21 8.34 8.60 8.13 8.56 9.12

DWS Treasury Fund - Investment 93.87 0.00 0.00 0.00 0.00 6.13 903.71 0.46 0.49 6.36 6.04 6.36 7.05 7.93

DWS Ultra Short-Term Fund 76.39 15.40 0.00 0.00 4.16 4.05 2283.38 0.33 0.57 7.45 7.20 7.36 7.81 8.64

Franklin India Low Duration Fund 21.88 8.26 0.00 49.43 17.34 3.09 2159.49 0.95 0.78 6.14 1.32 5.47 7.50 8.82

Franklin India Ultra Short Bond Retail 38.25 15.23 0.00 22.94 17.65 5.93 4909.15 0.44 0.86 7.31 7.68 7.60 8.24 8.88

HDFC Cash Mgmt - Treasury Advantage 54.96 28.02 3.06 1.80 6.69 5.47 8878.15 0.78 1.36 6.60 5.60 5.71 6.43 7.35

HDFC F R I F - STF - Growth 72.49 18.32 0.00 1.83 3.68 3.68 8408.48 0.60 0.18 7.58 6.94 6.64 7.42 8.29

HDFC F R I F - STF - Growth 72.49 18.32 0.00 1.83 3.68 3.68 8408.48 0.60 0.18 7.58 6.94 6.64 7.42 8.29

ICICI Prudential FIP Reg - Growth 71.52 15.05 5.27 0.00 4.17 3.99 15725.58 0.62 0.29 8.30 6.66 6.82 7.52 8.48

ICICI Prudential Savings Fund - Growth 35.59 26.54 16.67 9.63 4.67 6.90 3385.08 0.70 1.22 4.27 5.30 5.95 7.00 7.70

ICICI Prudential Ultra ST Plan 75.18 10.74 15.00 0.00 -0.01 -0.91 5964.65 1.75 0.42 9.72 4.19 5.83 7.16 8.27

IDFC Money Manager - Invt Plan 89.74 5.51 0.00 0.00 0.00 4.75 1712.99 1.79 0.45 3.35 3.52 4.38 6.84 7.91

IDFC Money Manager - Treasury Plan 82.43 15.43 0.00 0.00 0.00 2.14 1836.93 0.67 0.96 6.93 6.11 5.76 6.63 8.06

IDFC Ultra Short Term Fund 75.64 20.89 0.00 0.00 0.00 3.47 2797.09 0.54 0.19 7.64 6.68 6.39 7.28 8.40

JM Money Manager Fund - Super Plus Plan 84.57 5.97 2.59 0.00 0.01 6.86 768.55 0.00 0.50 5.27 5.69 6.65 7.10 8.06

JPMorgan India Treasury Fund - Ret 84.84 0.00 8.95 0.00 0.00 6.21 620.58 0.20 0.00 6.89 6.65 7.14 -7.43 -1.58

Kotak Treasury Advantage Fund 79.67 8.14 4.18 0.00 3.75 4.26 4240.73 0.48 0.68 6.97 6.89 6.43 7.24 8.29

L&T Ultra Short Term Fund 70.06 15.91 0.00 0.00 0.00 14.03 1614.77 0.37 0.53 8.18 6.73 6.79 7.48 8.16

LIC Nomura MF Savings Plus Fund 56.52 37.19 0.00 0.00 4.51 1.78 859.36 0.00 1.05 5.34 5.73 6.18 6.84 7.31

Principal Debt Opportunities Conservative 71.18 18.45 3.47 3.14 2.35 1.41 429.81 0.51 1.10 8.51 6.57 6.74 7.31 7.96

Reliance Money Manager Fund 81.06 13.87 0.12 2.13 3.51 -0.69 12064.13 0.52 0.52 7.43 7.27 6.57 7.34 8.24

Religare Invesco Credit Opportunities Fund 81.32 7.91 0.00 0.00 9.96 0.81 2511.95 0.07 0.65 7.92 7.86 7.79 8.09 8.63

