Internal Report on Mutual Fund Mutual Fund Companies in India

The concept of mutual funds in India dates back to the year 1963. The era between 1963 and 1987 marked the existance of only one mutual fund company in India with Rs. 67bn assets under management (AUM), by the end of its monopoly era, the Unit Trust of India (UTI). By the end of the 80s decade, few other mutual fund companies in India took their position in mutual fund market. The new entries of mutual fund companies in India were SBI Mutual Fund, Canbank Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund. The succeeding decade showed a new horizon in indian mutual fund industry. By the end of 1993, the total AUM of the industry was Rs. 470.04 bn. The private sector funds started penetrating the fund families. In the same year the first Mutual Fund Regulations came into existance with re-registering all mutual funds except UTI. The regulations were further given a revised shape in 1996. Kothari Pioneer was the first private sector mutual fund company in India which has now merged with Franklin Templeton. Just after ten years with private sector players penetration, the total assets rose up to Rs. 1218.05 bn. Today there are 33 mutual fund companies in India. Major Mutual Fund Companies in India ABN AMRO Mutual Fund ABN AMRO Mutual Fund was setup on April 15, 2004 with ABN AMRO Trustee (India) Pvt. Ltd. as the Trustee Company. The AMC, ABN AMRO Asset Management (India) Ltd. was incorporated on November 4, 2003. Deutsche Bank A G is the custodian of ABN AMRO Mutual Fund. Birla Sun Life Mutual Fund Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun Life Financial. Sun Life Financial is a golbal organisation evolved in 1871 and is being represented in Canada, the US, the Philippines, Japan, Indonesia and Bermuda apart from India. Birla Sun Life Mutual Fund follows a conservative long-term approach to investment. Recently it crossed AUM of Rs. 10,000 crores. Bank of Baroda Mutual Fund (BOB Mutual Fund) Bank of Baroda Mutual Fund or BOB Mutual Fund was setup on October 30, 1992 under the sponsorship of Bank of Baroda. BOB Asset Management Company Limited is the AMC of BOB Mutual Fund and was incorporated on November 5, 1992. Deutsche Bank AG is the custodian.

HDFC Mutual Fund HDFC Mutual Fund was setup on June 30, 2000 with two sponsorers nemely Housing Development Finance Corporation Limited and Standard Life Investments Limited. HSBC Mutual Fund HSBC Mutual Fund was setup on May 27, 2002 with HSBC Securities and Capital Markets (India) Private Limited as the sponsor. Board of Trustees, HSBC Mutual Fund acts as the Trustee Company of HSBC Mutual Fund. ING Vysya Mutual Fund ING Vysya Mutual Fund was setup on February 11, 1999 with the same named Trustee Company. It is a joint venture of Vysya and ING. The AMC, ING Investment Management (India) Pvt. Ltd. was incorporated on April 6, 1998. Prudential ICICI Mutual Fund The mutual fund of ICICI is a joint venture with Prudential Plc. of America, one of the largest life insurance companies in the US of A. Prudential ICICI Mutual Fund was setup on 13th of October, 1993 with two sponsorers, Prudential Plc. and ICICI Ltd. The Trustee Company formed is Prudential ICICI Trust Ltd. and the AMC is Prudential ICICI Asset Management Company Limited incorporated on 22nd of June, 1993. Sahara Mutual Fund Sahara Mutual Fund was set up on July 18, 1996 with Sahara India Financial Corporation Ltd. as the sponsor. Sahara Asset Management Company Private Limited incorporated on August 31, 1995 works as the AMC of Sahara Mutual Fund. The paid-up capital of the AMC stands at Rs 25.8 crore. State Bank of India Mutual Fund State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launch offshor fund, the India Magnum Fund with a corpus of Rs. 225 cr. approximately. Today it is the largest Bank sponsored Mutual Fund in India. They have already launched 35 Schemes out of which 15 have already yielded handsome returns to investors. State Bank of India Mutual Fund has more than Rs. 5,500 Crores as AUM. Now it has an investor base of over 8 Lakhs spread over 18 schemes. Tata Mutual Fund Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsorers for Tata Mutual Fund are Tata Sons Ltd., and Tata Investment Corporation Ltd. The investment manager is Tata Asset Management Limited and its Tata Trustee Company Pvt. Limited. Tata Asset Management Limited's is one of the fastest in the country with more than Rs. 7,703 crores (as on April 30, 2005) of AUM.

