A portfolio is a collection of investments held by an institution or a private individual.

In building up an investment portfolio a financial institution will typically conduct its own investment analysis, whilst a private individual may make use of the services of a financial advisor or a financial institution which offers portfolio management services. Holding a portfolio is part of an investment and risk-limiting strategy called diversification. By owning several assets, certain types of risk (in particular specific risk) can be reduced. The assets in the portfolio could include stocks, bonds, options, warrants, gold certificates, real estate, futures contracts, production facilities, or any other item that is expected to retain its value. Portfolio management involves deciding what assets to include in the portfolio, given the goals of the portfolio owner and changing economic conditions. Selection involves deciding what assets to purchase, how many to purchase, when to purchase them, and what assets to divest. These decisions always involve some sort of performance measurement, most typically expected return on the portfolio, and the risk associated with this return (i.e. the standard deviation of the return). Typically the expected returns from portfolios, comprised of different asset bundles are compared. The unique goals and circumstances of the investor must also be considered. Some investors are more risk averse than others. Mutual funds have developed particular techniques to optimize their portfolio holdings. Thus, portfolio management is all about strengths, weaknesses, opportunities and threats in the choice of debt vs. equity, domestic vs. international, growth vs. safety and numerous other trade-offs encountered in the attempt to maximize return at a given appetite for risk.

Aspects of Portfolio Management: Basically portfolio management involves A proper investment decision making of what to buy & sell Proper money management in terms of investment in a basket of assets so as to satisfy the asset preferences of investors. Reduce the risk and increase returns.

OBJECTIVES OF PORTFOLIO MANAGEMENT:

The basic objective of Portfolio Management is to maximize yield and minimize risk. The other ancillary objectives are as per needs of investors, namely: Regular income or stable return Appreciation of capital Marketability and liquidity Safety of investment Minimizing of tax liability.

NEED FOR PORTFOLIO MANAGEMENT:

The Portfolio Management deals with the process of selection securities from the number of opportunities available with different expected returns and carrying different levels of risk and the selection of securities is made with a view to provide the investors the maximum yield for a given level of risk or ensure minimum risk for a level of return.

Portfolio Management is a process encompassing many activities of investment in assets and securities. It is a dynamics and flexible concept and involves regular and systematic analysis, judgment and actions. The objectives of this service are to help the unknown investors with the expertise of professionals in investment Portfolio Management. It involves construction of a portfolio based upon the investors objectives, constrains, preferences for risk and return and liability. The portfolio is reviewed and adjusted from time to time with the market conditions. The evaluation of portfolio is to be done in terms of targets set for risk and return. The changes in portfolio are to be effected to meet the changing conditions.

Portfolio Construction refers to the allocation of surplus funds in hand among a variety of financial assets open for investment. Portfolio theory concerns itself with the principles governing such allocation. The modern view of investment is oriented towards the assembly of proper combinations held together will give beneficial result if they are grouped in a manner to secure higher return after taking into consideration the risk element. The modern theory is the view that by diversification, risk can be reduced. The investor can make diversification either by having a large number of shares of companies in different regions, in different industries or those producing different types of product lines. Modern theory believes in the perspectives of combination of securities under constraints of risk and return.

ELEMENTS:

Portfolio Management is an on-going process involving the following basic tasks. Identification of the investors objective, constrains and preferences which help formulated the invest policy. Strategies are to be developed and implemented in tune with invest policy formulated. This will help the selection of asset classes and securities in each class depending upon their risk-return attributes. Review and monitoring of the performance of the portfolio by continuous overview of the market conditions, companys performance and investors circumstances. Finally, the evaluation of portfolio for the results to compare with the targets and needed adjustments have to be made in the portfolio to the emerging conditions and to make up for any shortfalls in achievements (targets).

Schematic diagram of stages in portfolio management:

Specification and quantification of investor objectives, constraints, and preferences

Monitoring investor related input factors

Portfolio policies and strategies

Capital market expectations

Portfolio construction and revision asset allocation, portfolio optimization, security selection, implementation and execution

Attainment of investor objectives Performance measurement

Relevant economic, social, political sector and security considerations

Monitoring economic and market input factors

Process of portfolio management: The Portfolio Program and Asset Management Program both follow a disciplined process to establish and monitor an optimal investment mix. This six-stage process helps ensure that the investments match investors unique needs, both now and in the future.

1.

IDENTIFY GOALS AND OBJECTIVES:

When will you need the money from your investments? What are you saving your money for? With the assistance of financial advisor, the Investment Profile Questionnaire will guide through a series of questions to help identify the goals and objectives for the investments.
2. DETERMINE OPTIMAL INVESTMENT MIX:

Once the Investment Profile Questionnaire is completed, investors optimal investment mix or asset allocation will be determined. An asset allocation represents the mix of investments (cash, fixed income and equities) that match individual risk and return needs. This step represents one of the most important decisions in your portfolio construction, as asset allocation has been found to be the major determinant of long-term portfolio performance.

PORTFOLIO RISK: Risk on portfolio is different from the risk on individual securities. This risk is reflected by in the variability of the returns from zero to infinity. The expected return depends on probability of the returns and their weighted contribution to the risk of the portfolio. RETURN ON PORTFOLIO: Each security in a portfolio contributes returns in the proportion of its investment in security. Thus the portfolio of expected returns, from each of the securities with weights representing the proportionate share of security in the total investments.