Religare Invesco Ultra Short Term Fund 74.07 15.31 0.00 0.00 3.26 7.36 2269.08 0.41 0.80 6.08 6.54 6.62 7.45 8.08

SBI SHDF - Ultra Short Term 71.88 19.37 6.74 0.00 0.07 1.94 8100.45 0.45 0.41 7.58 7.21 6.77 7.42 8.35

Sundaram Ultra Short Term 93.70 7.88 0.00 0.00 5.56 -7.14 1980.70 0.00 0.90 6.71 6.91 6.51 6.98 7.83

Tata Floater Fund 80.44 11.87 0.24 0.00 5.50 1.95 3545.51 0.00 0.35 6.75 6.79 6.51 7.35 8.30

Taurus Ultra Short Term Bond Fund - Ret 81.78 0.00 0.51 0.00 0.00 17.71 194.61 0.06 0.48 7.72 7.15 7.38 7.79 8.30

UTI Floating Rate Fund - STP 60.90 19.83 3.67 0.00 11.18 4.42 5470.14 0.61 0.94 3.55 5.87 6.35 7.26 8.14

UTI Treasury Advantage Fund 70.37 15.50 1.40 0.00 7.59 5.14 10509.11 0.44 0.23 4.90 6.37 6.50 7.16 7.91

Axis Liquid Fund 82.66 0.28 8.68 0.00 12.38 -4.00 10825.90 0.08 0.13 7.63 7.59 7.54 7.65 8.20

Birla Sun Life Cash Plus 77.12 0.40 8.13 0.00 13.72 0.63 22475.86 0.08 0.15 7.88 7.62 7.54 7.64 8.23

DSP BlackRock Liquidity Fund 89.23 4.48 13.61 0.00 1.50 -8.82 6639.68 0.08 0.24 7.42 7.45 7.41 7.48 8.02

DWS Insta Cash Plus Fund 79.59 0.00 12.17 0.00 5.11 3.13 9795.02 0.08 0.14 7.72 7.72 7.66 7.77 8.25

Franklin India TMA 87.84 2.35 0.81 0.00 8.39 0.61 3053.60 0.09 0.86 7.10 7.14 6.91 7.19 7.66

HDFC Cash Mgmt Fund - Savings Plan 84.72 2.10 8.22 0.00 4.81 0.15 8304.39 0.07 0.48 7.41 7.46 7.41 7.51 8.10

HDFC Liquid Fund 89.02 0.39 10.17 0.00 15.49 -15.07 25633.80 0.08 0.38 7.44 7.59 7.54 7.66 8.20

ICICI Prudential Liquid 100.05 3.08 0.02 0.00 6.66 -9.81 21001.90 0.06 0.16 7.57 7.60 7.54 7.64 8.18

ICICI Prudential Money Market 91.37 0.00 0.00 0.00 5.09 3.54 8351.62 0.06 0.17 7.71 7.64 7.56 7.66 8.19

IDFC Cash Fund 89.30 1.10 19.83 0.00 11.99 -22.22 8338.11 0.09 0.36 7.52 7.51 7.48 7.62 8.20

Kotak Floater - ST 85.45 1.14 15.10 0.00 0.01 -1.70 7346.95 0.11 0.19 7.65 7.67 7.60 7.73 8.29

Kotak Liquid Scheme - Plan A 73.92 0.00 25.95 0.00 0.01 0.12 6236.31 0.10 0.10 7.65 7.60 7.53 7.61 8.17

L&T Liquid Fund 103.45 0.00 2.62 0.00 0.00 -6.07 6456.29 0.08 0.12 7.40 7.55 7.53 7.64 8.19

LIC Nomura MF Liquid Fund 98.37 0.00 1.15 0.00 0.00 0.48 8643.58 0.00 0.21 7.63 7.63 7.54 7.64 8.20

Reliance Liquid Fund - TP 98.68 1.16 2.86 0.00 8.73 -11.43 18306.35 0.10 0.18 7.55 7.55 7.51 7.63 8.19