Kotak Mahindra Mutual Fund Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL. It is presently having more than 1,99,818 investors in its various schemes. KMAMC started its operations in December 1998. Kotak Mahindra Mutual Fund offers schemes catering to investors with varying risk - return profiles. It was the first company to launch dedicated gilt scheme investing only in government securities. Unit Trust of India Mutual Fund UTI Asset Management Company Private Limited, established in Jan 14, 2003, manages the UTI Mutual Fund with the support of UTI Trustee Company Privete Limited. UTI Asset Management Company presently manages a corpus of over Rs.20000 Crore. The sponsorers of UTI Mutual Fund are Bank of Baroda (BOB), Punjab National Bank (PNB), State Bank of India (SBI), and Life Insurance Corporation of India (LIC). The schemes of UTI Mutual Fund are Liquid Funds, Income Funds, Asset Management Funds, Index Funds, Equity Funds and Balance Funds. Reliance Mutual Fund Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act, 1882. The sponsor of RMF is Reliance Capital Limited and Reliance Capital Trustee Co. Limited is the Trustee. It was registered on June 30, 1995 as Reliance Capital Mutual Fund which was changed on March 11, 2004. Reliance Mutual Fund was formed for launching of various schemes under which units are issued to the Public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified securities. Standard Chartered Mutual Fund Standard Chartered Mutual Fund was set up on March 13, 2000 sponsored by Standard Chartered Bank. The Trustee is Standard Chartered Trustee Company Pvt. Ltd. Standard Chartered Asset Management Company Pvt. Ltd. is the AMC which was incorporated with SEBI on December 20,1999. Franklin Templeton India Mutual Fund The group, Frnaklin Templeton Investments is a California (USA) based company with a global AUM of US$ 409.2 bn. (as of April 30, 2005). It is one of the largest financial services groups in the world. Investors can buy or sell the Mutual Fund through their financial advisor or through mail or through their website. They have Open end Diversified Equity schemes, Open end Sector Equity schemes, Open end Hybrid schemes, Open end Tax Saving schemes, Open end Income and Liquid schemes, Closed end Income schemes and Open end Fund of Funds schemes to offer. Morgan Stanley Mutual Fund India Morgan Stanley is a worldwide financial services company and its leading in the

market in securities, investmenty management and credit services. Morgan Stanley Investment Management (MISM) was established in the year 1975. It provides customized asset management services and products to governments, corporations, pension funds and non-profit organisations. Its services are also extended to high net worth individuals and retail investors. In India it is known as Morgan Stanley Investment Management Private Limited (MSIM India) and its AMC is Morgan Stanley Mutual Fund (MSMF). This is the first close end diversified equity scheme serving the needs of Indian retail investors focussing on a long-term capital appreciation. Escorts Mutual Fund Escorts Mutual Fund was setup on April 15, 1996 with Excorts Finance Limited as its sponsor. The Trustee Company is Escorts Investment Trust Limited. Its AMC was incorporated on December 1, 1995 with the name Escorts Asset Management Limited. Alliance Capital Mutual Fund Alliance Capital Mutual Fund was setup on December 30, 1994 with Alliance Capital Management Corp. of Delaware (USA) as sponsorer. The Trustee is ACAM Trust Company Pvt. Ltd. and AMC, the Alliance Capital Asset Management India (Pvt) Ltd. with the corporate office in Mumbai. Benchmark Mutual Fund Benchmark Mutual Fund was setup on June 12, 2001 with Niche Financial Services Pvt. Ltd. as the sponsorer and Benchmark Trustee Company Pvt. Ltd. as the Trustee Company. Incorporated on October 16, 2000 and headquartered in Mumbai, Benchmark Asset Management Company Pvt. Ltd. is the AMC. Canbank Mutual Fund Canbank Mutual Fund was setup on December 19, 1987 with Canara Bank acting as the sponsor. Canbank Investment Management Services Ltd. incorporated on March 2, 1993 is the AMC. The Corporate Office of the AMC is in Mumbai. Chola Mutual Fund Chola Mutual Fund under the sponsorship of Cholamandalam Investment & Finance Company Ltd. was setup on January 3, 1997. Cholamandalam Trustee Co. Ltd. is the Trustee Company and AMC is Cholamandalam AMC Limited. LIC Mutual Fund Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989. It contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was constituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882. . The Company started its business on 29th April 1994. The Trustees of LIC Mutual Fund have appointed Jeevan Bima Sahayog Asset Management Company Ltd as the Investment Managers for LIC Mutual Fund.