RISK RETURN RELATIONSHIP:

The risk/return relationship is a fundamental concept in not only financial analysis, but in every aspect of life. If decisions are to lead to benefit maximization, it is necessary that individuals/institutions consider the combined influence on expected (future) return or benefit as well as on risk/cost. The requirement that expected return/benefit be commensurate with risk/cost is known as the "risk/return trade-off" in finance. All investments have some risks. An investment in shares of companies has its own risks or uncertainty. These risks arise out of variability of returns or yields and uncertainty of appreciation or depreciation of share prices, loss of liquidity etc. and the overtime can be represented by the variance of the returns. Normally, higher the risk that the investors take, the higher is the return.

. .

HISTORY OF THE MAHINDRA & INDIAN MUTUAL FUND INDUSTRY

The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank. The history of mutual funds in India can be broadly divided into four distinct phases

First Phase 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6, 700 cores of assets under management.

Second Phase 1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990. At the end of 1993, the mutual fund industry had assets under management of Rs.47,004 crores.

Third Phase 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in India and also the industry has witnessed several mergers and acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1, 21,805 corers. The Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of other mutual funds.

Fourth Phase since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs.29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes. The Specified Undertaking of Unit Trust of India, functioning under an administrator and under the rules framed by Government of India and does not come under the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores of assets under management and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different private sector funds, the mutual fund industry has entered its current phase of consolidation and growth. As at the end of

September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes. The graph indicates the growth of assets over the years.

GROWTH IN ASSETS UNDER MANAGEMENT

Erstwhile UTI was bifurcated into UTI Mutual Fund and the Specified Undertaking of the Unit Trust of India effective from February 2003. The Assets under management of the Specified Undertaking of the Unit Trust of India has therefore been excluded from the total assets of the industry as a whole from February 2003 onwards.

OBJECTIVE OF STUDY
A study to find the returns, variance, & standard deviation of dividend and growth fund of Mahindra Financial services.

Based on the returns I tried to correlate these two funds, to know whether there exist positive or negative correlations.

Factors influencing the performance of dividend fund and growth fund

LIMITATIONS

1. In this study the number of funds considered is only two funds of Mahindra Financial services and they are dividend fund and growth fund. 2. The data collected for a period of one year i.e., from January 2008 to December 2008. 3. In this study the statistical tools used are risk, return, average, variance, correlation. 4. In this study specific data is collected.

METHODOLOGY

Arithmetic average or mean:

The arithmetic average measures the central tendency. The purpose of computing an average value for a set of observations is to obtain a single value, which is representative of all the items. The main objective of averaging is to arrive at a single value which is a representative of the characteristics of the entire mass of data and arithmetic average or mean of a series(usually denoted by x) is the value obtained by dividing the sum of the values of various items in a series (sigma x) divided by the number of items (N) constituting the series. Thus, if X1,X2..Xn are the given N observations. Then X= X1+X2+.Xn N

RETURN
Current price-previous price *100 Previous price

STANDARD DEVIATION:
The concept of standard deviation was first suggested by Karl pearson in 1983.it may be defined as the positive square root of the arithmetic mean of the squares of deviations of the given observations from their arithmetic mean. In short S.D may be defined as Root Mean Square Deviation from Mean

It is by far the most important and widely used measure of studying dispersions. For a set of N observations X1, X2..Xn with mean X, Deviations from Mean: (X1-X),(X2-X),.(Xn-X) Mean-square deviations from Mean: = 1/N (X1-X) 2+(X2-X) 2+. + (Xn-X) 2 =1/N sigma(X-X) 2 Root-mean-square deviation from mean, i.e.

VARIANCE:
The square of standard deviation is known as Variance. Variance is the square root of the standard deviation: Variance = (S.D) 2 Where, (S.D) is standard deviation

CORRELATION
Correlation is a statistical technique, which measures and analyses the degree or extent to which two or more variables fluctuate with reference to one another. Correlation thus denotes the inter-dependence amongst variables. The degrees are expressed by a coefficient, which ranges between 1 and +1. The direction of change is indicated by (+) or (-) signs. The former refers to a sympathetic movement in a same direction and the later in the opposite direction. Karl Pearsons method of calculating coefficient (r) is based on covariance of the concerned variables. It was devised by Karl Pearson a great British Biometrician. This measure known as Pearsonian correlation coefficient between two variables (series) X and Y usually denoted by r is a numerical measure of linear relationship and is defined as the ratio of the covariance between X and Y (written as Cov(X,Y) to the product of standard deviation of X and Y

Symbolically r = Cov (X,Y) SD of X, Y = xy/N SD of X, Y Where x =X-X, y=Y-Y = XY N

xy = sum of the product of deviations in X and Y series calculated with reference to their
arithmetic means.

X = standard deviation of the series X. Y = standard deviation of the series Y.

ABOUT THE COMPANY

INTRODUCTION The Securities market is a place where suppliers and users of capital meet to share each others vision and aspirations and nowhere a balance is sought to be achieved between the diverse interests of market participants. Securities decouple individual acts of saving from those of investment over time, space and entity and thus allow savings to occur without a concomitant investment. Moreover, availability of yield bearing securities makes present consumption, inducing people to save more. The composition of savings changes, with less saving held in the form of idle money or unproductive assets simply because more divisible and liquid assets are available.