Religare Invesco Liquid Fund 91.64 0.95 6.10 0.00 13.78 -12.47 5254.56 0.11 0.17 7.46 7.55 7.55 7.69 8.23

SBI Premier Liquid Fund 93.83 0.00 12.61 0.00 12.36 -18.80 25686.89 0.09 0.17 7.56 7.49 7.48 7.59 8.13

UTI Liquid Fund - Cash Plan 97.06 0.00 0.30 0.00 17.67 -15.03 12164.42 0.00 0.10 6.94 6.93 6.86 6.93 7.47

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March 2016

*CA : Compound Annualized

Sov. Others Cash Corpus Modified Expense Simple Annualized CA*

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

Mutual Fund Performance Update

11

Debt Gilt: Medium & Long-term Fundsas on

Jan 2016Return(%)

Portfolio as on Jan 31, 2016 & Return as on Feb 29, 2016 *CA : Compound Annualized

Birla Sun Life G Sec Fund - LT - Reg 98.20 0.00 1.80 917.62 9.82 1.49 62.23 3.43 -3.10 1.73 1.77

DWS Gilt Fund 97.09 1.05 1.86 573.86 5.22 0.76 29.90 2.85 2.72 5.71 5.71

Franklin India GSF - LTP 94.15 0.00 5.85 396.92 9.07 1.74 54.76 4.05 -1.76 2.38 2.05

HDFC Gilt Fund - L T P 97.96 0.00 2.04 3027.42 9.24 0.79 52.10 2.26 -1.66 2.95 2.32

ICICI Prudential Gilt Fund - Investment - PF - Reg 98.35 0.00 1.65 732.15 9.95 0.85 62.00 3.95 -2.88 2.26 1.91

ICICI Prudential Long Term Gilt Fund 102.44 0.00 -2.44 1511.65 9.68 1.18 60.10 3.61 -2.86 2.18 2.18

IDFC G Sec Fund - Invt Plan - Reg (Re-launched) 98.56 0.00 1.44 979.34 5.08 1.01 31.53 0.63 3.28 5.03 3.42

JPMorgan India G Sec Fund - Reg 93.68 0.00 6.32 826.45 8.79 1.25 51.16 3.01 -1.05 2.94 2.78

Reliance G Sec Fund 97.73 0.00 2.27 1537.66 6.54 1.69 40.60 0.64 1.20 4.36 3.31

SBI Magnum Gilt LTP 98.53 0.00 1.47 2733.36 6.05 0.97 40.84 0.15 2.42 4.90 3.96

UTI Gilt Advantage Fund - L T P 98.72 0.00 1.28 638.72 8.54 0.86 45.38 1.20 -1.36 2.86 2.11

March 2016

Debt Gilt: Short-term Funds

DSP BlackRock Treasury Bill Fund 94.73 0.00 5.27 19.57 0.30 0.59 6.80 6.29 6.28 6.78 7.26

ICICI Prudential Short Term Gilt Fund 72.07 0.00 27.93 120.69 2.25 0.70 6.41 2.52 6.61 8.06 7.45

IDBI Gilt Fund 92.40 0.00 7.60 19.88 9.79 1.94 56.38 3.60 -4.62 0.89 0.81

SBI Magnum Gilt STP 73.63 0.00 26.37 140.83 2.27 0.69 31.16 7.71 9.30 8.87 8.48

Tata G S S M F - Plan A 83.14 0.00 16.86 33.21 0.00 1.06 23.38 2.47 6.72 7.48 7.21

UTI G-Sec Fund - STP 82.91 0.00 17.09 23.60 0.31 0.58 -5.05 4.09 5.27 6.92 7.39

Return(%)Debt : Dynamic Fundsas on

Jan 2016

Axis dynamic Bond Fund 25.08 0.00 69.02 0.00 2.84 3.06 315.40 6.90 1.44 30.54 -0.97 1.61 4.39 4.73