GIC Mutual Fund GIC Mutual Fund, sponsored by General Insurance Corporation of India (GIC), a Government of India undertaking and the four Public Sector General Insurance Companies, viz. National Insurance Co. Ltd (NIC), The New India Assurance Co. Ltd. (NIA), The Oriental Insurance Co. Ltd (OIC) and United India Insurance Co. Ltd. (UII) and is constituted as a Trust in accordance with the provisions of the Indian Trusts Act, 1882. Performance Measures Of Mutual Funds Mutual Fund industry today, with about 34 players and more than five hundred schemes, is one of the most preferred investment avenues in India. However, with a plethora of schemes to choose from, the retail investor faces problems in selecting funds. Factors such as investment strategy and management style are qualitative, but the funds record is an important indicator too. Though past performance alone can not be indicative of future performance, it is, frankly, the only quantitative way to judge how good a fund is at present. Therefore, there is a need to correctly assess the past performance of different mutual funds. Worldwide, good mutual fund companies over are known by their AMCs and this fame is directly linked to their superior stock selection skills. For mutual funds to grow, AMCs must be held accountable for their selection of stocks. In other words, there must be some performance indicator that will reveal the quality of stock selection of various AMCs. Return alone should not be considered as the basis of measurement of the performance of a mutual fund scheme, it should also include the risk taken by the fund manager because different funds will have different levels of risk attached to them. Risk associated with a fund, in a general, can be defined as variability or fluctuations in the returns generated by it. The higher the fluctuations in the returns of a fund during a given period, higher will be the risk associated with it. These fluctuations in the returns generated by a fund are resultant of two guiding forces. First, general market fluctuations, which affect all the securities present in the market, called market risk or systematic risk and second, fluctuations due to specific securities present in the portfolio of the fund, called unsystematic risk. The Total Risk of a given fund is sum of these two and is measured in terms of standard deviation of returns of the fund. Systematic risk, on the other hand, is measured in terms of Beta, which represents fluctuations in the NAV of the fund vis--vis market. The more responsive the NAV of a mutual fund is to the changes in the market; higher will be its beta. Beta is calculated by relating the returns on a mutual fund with the returns in the market. While unsystematic risk can be diversified through investments in a number of instruments, systematic risk can not. By using the risk return relationship, we try to assess the competitive strength of the mutual funds vis-vis one another in a better way. In order to determine the risk-adjusted returns of investment portfolios, several eminent authors have worked since 1960s to develop composite performance indices to evaluate a portfolio by comparing alternative portfolios within a particular risk class. The most important and widely used measures of performance are:

 The Treynor Measure The Sharpe Measure Jenson Model Fama Model The Treynor Measure Developed by Jack Treynor, this performance measure evaluates funds on the basis of Treynor's Index. This Index is a ratio of return generated by the fund over and above risk free rate of return (generally taken to be the return on securities backed by the government, as there is no credit risk associated), during a given period and systematic risk associated with it (beta). Symbolically, it can be represented as: Treynor's Index (Ti) = (Ri - Rf)/Bi. Where, Ri represents return on fund, Rf is risk free rate of return and Bi is beta of the fund. All risk-averse investors would like to maximize this value. While a high and positive Treynor's Index shows a superior risk-adjusted performance of a fund, a low and negative Treynor's Index is an indication of unfavorable performance. The Sharpe Measure In this model, performance of a fund is evaluated on the basis of Sharpe Ratio, which is a ratio of returns generated by the fund over and above risk free rate of return and the total risk associated with it. According to Sharpe, it is the total risk of the fund that the investors are concerned about. So, the model evaluates funds on the basis of reward per unit of total risk. Symbolically, it can be written as: Sharpe Index (Shi) = (Ri - Rf)/Si Where, Si is standard deviation of the fund. While a high and positive Sharpe Ratio shows a superior risk-adjusted performance of a fund, a low and negative Sharpe Ratio is an indication of unfavorable performance. Comparison of Sharpe and Treynor Sharpe and Treynor measures are similar in a way, since they both divide the risk premium by a numerical risk measure. The total risk is appropriate when we are evaluating the risk return relationship for well-diversified portfolios. On the other hand, the systematic risk is the relevant measure of risk when we are evaluating less than fully diversified portfolios or individual stocks. For a well-

diversified portfolio the total risk is equal to systematic risk. Rankings based on total risk (Sharpe measure) and systematic risk (Treynor measure) should be identical for a well-diversified portfolio, as the total risk is reduced to systematic risk. Therefore, a poorly diversified fund that ranks higher on Treynor measure, compared with another fund that is highly diversified, will rank lower on Sharpe Measure. Jenson Model Jenson's model proposes another risk adjusted performance measure. This measure was developed by Michael Jenson and is sometimes referred to as the Differential Return Method. This measure involves evaluation of the returns that the fund has generated vs. the returns actually expected out of the fund given the level of its systematic risk. The surplus between the two returns is called Alpha, which measures the performance of a fund compared with the actual returns over the period. Required return of a fund at a given level of risk (Bi) can be calculated as: Ri = Rf + Bi (Rm - Rf) Where, Rm is average market return during the given period. After calculating it, alpha can be obtained by subtracting required return from the actual return of the fund. Higher alpha represents superior performance of the fund and vice versa. Limitation of this model is that it considers only systematic risk not the entire risk associated with the fund and an ordinary investor can not mitigate unsystematic risk, as his knowledge of market is primitive. Fama Model The Eugene Fama model is an extension of Jenson model. This model compares the performance, measured in terms of returns, of a fund with the required return commensurate with the total risk associated with it. The difference between these two is taken as a measure of the performance of the fund and is called net selectivity. The net selectivity represents the stock selection skill of the fund manager, as it is the excess return over and above the return required to compensate for the total risk taken by the fund manager. Higher value of which indicates that fund manager has earned returns well above the return commensurate with the level of risk taken by him. Required return can be calculated as: Ri = Rf + Si/Sm*(Rm - Rf) Where, Sm is standard deviation of market returns. The net selectivity is then calculated by subtracting this required return from the actual return of the fund. Among the above performance measures, two models namely, Treynor measure and Jenson model use systematic risk based on the premise that the unsystematic risk is diversifiable. These models are suitable for large investors

like institutional investors with high risk taking capacities as they do not face paucity of funds and can invest in a number of options to dilute some risks. For them, a portfolio can be spread across a number of stocks and sectors. However, Sharpe measure and Fama model that consider the entire risk associated with fund are suitable for small investors, as the ordinary investor lacks the necessary skill and resources to diversified. Moreover, the selection of the fund on the basis of superior stock selection ability of the fund manager will also help in safeguarding the money invested to a great extent. The investment in funds that have generated big returns at higher levels of risks leaves the money all the more prone to risks of all kinds that may exceed the individual investors' risk appetite.