The securities market avoids allocation of saving to low yielding enterprises and hence forces them to improve performance through movement of their share prices in the market and the threat of takeover. This improves efficiency of resource use and thereby significantly increases the return on investment. As a result, savers and investors are constrained not by individual abilities but by the economys ability to invest and save, which inevitably enhances savings and investment in the economy. Thus the securities market converts a given stock of invisible resources into a larger flow of goods and services and promotes economic growth. MARKET ECONOMY LINK:Two renowned economists, Levine and Zeros investigated the empirical link between stock market behavior and long-run economic growth. Their findings suggest that stock market development is positively associated with economic growth and that instrumental variable procedures indicate a strong connection between predetermined components of the stock market and economic growth in the long run. They studied whether measures of stock market liquidity, as measured by the value if stock trading relative to the market size and size of the economy, is positively and significantly correlated with current and future rates of economic growth, capital accumulation and productivity growth. In fact, there are theoretical and empirical studies that

have established casual robust (statistically significant) two-way relationship between developments in the securities market and economic growth.

Sharp rise in market indicators:-

The benchmark indicates namely the Sensex and the S&P CNX NIFTY generated astounding returns of 40.08% and 34.08% respectively in 2005. The market capitalization of BSE grew form Rs.15,396 billion at the end of November, 2005 registering growth of over 50%. The market capitalization of NSE IN CASH SEGMENT GREW FROM Rs. 11,210 billion for 2003-2004 to Rs. 15,856 billion for 2004-05 registering growth of 41% and Rs.21,668 billion at the end of November,2004.

OVERVIEW OF THE INDIAN ECONOMY:As per macroeconomic assessment of; 2004 of India conducted by Asian development outlook, 2005 in FY2004 march 31(ended 31 march 31st 2005), the economy remained buoyant. GDP GREW by 7.0% during the first 2 quarters of FY 2004, following 8.5% growth in FY 2003. for the year FY 2005; the GDP growth is estimated at 6.9%. This strong expansion is on account of marked improvement in investment as reflected in the leading macro indicators, such as production and imports of capital good, production of commercial vehicles and non food credit off-take moreover, strong growth in consumer durables in FY 2004 also indicates a pick up in consumption demand. ITEM GDP growth GDI/GDP Inflation (WPI) Money 2005 6.5 26.5 6 2006 6.9 26.5 4.2 14.5 2007 6.1 27 3 12.5 2008 7 27.5 3.5 13.9

supply 14.6

(M3) growth Fiscal /GDP Merchandise -9.1 23.2 -8.8 14.1 -8.5 13.8 -8 13.2

Export growth Merchandise import growth Current GDP account/ -1 -1 -1.4 -1.9 39 19.7 15.4 14.4

Bullish expectations, driven by buoyant growth and rising corporate profits, are reflected in the recent boom in stock prices. After decline in quite sharply during April-May 2004 in the run up to elections (and the formation of the new coalition government), the market has rebounded to reach record levels of market capitalization, Despite fluctuations during the year, the sensex market index closed at 7193.85 on June 30,2005 to record a 50.01% increase for 52 weeks of FY 2004. The volatility of the index during December 2004 and January 2005 reflects the movements in portfolio investments by foreign institutional investors, primarily on account of expectations of an increase in the US Federal Funds rate.

Indian Financial Sector & Capital Markets:-

The Indian Financial Sector has seen a dramatic change in the last few years. The investors have regained confidence and the economy of the county is booming. The reasons being, the establishment and empowerment of the SEBI, screen-based nation wide trading,

dematerialization and electronic transfer of securities, rolling settlement and derivatives trading. As a result both regulatory framework and efficiency of trading and settlement have improved. With the economic boom, large amount of savings and investments is expected due to increase in

the income level and the population. Hence many new financial services companies are entering the Indian markets and providing various financial services to the retail and corporate sector. The existing financial services companies are competing with the new entrants by upgrading their infrastructure facilities and expanding their distribution channels. The BSE Limited and NSE have over7, 199(Nov-05) and 1,025 (Nov-05) listed companies respectively. The average daily turnover of the BSE and NSE has increased over the time.

Trends in the Capital Market:-

Over the past 10 years, Indian Capital Markets have seen a major consolidation. The NSE market Turnover of our company for both capital and F&O segment; has increased from Rs. 94,270 million for FY 2003 to Rs. 1,89,272 million for FY 2005 and Rs. 28,826 million for the month, November 2005.

Internet Stock Trading Market:-

Internet stock-trading in India is a new phenomenon and began as recently as January 2000. Although there are quite a few e-brokers, the industry is still in a nascent stage. However, there has been a steady growth in Internet trading volumes. It can be attributed to growing sophistication of retail investors, reduction in the cost of a personal computer, higher teledensity, availability of reliable Internet connectivity and sophistication Internet trading products.

Commodity Exchange:-

With the setting up of the commodities exchanges, the dynamics in the Commodities trading has also revolutionized. The market is developing at a very fast pace with the setting up of Multi Commodity Exchange (MCX), National Commodities and Derivatives Exchange (NCDEX) and National Multi Commodity Exchange of India Ltd. (NMCE). As a result, more awareness is being created across India with a lot of investors participating in the commodities market. Some of the commodities where trading takes place is Gold, Silver, Copper, Castor Seed, Gram (Chana), Soya Rubber etc.

INTRODUCTION:A subsidiary of Mahindra & Mahindra Limited, we are one of Indias leading nonbanking finance companies. Focused on the rural and semi-urban sector, we provide finance for utility vehicles, tractors and cars and have the largest network of braches e=covering these areas. Our goal is to be the preferred provider of retail financing services in the rural and semi-urban areas of India, while our strategy is to provide a range of financial products and services to our customers through our national wide distribution network. A subsidiary of Mahindra & Mahindra Limited, we are one of Indias leading non-banking finance companies, tractors and cars and have the largest network of branches covering these areas. Our goal is to be the preferred provider of retail financing services in the rural and semiurban areas of India, while our strategy is to provide a range of financial products and services to our customers through our nation wide distribution network.