Franklin India dynamic Accrual 5.01 4.82 0.00 56.54 25.03 8.60 1524.57 2.34 1.76 1.57 -5.94 1.96 5.98 7.85

Reliance dynamic Bond Fund 6.65 0.00 91.07 0.00 0.51 1.77 5493.40 6.86 1.67 41.59 0.31 1.41 4.19 3.22

SBI dynamic Bond Fund 2.44 0.00 96.35 0.00 0.00 1.21 3660.62 5.37 1.54 36.40 -0.14 3.55 5.01 3.72

Birla Sun Life dynamic Bond 1.18 11.20 84.03 0.00 0.92 2.67 15266.28 8.36 1.63 48.50 1.59 -0.51 3.46 5.17

HDFC HIF - dynamic 4.75 0.71 89.77 0.00 1.89 2.88 2112.89 8.38 1.61 43.53 0.41 -1.23 2.98 2.42

Birla Sun Life dynamic Bond DAP 1.18 11.20 84.03 0.00 0.92 2.67 15266.28 8.36 1.63 48.48 1.58 -0.51 3.46 5.17

Birla Sun Life dynamic Bond Fund 1.18 11.20 84.03 0.00 0.92 2.67 15266.28 8.36 1.63 48.50 1.59 -0.51 3.46 5.17

Tata Dynamic Bond Fund 19.83 0.00 77.59 0.00 0.00 2.58 1023.24 0.00 1.66 35.35 -0.48 3.54 5.44 4.98

Reliance Dynamic Bond Fund 6.65 0.00 91.07 0.00 0.51 1.77 5493.40 6.86 1.67 41.59 0.31 1.41 4.19 3.22

UTI Dynamic Bond Fund 6.25 2.80 87.35 0.00 0.77 2.83 919.12 6.95 1.73 33.40 -2.35 2.66 5.20 4.86

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

A1 + & A1 & A- (Cr.) Maturity 7D 1M 3M 6M 1Y

Corpus

Software Oil Auto Banks Pharma FMCG Corpus Absolute Compound Annualized

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

Others

Equity : Value Funds

Equity : Global Funds

as onJan 2016

Birla Sun Life Pure Value 5.85 1.11 4.56 11.85 6.08 0.00 70.55 396.45 -14.41 -12.76 -12.99 24.41

ICICI Pru Value Discovery Fund 9.14 1.57 11.37 17.48 3.58 0.00 56.86 10536.12 -15.00 -13.82 -15.46 21.66

L&T India Value Fund - Growth 9.15 1.52 5.25 7.74 5.07 0.82 70.45 913.12 -15.02 -13.23 -10.90 22.39

PPFAS Long Term Value Reg 34.48 4.72 14.63 18.83 4.76 0.00 22.58 419.07 -11.28 -5.95 -4.90 0.00

Tata Equity P/E Fund - Reg 9.97 4.05 7.48 11.20 3.03 0.00 64.27 564.94 -15.59 -13.79 -20.72 15.59

Templeton India Equity Income 8.19 0.00 11.00 16.13 3.33 0.00 61.35 890.15 -14.40 -11.49 -16.17 8.73

Franklin Asian Equity Fund 7.65 0.00 2.69 9.44 3.27 0.99 75.96 97.31 -5.23 0.04 -7.43 3.76

ICICI Pru Indo Asia Equity Fund 9.73 0.00 5.20 12.26 5.11 0.00 67.70 133.53 -15.18 -13.52 -17.53 13.09

ICICI Pru US Bluechip Equity Fund 9.56 0.00 3.67 0.00 15.90 0.00 70.87 164.02 -0.64 2.46 4.80 18.15

L&T India Value Fund - Growth 9.15 1.52 5.25 7.74 5.07 0.82 70.45 913.12 -15.02 -13.23 -10.90 22.39

Mirae Asset India-China Consumption 4.70 0.00 10.97 19.92 1.40 17.57 45.44 31.97 -14.81 -11.97 -15.67 14.20

Return(%)

Compound Annualized

Compound Annualized

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March 2016

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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