Volatility Measure It is common knowledge that mutual funds are benchmarked against particular market indices. In general, diversified funds are benchmarked against Sensex or Nifty, while sectoral funds are benchmarked against their particular sector index. It is fair to then assume that the ups and downs of any index will affect the funds that are benchmarked against it. In other words, if the Sensex falls, you can expect a diversified fund to fall as well. But while some funds might be affected more by an index's volatility, others might not. So, then how does an investor get an idea of how volatile a fund is with respect to its index? Here is where beta enters the picture. Beta is the measure of a fund's (or stock's) volatility relative to the market or benchmark. For example, if a fund is benchmarked against the Sensex, a beta of more than 1 would imply that the fund is more volatile than the index. And of course, a beta of less than 1 would imply lesser volatility. Allow us to explain further. Let's say there are two funds, one with a beta of 2.5 and the other with 0.4, both benchmarked against the same index. Now, if the market rises by 1 per cent, the first fund will rise by approximately 2.5 per cent, while the latter will rise by 0.4 per cent. A similar relationship will take place in a falling market. In simpler words, beta is a quantitative measure of a fund (or stock) relative to the market. In effect, beta expresses the fundamental trade-off between minimizing risk and maximising return. This means that while an investor can expect high returns from a fund that has a beta of 2, he can also expect the fund to be more risky and drop much more when the market falls. A fund with a beta of 1 would flourish or diminish in the same vein as the market.

So, how effective is beta in judging a fund's volatility? Well, that depends on the index used to calculate it. If the beta of a large-cap fund is calculated against a mid-cap index, the resulting value would have no meaning. This is because the large-cap fund would not be invested in the stocks making up the small-cap index. Beta is fairly straightforward and offers a lucid, quantifiable and convenient measure of a fund's volatility. However, beta does have its limitations. Beta is essentially a historic tool and does not incorporate new information. For example, a company may venture into a new business and assume a high debt level, but this new risk will not be captured by beta. Beta relies on past movements and does not take new happenings into account. Hence, beta cannot be calculated for new funds or stocks that have insufficient history. In conclusion, investors should remember that beta is just an indication of a fund's (or stock's) volatility. It gives a fair idea of the same and can be used as a reference, but should not be relied upon completely since beta depends on past movements, which are not foolproof predictors of future behaviour.

For a Sharper Picture Information, when not put in the right perspective, can be misleading at times. The returns churned up by a fund or a portfolio, for example. It is generally assumed that high returns mean better performance. While this may be true in some cases, the real picture of a portfolio's performance can be gauged when the returns it generates are assessed with respect to the risk it assumes. This is where the Sharpe Ratio comes in handy. The downside risk of investing is one aspect that needs to be given due importance. High returns are generally associated with a high degree of volatility, which is not always the case. Hence, to get the right analysis of a portfolio, its returns must be viewed in tune with its risk factor. The Sharpe Ratio assesses the returns generated by a portfolio against per unit of risk undertaken. Mathematically, the Sharpe Ratio is the difference between the portfolio's returns over and above the return earned on a risk free investment divided by the standard deviation of the portfolio. The standard deviation is the risk factor of the portfolio. Standard deviation is used as it is indicative of the volatility in the fund. A lower standard deviation implies little fluctuation in the returns. And when the Sharpe Ratio is thus calculated, the higher it is the better. A higher Sharpe Ratio represents a higher return generated per unit of risk. For instance, take a look at the two portfolios A and B. At first glance, portfolio A seems to be the better performing one of the two. But when we look at the amount of risk assumed for that 15 per cent return, we see that the portfolio's performance is not as good as it seems. We have considered the bank deposit rate as the risk free rate of return at 3.5 per cent. The resultant Sharpe Ratio for

portfolio A at 1.64 and that for B at 1.87 means that portfolio B is capable of delivering additional returns vis a vis portfolio A for any additional risk that may be assumed. This process of comparing the risk adjusted returns of two portfolios, gives us an insight into the efficiency of fund management as well. A portfolio could deliver superlative returns by assuming significant risk, but a superior portfolio is arrived at when the manager is able to rationalise the amount of risk taken to deliver high returns. However, while looking at Sharpe Ratio, one has to keep in mind that in isolation it has no meaning. It can only be used as a comparative tool. Thus the Sharpe Ratio should be used to compare the performance of a number of portfolios or funds. In case of mutual funds, one can compare the Sharpe ratio of a fund with that of its benchmark index. If the only information available is that the Sharpe ratio of a fund is 1.2, no meaningful inference can be drawn as nothing is known about the peer group performance. Another aspect to look out for is that the ratio can be misleading at times. For example, a low standard deviation can unduly influence results. A fund with low returns but with a relatively mild standard deviation can end up with a high Sharpe ratio. Such a fund will have a very tranquil portfolio and not generate high returns. Hence, in conclusion, a Sharpe Ratio will invariably tell you which of the portfolios under comparison is performing to the best of its abilities.