GROUP STRUCTURE:-

We are a company with a strong foundation and a shining legacy, growing every day to create a legacy of our own. Our leading promoter Mahindra & Mahindra holds the majority of our Equity Shares and is also a leading tractor and UV manufacturer with over 60 year experience in the Indian market. As a supplement to our business, in May 2004, we started an

insurance broking business through our wholly owned subsidiary, Mahindra Insurance Brokers Limited.

PRODUCT PORTFOLIO:-

At Mahindra Finance we have a wide range of products and services, with something to suit everyones needs. Right from finance for two wheelers, tractors, farm equipment, cars and utility vehicles to commercial vehicles and construction equipment, we also have a group of experts providing investment advice, surveying available market products and choosing the most suitable to our customers needs. COMPANY OVERVIEW:-

Tech mahindra limited formerly known as Mahindra-British Telecom Limited was incorporated in the year 1986. The company is a partnership between Mahindra & Mahindra and British Telecommunications plc. The company has software development centers across six cities in India and one in UK and 13 sales offices across America, Europe and Asia-Pacific and around 15,000 professionals servicing clients across various telecom segments. The companys service offerings range from applications development and maintenance, solution integration, product engineering and lifecycle management and testing to high-end and value-added services, such as consulting, managed platforms and managed services. With its clients spread over 40 countries, Tech Mahindra is amongst Indias top ten software exporters. Company is the global leader in providing end-to-end IT services and solutions to the Telecom Industry. Tech Mahindra Businesses through well-established methodologies, tools and techniques backed by its stringent quality processes. Tech Mahindra is ISO 9001:2000 certified and is also assessed at SEICMMI Level 5. Tech Mahindra is also BS7799 certified across all development centers. Mahindra & Mahindra, Indias fifth largest commercial group, in partnership with BT Plc (BT), Europes second largest telecom service provider, Tech Mahindra has grown rapidly to become the top 10 largest software exporter in India.

PRODUCTS & SERVICES:-

Company offers different kind of It services, Research & Development services and Business Process Outsourcing, In It services it offers services like Solution Integration, Application Development & Management, Consulting / Advisory, Managed Services, Product Engineering etc. Company is providing services to premium telecom companies worldwide for nearly two decades. It combines deep domain expertise in Operations Support Systems and Business Support Systems intellectual leadership and a global workforce advantage to provide services to leading players in the telecom ecosystem. Tech Mahindra providers a wide variety of services ranging from IT strategy and consulting to system integration, design, application development, implementation, maintenance and product engineering. FINANACIALS:Results for 01-jul-2006 to sep-2006 Financial Results Rs.lakhs Net Sales Other Income Gross Income Staff Cost Total Expenditure (Excluding Other 20680.00 27600.00 48280.00 64140.00 640.00 647780.00 20680.00

Expenditure) Other Expenditure Total Expenditure Profit Before Depreciation & Taxes Depreciation Profit before Tax Provision for Taxation Adjusted Net Profit Face Value of Share (in Rs.) Paid-up Equity Share Capital Reserves Excluding Revalution Reserves Basic EPS(in Rs.)

16500.00 48280.00 15500.00 -2000.00 17500.00 10.00 11590.00

92180.00 15.50

Diluted EPS(in Rs.)

13.63

RECENT DEVELOPMENTS:Tech Mahindra has plans invest around Rs billion in expansion plans over the next three years. The money will be invested into various campuses planned by Tech Mahindra and an expansion of seat capacity at some of its existing centers. It has been grated land in Pune, Hyderabad and Chandigarh. Company is also focusing on special ECONOMIC ZONES AND THIS WOULD BE THE MODEL FOR ALL ITS CAMPUSES. Telecom gear manufacturer Motorola and It services company called Canvasm\M to develop innovative applications for telecom subscribers. The joint venture company called CanvasM will enable network service providers and enterprises to launch applications such as mobile wallet, m-commerce, entertainment applications and productivity applications. Whereas Tech Mahindra will bring its experience in applications development and integration capabilities, Motorola will contribute through its application portfolio and service delivery platform. CanvasM will be headquartered in Noida. The joint venture will set up a research and development centre in Noida and Bangalore. Tech Mahindra is planning to acquire a system integration company and a network management company in Europe. The company is in talks with a few IT and telecom services companies for acquisitions in Germany and Sweden too. As the company is more focused on the telecom industry, it sees a huge market in European countries, where the network management and system integration market is growing and the company wants to cash in on. Tech Mahindra has also decided to se up a technology development centre in Chandigarh as part of its drive to win new customers. Tech Mahindra, provider of telecom software sees more work on Internet protocol coming its way. The company is partnering one of its parents and client British Telecom (BT), to help it roll out its internet protocol based 21st century network project. The 21CN project is a Euro 10 billion project spread over five years. Company is in initial phase of the rollout cycle and expects that the number of IP-based network rollouts is a trend that will grow. Company got a five-year deal with British Telecom (BT) on Dec. 20 to provide strategic sourcing services. The contract is expected to create revenue for the company, in excess of USD 1 billion over this period. The company will support BTs planned growth of managed services

to business customers around the globe and continue to provide ongoing services related to BTs internal systems, processes and re-usable platforms. Both the companies will work together on creating and operating a global delivery organization, by leveraging and augmenting the companys existing delivery centers, to achieve greater flexibility and efficiencies in addressing client requirements. Tech Mahindra and BT Group have worked together for 20years on various projects.

VALUATION:-

Tech Mahindra has built long-term sustainable relationships with telecom customers through delivery of IT services that help them to achieve greatest competitive advantage in the telecom marketplace. At present BT share in companys revenue is over 60% and company is derisking its revenue concentration. For this company is looking for North America and Europe. Company is also looking towards emerging markets across Africa and the Middle East because of the new operator rollouts that are Currently taking place in those regions. At CMP, stock is trading at 24.84 X multiple of its FY2008.Estimated EV/EBITDA. We recommend investors to BUY Tech Mahindra Ltd.With medium to long-term investment horizon.

HISTORY:-

We were incorporated on January 1, 1991 as Maxi Motors Financial Services Limited and received certificate of commencement of business on February 19, 1991. The name was change to Mahindra Financial Services Limited on November3, 1992. We are registered with the RBI as an NBFC with effect from September4, 1998 under Section 451A of the Reserve Bank of India Act 1934.

Key Events in our business history Calendar Year Event 1993 1995 1996 1998 1999 2001 2002 Commenced financing of M&M UVs First branch opened outside Mumbai, at Jaipur Commenced financing M&M dealers for purchase of tractors Launched pilot project for retail tractor financing Commenced tractor retail financing in rural and semi-urban areas Total Assets crossed Rs. 10 billion Commenced financing of non-M&M vehicles Received Tier II debt from International Finance Corporation our first securitization transaction of Rs. 434.8 million 2004 Long term credit rating of AA+/Stable Branch opened in Port Blair Listing of non convertible debentures on Base on the wholesale debt market segment securitization of tractor assets of Rs.256.6 million 2005 Tie-up with HPCL MIBL became our wholly owned distribution of third part mutual funds. Following a successful IPO, subscribed nearly 27 times more, Mahindra & Mahindra Financial Services Ltd (MMFSL) priced its shares at Rs 200 each. The original price band for the issue of two crore shares of Rs 10 each, for cash at a premium decided through the book-built process, had been fixed at Rs 170-200 a share. Mahindra & Mahindra Financial Services Limited has informed that Mr. Narayan Shankar has ceased to be the Company Secretary of the company with effect from October 26, subsidiary Commenced

2006. Ms. Angarika Baviskar would continue to hold the post of Deputy Company Secretary and Compliance Officer of the company. ANALYSIS:Liquidity:One could think have two distinct though related concepts of liquidity. First is monetary demand for goods/assets. Then trends in monetary liquidity would generally get reflected in short-term interest rates; low short term rated signifying easy liquidity. This concept of liquidity is commonly talked about and commented upon. In the context of specific markets viz. commodities or equities, depth of market is generally related to volume of trading are routinely indicated to trading. In popular stock market parlance, volume of trading are routinely indicated to signify ease/frequency of trading. However, to talk about liquidity without reference to price is hardly meaningful. Market liquidity is considered as capacity of financial markets to absorb temporary fluctuations in demand and supply without undue dislocations in prices. These two concepts of liquidity are linked as increase in monetary liquidity may lead to higher demand for securities and would reflect in higher security prices. A increase in monetary liquidity would lead to lower interest rated. It is through the increase in security prices the yield would be brought in alignment with interest rated. However, market liquidity should be considered an important indicator of the sate of market. Elasticity of trading: The proposed new measure to monitor liquidity is similar to price elasticity measure. It is measured as price elasticity of trading volumes. It can be computed for individual stocks or group thereof. It can be computed for any period of time (day of month). The main advantage is it can be computed by anyone who has access to information on prices and volumes of trading data. Coefficient of Elasticity of TRADOMG (CET) = %change in trading volume %change in price

range of CET is quite wide: from + infinity to infinity. The coefficient would be positive when the direction of changes in changes in volume and price is same while it would be negative when the directions are different. High values of CET would indicate that price changes are accompanied by high volume of transaction. When large sized

transaction take place with little or no change in price , value of CET would approach infinity and indicate High liquidity. As a measure of elasticity, the sign of CET may not be very relevant, but with its sign, the information content will be enriched. CET, together with price trends would convey a lot of information about state of the market: either for individual scrip or the whole market. Normally there would be inverse relationship between prices and quality demanded but in case of asset markets as expected prices have more important role, it would be difficult to envisage any ex ante relationship between prices and volumes.

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME FUNDS FOR THE MONTH OF JAN-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Jan-07 3-Jan-07 4-Jan-07 5-Jan-07 8-Jan-07 9-Jan-07 10-Jan-07 11-Jan-07 12-Jan-07 15-Jan-07 16-Jan-07 17-Jan-07 18-Jan-07 19-Jan-07 22-Jan-07 23-Jan-07 24-Jan-07 25-Jan-07 29-Jan-07 NAV 140 147.29 148.07 147.74 147.40 145.68 144.72 143.58 146.01 148.87 150.55 151.02 152.25 152.74 151.61 151.86 150.67 151.30 152.60 151.95 MEAN RETURNS 5.20 0.53 -0.22 -0.23 -1.17 -0.66 -0.78 1.69 1.96 1.12 0.32 0.82 0.32 -0.74 0.17 -0.78 0.42 0.85 -0.43 0.44 (X-XBAR) 4.76 0.53 0.20 0.19 -0.74 -0.23 -0.36 2.12 2.38 1.55 0.74 1.24 0.75 -0.32 0.59 -0.36 0.85 1.28 0.00 VARIANCE (X-XBAR)2 22.68 0.28 0.04 0.04 0.55 0.05 0.13 4.48 5.69 2.40 0.55 1.54 0.56 0.10 0.35 0.13 0.72 1.64 0.00 2.21 SD