Top Performers/laggards for the Quarter Ended 01st July 2010

Open-Ended Overall Top performer (on Returns) No. 1 Scheme ING Global Real Estate Fund Institutional DSP BlackRock World Gold Fund Institutional DSP BlackRock World Gold Fund ING Qrtly Return % 24.69 Annual Return % 52.67

DSP BlackRock MF

13.97

NA

DSP BlackRock MF

13.90

25.42

4 5

Fund AIG World Gold Fund ING OptiMix 5 Star Multi Manager FoF Scheme Birla Sun Life AAF Aggressive Plan Quantum Equity Fund Of Fund

AIG Global ING

10.49 4.03

39.27 35.47

Birla

3.94

34.49

Quantum

3.85

NA

Top Laggard (on Return) No. 1 Scheme DSP BlackRock World Mining Fund Regular DSP BlackRock World Energy Fund Regular DSP BlackRock World Energy Fund Institutional ING OptiMix Global Commodities Fund ING Latin America Equity Fund Sundaram BNP Paribas Global Advantage Fund ING OptiMix Income Growth Multi Manager Fund DSP BlackRock MF Qrtly Return % -14.53 Annual Return % NA

DSP BlackRock MF

-12.35

NA

DSP BlackRock MF

-12.28

NA

ING

-10.89

13.44

5 6

ING Sundaram

-10.01 -8.69

27.43 16.09

ING

-1.10

15% Equity Plan - A

ETF Top performer (on Returns) No. 1 2 3 Scheme UTI Gold Exchange Traded Fund Kotak Gold ETF SBI Gold Exchange Traded Scheme Gold BeES Quantum Gold Fund Fund UTI Kotak SBI Qrtly Return % 14.83 14.81 14.65 Annual Return % 28.28 28.91 27.27

4 5

Benchmark Quantum

14.31 14.28

29.49 29.03

Top Laggard (on Returns) No. 1 2 3 4 Scheme Bank BeES KOTAK SENSEX ETF Shariah BeES Quantum Index Fund Fund Benchmark Kotak Benchmark Quantum Qrtly Return % -0.80 -0.55 -0.45 -0.27 Annual Return % 26.49 20.67 17.47 21.42

Arbitrage Fund Top performer (on Returns) No. 1 2 Scheme JPMorgan India Alpha Fund HDFC Arbitrage Fund JPMorgan HDFC Qrtly Return % 1.87 1.38 Annual Return % 5.71 4.33

3 4

Fund Wholesale HDFC Arbitrage Fund - Retail ICICI Prudential Blended Plan B JM Arbitrage Advantage Fund

HDFC Prudential

1.33 1.21

4.07 4.15

JM Financial

1.21

3.99

Top Laggard (on Returns) No. 1 Scheme IDFC Arbitrage Plus Fund - Plan A (Regular) IDFC Arbitrage Plus Fund - Plan B (Institutional) Birla Sun Life Enhanced Arbitrage Fund - Retail SBI ARBITRAGE Opportunities Fund Fund IDFC Qrtly Return % 0.84 Annual Return % 3.35

IDFC

0.90

3.60

Birla

0.94

NA

SBI

0.99

3.70

Equity-Diversified Top performer (on Returns) No. 1 2 Scheme Birla Sun Life MNC Fund Plan B Birla Sun Life Commodity Equities Fund - Global Precious Fund Birla Birla Qrtly Return % 10.58 10.03 Annual Return % 65.33 23.51

3 4

Metals Plan Retail ING Vysya Dividend Yield Fund Sahara Wealth Plus Fund Variable Pricing Option Escorts High Yield Equity Plan

ING Sahara

9.61 9.53

61.74 34.99

Escorts

9.50

30.70

Top Laggard (on Returns) No. 1 Scheme Birla Sun Life Commodity Equities Fund - Global Agri Plan - Retail Mirae Asset Global Commodity Stocks Fund Regular Birla Sun Life Commodity Equities Fund - Global Multi Commodity Plan - Retail HSBC Emerging Markets Fund Birla Sun Life International Equity Fund Plan A Fund Birla Qrtly Return % -18.12 Annual Return % -5.11

Mirae

-13.05

15.35

Birla

-12.72

2.09

4 5

HSBC Birla

-9.99 -9.59

7.41 2.85

Equity-ELSS Top performer (on Returns) No. Scheme Fund Qrtly Return Annual Return

1 2 3 4 5

Sahara Tax Gain Fund Fidelity Tax Advantage Fund ING Vysya Tax Savings Fund Quantum Tax Saving Fund Religare Tax Plan