GRAP HICA L REPR ESEN TATI ON

GRAPHICAL RE OF HDFC A

6.00 4.00 2.00 0.00 1 -2.00 3

1.49

The

above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.44 with price variation of 2.21and risk factor being 1.49. Thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME FUNDS FOR THE MONTH OF FEB-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 Date 1-Feb-07 2-Feb-07 5-Feb-07 6-Feb-07 7-Feb-07 8-Feb-07 9-Feb-07 12-Feb-07 13-Feb-07 14-Feb-07 15-Feb-07 NAV 152.42 153.66 154.57 154.47 155.35 154.96 153.79 150.46 149.50 149.33 153.19 RETURNS 0.31 0.82 0.59 -0.06 0.57 -0.25 -0.76 -2.17 -0.64 -0.11 2.58 (X-XBAR) 0.69 1.20 0.97 0.31 0.95 0.13 -0.38 -1.79 -0.26 0.27 2.96 (X-XBAR)2 0.47 1.43 0.93 0.10 0.89 0.02 0.14 3.20 0.07 0.07 8.75 SD

12 13 14 15 16 17 18 19

19-Feb-07 20-Feb-07 21-Feb-07 22-Feb-07 23-Feb-07 26-Feb-07 27-Feb-07 28-Feb-07

153.28 151.62 150.85 148.96 145.58 145.88 145.43 141.23 MEAN

0.06 -1.08 -0.51 -1.25 -2.27 0.21 -0.31 -2.89 -0.38

0.44 -0.71 -0.13 -0.87 -1.89 0.58 0.07 -2.51 VARIANCE

0.19 0.50 0.02 0.76 3.59 0.34 0.00 6.32 1.46

1.21

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF FEB-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.38 with price variation of 1.46 and risk factor being 1.21. Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME FUNDS FOR THE MONTH OF MAR-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Mar-07 2-Mar-07 5-Mar-07 6-Mar-07 7-Mar-07 8-Mar-07 9-Mar-07 12-Mar-07 13-Mar-07 14-Mar-07 15-Mar-07 16-Mar-07 19-Mar-07 20-Mar-07 21-Mar-07 22-Mar-07 23-Mar-07 26-Mar-07 28-Mar-07 NAV 143.68 140.53 134.74 136.86 135.17 138.69 138.03 139.39 140.46 136.75 137.87 136.66 138.28 139.42 141.30 144.22 144.18 142.96 140.26 MEAN RETURNS 1.73 -2.19 -4.12 1.58 -1.24 2.60 -0.47 0.99 0.77 -2.64 0.82 -0.88 1.19 0.82 1.35 2.06 -0.03 -0.85 -1.89 -0.02 (X-XBAR) 1.75 -2.17 -4.10 1.60 -1.22 2.62 -0.45 1.01 0.79 -2.62 0.84 -0.86 1.21 0.84 1.38 2.08 -0.01 -0.83 -1.87 VARIANCE (X-XBAR)2 3.08 4.72 16.81 2.55 1.48 6.89 0.21 1.02 0.62 6.88 0.71 0.74 1.46 0.71 1.89 4.34 0.00 0.68 3.48 3.07 SD

1.75

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF MAR-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.02 with price variation of 3.07 and risk factor being 1.75. Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE, AND STANDARD DEVIATION OF HDFC INCOME FUNDS FOR THE MONTH OF APR-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Apr-07 3-Apr-07 4-Apr-07 5-Apr-07 9-Apr-07 10-Apr-07 11-Apr-07 12-Apr-07 13-Apr-07 16-Apr-07 17-Apr-07 18-Apr-07 19-Apr-07 20-Apr-07 23-Apr-07 24-Apr-07 25-Apr-07 26-Apr-07 27-Apr-07 NAV 136.75 137.88 140.01 141.04 144.22 144.48 144.62 143.40 146.36 149.17 148.13 148.28 147.67 149.70 149.69 151.08 151.56 151.76 150.19 MEAN RETURNS -2.50 0.83 1.54 0.74 2.25 0.18 0.10 -0.85 2.07 1.92 -0.70 0.10 -0.41 1.37 -0.01 0.93 0.31 0.13 -1.03 0.37 (X-XBAR) -2.87 0.46 1.17 0.37 1.88 -0.19 -0.26 -1.22 1.70 1.55 -1.07 -0.26 -0.78 1.00 -0.38 0.57 -0.05 -0.23 -1.40 VARIANCE (X-XBAR)2 8.25 0.21 1.38 0.14 3.54 0.04 0.07 1.48 2.89 2.41 1.13 0.07 0.61 1.00 0.14 0.32 0.00 0.05 1.96 1.35 SD

1.16

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF APR-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.37 with price variation of 1.35 and risk factor being 1.16. Thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME

FUNDS FOR THE MONTH OF MAY-2008

S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-May-07 4-May-07 7-May-07 8-May-07 9-May-07 10-May-07 11-May-07 14-May-07 15-May-07 16-May-07 17-May-07 18-May-07 21-May-07 22-May-07 23-May-07 24-May-07 25-May-07 28-May-07 29-May-07 NAV 153.17 151.52 151.31 150.17 150.14 149.40 149.98 152.09 152.67 154.31 155.09 154.67 156.18 156.70 156.26 155.37 156.35 158.64 160.17 MEAN RETURNS 1.98 -1.07 -0.14 -0.75 -0.02 -0.49 0.39 1.40 0.39 1.07 0.50 -0.27 0.98 0.33 -0.28 -0.57 0.63 1.47 0.96 0.34 (X-XBAR) 1.64 -1.42 -0.48 -1.10 -0.37 -0.83 0.05 1.06 0.04 0.73 0.16 -0.61 0.64 -0.01 -0.62 -0.91 0.29 1.12 0.62 VARIANCE (X-XBAR)2 2.69 2.01 0.23 1.20 0.13 0.69 0.00 1.12 0.00 0.53 0.03 0.38 0.41 0.00 0.39 0.84 0.08 1.26 0.39 0.65 SD

0.81

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF MAY-2008
2.50 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.34 with price variation of 0.65 and risk factor being 0.81. Thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME

FUNDS FOR THE MONTH OF JUN-2008

S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Jun-07 4-Jun-07 5-Jun-07 6-Jun-07 7-Jun-07 8-Jun-07 11-Jun-07 12-Jun-07 13-Jun-07 14-Jun-07 15-Jun-07 18-Jun-07 19-Jun-07 20-Jun-07 21-Jun-07 22-Jun-07 25-Jun-07 26-Jun-07 27-Jun-07 NAV 161.90 160.88 161.66 159.35 158.50 157.93 158.85 158.75 157.55 159.78 159.94 159.06 160.97 162.68 163.95 163.00 163.48 164.29 163.61 MEAN RETURNS 1.08 -0.63 0.48 -1.43 -0.53 -0.36 0.59 -0.07 -0.76 1.42 0.10 -0.55 1.20 1.06 0.78 -0.58 0.29 0.50 -0.42 0.11 (X-XBAR) 0.97 -0.74 0.36 -1.54 -0.65 -0.48 0.47 -0.18 -0.87 1.30 -0.02 -0.66 1.08 0.95 0.67 -0.69 0.18 0.38 -0.53 VARIANCE (X-XBAR)2 0.94 0.55 0.13 2.37 0.42 0.23 0.22 0.03 0.76 1.69 0.00 0.44 1.17 0.90 0.44 0.48 0.03 0.15 0.28 0.59 SD

0.77

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF JUN-2008
2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 -2.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.11 with price variation of 0.59 and risk factor being 0.77 thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME

FUNDS FOR THE MONTH OF JUL-2008

S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Jul-07 3-Jul-07 4-Jul-07 5-Jul-07 6-Jul-07 9-Jul-07 10-Jul-07 11-Jul-07 12-Jul-07 13-Jul-07 16-Jul-07 17-Jul-07 18-Jul-07 19-Jul-07 20-Jul-07 23-Jul-07 24-Jul-07 25-Jul-07 26-Jul-07 NAV 166.65 167.92 167.16 166.71 167.91 169.81 169.19 169.53 171.57 171.95 171.71 170.31 170.13 172.02 172.56 174.41 174.39 172.96 173.46 MEAN RETURNS 1.86 0.76 -0.45 -0.27 0.72 1.13 -0.36 0.20 1.20 0.22 -0.14 -0.82 -0.11 1.11 0.31 1.07 -0.01 -0.82 0.29 0.31 (X-XBAR) 1.55 0.45 -0.76 -0.58 0.41 0.82 -0.67 -0.11 0.89 -0.09 -0.45 -1.13 -0.42 0.80 0.00 0.76 -0.32 -1.13 -0.02 VARIANCE (X-XBAR)2 2.39 0.21 0.58 0.34 0.17 0.67 0.45 0.01 0.80 0.01 0.20 1.27 0.18 0.65 0.00 0.58 0.10 1.28 0.00 0.52 SD

0.72

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF JUL-2008
2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.31 with price variation of 0.52 and risk factor being 0.72 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME FUNDS FOR THE MONTH OF AUG-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Aug-07 2-Aug-07 3-Aug-07 6-Aug-07 7-Aug-07 8-Aug-07 9-Aug-07 10-Aug-07 13-Aug-07 14-Aug-07 16-Aug-07 17-Aug-07 20-Aug-07 21-Aug-07 22-Aug-07 23-Aug-07 24-Aug-07 27-Aug-07 28-Aug-07 NAV 165.82 167.25 169.18 167.66 168.46 171.66 168.50 166.58 167.49 167.41 160.87 158.65 161.45 156.00 157.77 156.45 158.57 163.29 164.07 MEAN RETURNS -4.40 0.86 1.15 -0.90 0.48 1.90 -1.84 -1.14 0.55 -0.05 -3.91 -1.38 1.77 -3.38 1.14 -0.84 1.36 2.98 0.48 -0.27 (X-XBAR) -4.13 1.14 1.43 -0.63 0.75 2.18 -1.57 -0.86 0.82 0.22 -3.64 -1.11 2.04 -3.11 1.41 -0.56 1.63 3.25 0.75 VARIANCE (X-XBAR)2 17.07 1.29 2.03 0.39 0.56 4.74 2.47 0.75 0.67 0.05 13.22 1.23 4.15 9.65 1.99 0.32 2.65 10.55 0.57 3.91 SD

1.978174

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF AUG-2008
4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00