Sahara Fidelity ING Quantum Religare MF

% 7.48 6.93 6.00 5.46 5.13

% 38.27 43.46 42.16 45.93 43.44

Top Laggard (on Returns)

No. 1

Scheme Bharti AXA Tax Advantage Fund Regular Bharti AXA Tax Advantage Fund - Eco Plan UTI Equity Tax Saving Plan DWS Tax Saving Fund Birla Sun Life Tax Plan

Fund Bharti

Qrtly Return % -5.61

Annual Return % 30.40

Bharti

-5.51

30.73

3 4 5

UTI Deutsche Birla

-0.92 -0.82 -0.77

25.59 28.26 24.30

Equity-Index Top performer (on Returns) No. 1 2 Scheme SBI Magnum Index Fund ING Vysya Nifty Plus Fund SBI ING Qrtly Return % 1.50 1.49 Annual Return % 23.67 22.53

4 5

Fund LICMF Index Fund - Sensex Advantage Plan HDFC Index Sensex Plus Plan Benchmark S&P CNX 500 Fund

LIC

1.49

21.22

HDFC Benchmark

1.02 0.95

25.61 22.29

Top Laggard (on Returns) No. 1 2 3 4 Scheme ICICI Prudential Spice Fund HDFC Index Sensex Plan Tata Index Fund - Sensex Plan - A Franklin India Index Fund BSE Sensex Plan UTI Master Index Fund Fund Prudential HDFC Tata Mutual Templeton Qrtly Return % -0.88 -0.77 -0.71 -0.59 Annual Return % 19.36 19.01 19.13 19.85

UTI

-0.56

20.01

FOF Top performer (on Returns) No. 1 Scheme ING Global Real Estate Fund Institutional DSP BlackRock World Gold Fund Institutional DSP BlackRock Fund ING Qrtly Return % 24.69 Annual Return % 52.67

DSP BlackRock MF

13.97

NA

DSP BlackRock MF

13.90

25.42

4 5

World Gold Fund AIG World Gold Fund ING OptiMix 5 Star Multi Manager FoF Scheme

AIG Global ING

10.49 4.03

39.27 35.47

Top Laggard (on Returns)

No. 1

Scheme DSP BlackRock World Mining Fund Regular DSP BlackRock World Energy Fund Regular DSP BlackRock World Energy Fund Institutional ING OptiMix Global Commodities Fund ING Latin America Equity Fund

Fund DSP BlackRock MF

Qrtly Return % -14.53

Annual Return % NA

DSP BlackRock MF

-12.35

NA

DSP BlackRock MF

-12.28

NA

ING

-10.89

13.44

ING

-10.01

27.43

Sectoral-Financial Services Top performer (on Returns) No. 1 Scheme Sahara Banking and Financial Services Fund Sundaram BNP Paribas Fund Sahara Qrtly Return % 5.98 Annual Return % 40.11

Sundaram

3.95

29.39

Select Thematic Funds Financial Services Opportunities - Regular ICICI Prudential Banking and Financial Services Fund - Retail

Prudential

1.16

30.88

Sectoral-Infrastructure Top performer (on Returns) No. 1 2 3 Scheme Canara Robeco Infrastructure Taurus Infrastructure Fund AIG Infrastructure And Economic Reform Fund Institutional Sahara Infrastructure Fund Variable Pricing Option AIG Infrastructure And Economic Reform Fund Regular Fund Canbank Taurus AIG Global Qrtly Return % 3.68 1.22 0.78 Annual Return % 26.91 24.85 31.70

Sahara

0.74

15.38

AIG Global

0.61

30.87

Top Laggard (on Returns)

No. 1

Scheme ICICI Prudential Infrastructure Fund ICICI Prudential Infrastructure Fund Institutional Option - I UTI Infrastructure Fund Tata Infrastructure Fund Principal Services Industries Fund

Fund Prudential

Qrtly Return % -2.08

Annual Return % 17.84

Prudential

-1.90

18.85

3 4 5

UTI Tata Mutual Principal

-1.43 -0.75 -0.14

14.39 20.32 25.38

Arbitrage Fund Top performer (on Returns) No. 1 2 Scheme JPMorgan India Alpha Fund HDFC Arbitrage Fund Wholesale HDFC Arbitrage Fund - Retail ICICI Prudential Blended Plan B JM Arbitrage Advantage Fund Fund JPMorgan HDFC Qrtly Return % 1.87 1.38 Annual Return % 5.71 4.33

3 4

HDFC Prudential

1.33 1.21

4.07 4.15

JM Financial

1.21

3.99

Top Laggard (on Returns) No. 1 Scheme IDFC Arbitrage Plus Fund - Plan A (Regular) IDFC Arbitrage Plus Fund - Plan B (Institutional) Birla Sun Life Enhanced Arbitrage Fund - Retail SBI ARBITRAGE Opportunities Fund Fund IDFC Qrtly Return % 0.84 Annual Return % 3.35

IDFC

0.90

3.60

Birla

0.94

NA

SBI

0.99

3.70

Balanced Top performer (on Returns) No. 1 Scheme HDFC Children`s Gift Investment Plan JM Balanced Fund HDFC Balanced Fund UTI CRTS 1981 HDFC Prudence Fund Fund HDFC Qrtly Return % 7.20 Annual Return % 38.49

2 3 4 5

JM Financial HDFC UTI HDFC

7.00 6.35 6.34 6.15

15.76 39.28 20.66 43.26

Top Laggard (on Returns) No. 1 Scheme UTI Mahila Unit SchemeFund UTI Qrtly Return % -48.95 Annual Return % 14.61

2 3 4 5

Growth UTI Mahila Unit SchemeGift Plan LICMF Balanced Fund Birla Sun Life Freedom Fund UTI VIS - ILP

UTI LIC Birla UTI Gilt

-48.95 -2.58 -1.46 -0.12

14.61 9.13 5.76 7.60

Top performer (on Returns) No. 1 Scheme Religare Gilt Fund Long Duration Plan - Retail Birla Sun Life G - Sec Long Term DSP BlackRock Government Securities Fund IDFC Govt.Sec.Fund - Investment Plan Institutional Plan B Escorts Gilt Fund Fund Religare MF Qrtly Return % 8.27 Annual Return % 10.93

2 3

Birla DSP BlackRock MF

5.71 3.45

11.77 4.32

IDFC

2.83

1.91

Escorts

2.82

3.40

Top Laggard (on Returns) No. 1 2 3 Scheme LICMF Government Securities LICMF Government Securities - PF L&T Gilt Fund LIC LIC L&T MF Qrtly Return % -0.58 -0.58 -0.48 Annual Return % -0.44 -0.44 2.33

4 5

Investment Plan UTI G-SEC Fund DWS Gilt Fund - Institutional

UTI Deutsche

-0.01 0.00

1.15 -5.71

Liquid Top performer (on Returns) No. 1 2 3 Scheme JM Short Term Fund Institutional JM Money Manager Fund - Super Plan Bharti AXA Liquid Fund Super Institutional JPMorgan India Liquid Fund - Super Institutional JM Money Manager Fund - Regular Fund JM Financial JM Financial Bharti Qrtly Return % 1.73 1.42 1.42 Annual Return % 5.88 5.51 4.14

JPMorgan

1.36

4.55

JM Financial

1.34

4.53

Top Laggard (on Returns) No. 1 2 3 Scheme Taurus Liquid Fund - Super Institutional DWS Money Plus Fund Regular Templeton India Cash Management Account DWS Money Fund Taurus Deutsche Templeton Qrtly Return % -0.11 0.60 0.71 Annual Return % 0.00 3.60 2.50

Deutsche

0.73

3.98

Plus Fund Institutional Plan Religare Overnight Fund

Religare MF

0.76

2.27

MIP Top performer (on Returns) No. 1 2 Scheme Tata MIP Plus Fund HDFC Monthly Income Plan Long Term Plan DWS Twin Advantage Fund Reliance Monthly Income Plan Fidelity Wealth Builder Fund - Plan B Fund Tata Mutual HDFC Qrtly Return % 3.83 3.12 Annual Return % 10.88 15.37

3 4 5

Deutsche Reliance Fidelity

2.97 2.65 2.37

6.08 15.75 10.63

Top Laggard (on Returns) No. 1 Scheme Bharti AXA Regular Return Fund Regular Bharti AXA Regular Return Fund Eco Plan ING MIP Fund SBI Magnum Monthly Income Plan Floater Fund Bharti Qrtly Return % -0.26 Annual Return % 2.84

Bharti

-0.20

3.10

3 4

ING SBI

0.11 0.42

3.47 7.01

JM Monthly Income Plan Fund

JM Financial

0.47

5.70

Close-Ended
Equity-Diversified Top performer (on Returns) No. 1 Scheme DSP BlackRock Micro Cap Fund Regular HSBC Small Cap Fund Birla Sun Life Pure Value Fund HDFC Long Term Equity Fund UTI India Lifestyle Fund Fund DSP BlackRock MF Qrtly Return % 15.03 Annual Return % 88.18

2 3 4 5

HSBC Birla HDFC UTI

9.73 8.79 6.45 6.40

59.90 49.14 39.14 31.19

Top Laggard (on Returns) No. 1 2 3 Scheme Kotak Global Emerging Market Fund L&T Small Cap Fund Kotak Indo World Infrastructure Fund LICMF TOP 100 FUND LICMF Infrastructure Fund Kotak L&T MF Kotak Qrtly Return % -6.22 -1.19 -0.85 Annual Return % 14.34 29.53 14.58

4 5

LIC LIC

-0.72 -0.48

15.40 13.21

Fund

Equity-ELSS Top performer (on Returns) No. 1 Scheme Reliance Equity Linked Saving Fund Series 1 L&T Tax Advantage Fund - Series I ICICI Prudential R.I.G.H.T. Fund Tata Tax Advantage Fund - 1 SBI Tax Advantage Fund Series 1 Fund Reliance Qrtly Return % 8.60 Annual Return % 44.49

L&T MF

6.76

54.06

Prudential

2.82

NA

4 5

Tata Mutual SBI

2.42 2.30

30.65 28.40

Top Laggard (on Returns) 1 2 3 Religare Agile Tax Fund ING OptiMix Retireinvest Fund Series I UTI Long Term Advantage Fund - Series I IDFC Tax Saver (ELSS) Fund UTI Long Term Advantage Fund - Series Religare MF ING UTI -7.60 -0.33 0.24 13.78 27.08 27.78

4 5

IDFC UTI

1.11 1.35

36.19 30.78

II Religare Agile Tax Fund

Religare MF

-7.60

13.78

FOF Top performer (on Returns) No. 1 Scheme ING OptiMix Equity Multi Manager FoF Scheme - II ING OptiMix Dynamic Multi-Manager FoF Scheme Series III ING OptiMix Dynamic Multi-Manager FoF Scheme Series IV Fund ING Qrtly Return % 3.70 Annual Return % 33.16

ING

1.30

14.02

ING

1.30

13.73

Sectoral-Infrastructure Top performer (on Returns) No. 1 2 3 4 5 Scheme HDFC Infrastructure Fund Escorts Infrastructure Fund Religare Infrastructure Fund JM Agri and Infra Fund L&T Infrastructure Fund Fund HDFC Escorts Religare MF JM Financial L&T MF Qrtly Return % 3.55 3.11 2.31 -0.17 -0.66 Annual Return % 34.15 17.51 29.23 -2.48 10.19

Top Laggard (on Returns) No. 1 Scheme UTI Infrastructure Advantage Fund - Series I SBI Infrastructure Fund - Series I SBI Infrastructure Fund - Series I Tata Indo Global Infrastructure Fund Fund UTI Qrtly Return % -2.91 Annual Return % 13.35

SBI

-1.64

14.53

SBI

-1.17

16.76

Tata Mutual

-1.16

12.81

Income Top performer (on Returns) No. 1 2 Scheme Escorts Income Bond Fortis FTP Series 9 - 3 Yearly A Regular ICICI Prudential Real Estate Securities Fund Institutional ICICI Prudential Real Estate Securities Fund - Retail ICICI Prudential FMP - Series 49 - 3 Year Plan B Institutional Fund Escorts Fortis MF Qrtly Return % 3.69 2.88 Annual Return % 12.73 8.37

Prudential

2.81

14.62

Prudential

2.67

14.00

Prudential

2.63

NA

Top Laggard (on Returns) No. 1 Scheme ICICI Prudential FMP - Series 33 - Plan - A Retail UTI Investment Bond Fund Retail HDFC FMP 13M - March 2010 (3) Series XII UTI Capital Protection Oriented Scheme Series I - 5 Years IDFC Fixed Maturity Plan - 15 M Series - 3 Plan A Fund Prudential Qrtly Return % -0.02 Annual Return % 8.01

UTI

-0.01

-0.86

HDFC

0.22

NA

UTI

0.48

9.02

IDFC

0.61

NA

MIP Top performer (on Returns) No. Scheme Franklin Templeton Capital Safety Fund - 5 Years Plan Sundaram BNP Paribas Capital Protection Oriented Fund - Series 1-5 Years Sundaram BNP Paribas Capital Protection Fund Qrtly Return % 1.53 Annual Return % 8.35

Templeton

Sundaram

1.30

7.13

Sundaram

0.60

7.29

Oriented Fund - Series 1-3 Years

Structured Products Top performer (on Returns) No. 1 Scheme Birla Sun Life Capital Protection Oriented Fund - 5 Years Birla Sun Life Equity Linked FMP - Series A - Retail ICICI Prudential S M A R T Fund Series F Retail ICICI Prudential S M A R T Fund Series F Institutional Birla Sun Life Equity Linked FMP - Series D - Retail Fund Birla Qrtly Return % 3.04 Annual Return % 9.66

Birla

2.01

22.42

Prudential

1.83

24.13

Prudential

1.83

24.13

Birla

1.82

11.76

Top Laggard (on Returns) No. 1 Scheme ICICI Prudential S M A R T Fund Series G Retail DWS Fixed Term Fund Fund Prudential Qrtly Return % -0.67 Annual Return % 26.77

Deutsche

0.26

10.35

Series 43 Regular DWS Fixed Term Fund Series 43 Institutional Birla Sun Life Equity Linked FMP - Series C - Retail DWS Fixed Term Fund Series 50 Plan B

Deutsche

0.26

10.35

Birla

0.65

6.90

Deutsche

0.67

9.02

Balanced Top performer (on Returns) No. 1 Scheme Tata Smart Investment Plan - 1 Scheme B Tata Smart Investment Plan - 1 Scheme A Tata SIP Fund - Scheme II LICMF Systematic Asset Allocation Fund Fund Tata Mutual Qrtly Return % 2.55 Annual Return % 7.29

Tata Mutual

2.44

12.57

3 4

Tata Mutual LIC

-0.24 -4.23

25.48 0.49