11

13

15

17

19

Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.27 with price variation of 3.91 and risk factor being 1.978174 Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME FUNDS FOR THE MONTH OF SEP-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-Sep-07 4-Sep-07 5-Sep-07 6-Sep-07 7-Sep-07 10-Sep-07 11-Sep-07 12-Sep-07 13-Sep-07 14-Sep-07 17-Sep-07 18-Sep-07 19-Sep-07 20-Sep-07 21-Sep-07 24-Sep-07 25-Sep-07 26-Sep-07 27-Sep-07 NAV 170.66 170.67 170.55 171.93 172.11 172.50 171.56 171.16 171.69 170.65 170.48 172.74 176.39 177.42 178.49 179.89 179.56 180.00 180.96 MEAN RETURNS 4.02 0.00 -0.07 0.81 0.11 0.22 -0.54 -0.23 0.31 -0.61 -0.10 1.32 2.11 0.58 0.61 0.79 -0.18 0.24 0.53 0.52 (X-XBAR) 3.49 -0.52 -0.59 0.29 -0.42 -0.30 -1.07 -0.76 -0.21 -1.13 -0.62 0.80 1.59 0.06 0.08 0.26 -0.71 -0.28 0.01 VARIANCE (X-XBAR)2 12.21 0.27 0.35 0.08 0.17 0.09 1.14 0.57 0.04 1.28 0.38 0.64 2.53 0.00 0.01 0.07 0.50 0.08 0.00 1.07 SD

1.04

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF SEP-2008
5.00 4.00 3.00 2.00 1.00 0.00 -1.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.52 with price variation of 1.07 and risk factor being 1.04 Thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME

FUNDS FOR THE MONTH OF OCT-2008

S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Oct-07 3-Oct-07 4-Oct-07 5-Oct-07 8-Oct-07 9-Oct-07 10-Oct-07 11-Oct-07 12-Oct-07 15-Oct-07 16-Oct-07 17-Oct-07 18-Oct-07 19-Oct-07 22-Oct-07 23-Oct-07 24-Oct-07 25-Oct-07 26-Oct-07 NAV 184.17 186.08 185.77 186.05 182.43 187.39 189.83 193.14 189.76 195.81 195.70 192.44 186.01 181.37 181.98 191.23 193.97 197.38 203.73 MEAN RETURNS 1.77 1.04 -0.16 0.15 -1.94 2.72 1.30 1.74 -1.75 3.19 -0.06 -1.66 -3.35 -2.49 0.34 5.08 1.44 1.76 3.21 0.65 (X-XBAR) 1.13 0.39 -0.81 -0.50 -2.59 2.07 0.65 1.09 -2.39 2.54 -0.71 -2.31 -3.99 -3.14 -0.31 4.43 0.79 1.11 2.56 VARIANCE (X-XBAR)2 1.27 0.15 0.66 0.25 6.72 4.28 0.43 1.20 5.74 6.44 0.50 5.34 15.96 9.85 0.10 19.63 0.62 1.23 6.58 4.58 SD

2.14

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF OCT-2008
6.00 4.00 2.00 Series1 0.00 1 -2.00 -4.00 3 5 7 9 11 13 15 17 19

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.65 with price variation of 4.58 and risk factor being 2.14 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME FUNDS FOR THE MONTH OF NOV-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Nov-07 2-Nov-07 5-Nov-07 6-Nov-07 7-Nov-07 8-Nov-07 12-Nov-07 13-Nov-07 14-Nov-07 15-Nov-07 16-Nov-07 19-Nov-07 20-Nov-07 21-Nov-07 22-Nov-07 23-Nov-07 26-Nov-07 27-Nov-07 28-Nov-07 NAV 209.25 211.37 208.30 205.49 204.62 201.74 199.97 203.63 209.76 210.78 210.36 212.45 209.10 200.77 199.73 201.55 204.86 204.04 201.96 MEAN RETURNS 2.71 1.02 -1.46 -1.35 -0.42 -1.41 -0.88 1.83 3.01 0.49 -0.20 1.00 -1.58 -3.98 -0.52 0.91 1.65 -0.40 -1.02 -0.03 (X-XBAR) 2.74 1.05 -1.42 -1.32 -0.39 -1.38 -0.85 1.86 3.04 0.52 -0.17 1.03 -1.55 -3.95 -0.48 0.94 1.68 -0.37 -0.99 VARIANCE (X-XBAR)2 7.52 1.10 2.03 1.73 0.15 1.90 0.72 3.47 9.27 0.27 0.03 1.06 2.39 15.61 0.23 0.88 2.81 0.14 0.98 2.75 SD

1.66

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF NOV-2008
4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 1 3 5 7 9 11 13 15 17 19

Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.03 with price variation of 2.75 and risk factor being 1.66 Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF HDFC INCOME FUNDS FOR THE MONTH OF DEC-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-Dec-07 4-Dec-07 5-Dec-07 6-Dec-07 7-Dec-07 10-Dec-07 11-Dec-07 12-Dec-07 13-Dec-07 14-Dec-07 17-Dec-07 18-Dec-07 19-Dec-07 20-Dec-07 24-Dec-07 26-Dec-07 27-Dec-07 28-Dec-07 31-Dec-07 NAV 207.92 207.71 211.80 212.08 213.23 213.45 216.94 218.36 217.75 216.85 209.76 209.39 209.84 210.04 214.74 217.68 218.80 219.86 223.32 MEAN RETURNS 2.95 -0.10 1.97 0.13 0.54 0.10 1.64 0.65 -0.28 -0.41 -3.27 -0.17 0.22 0.09 2.24 1.37 0.51 0.48 1.58 0.54 (X-XBAR) 2.41 -0.64 1.43 -0.41 0.00 -0.43 1.10 0.11 -0.82 -0.95 -3.81 -0.71 -0.32 -0.44 1.70 0.83 -0.03 -0.05 1.04 VARIANCE (X-XBAR)2 5.83 0.41 2.05 0.17 0.00 0.19 1.20 0.01 0.67 0.91 14.50 0.51 0.10 0.20 2.89 0.69 0.00 0.00 1.08 1.65 SD

1.29

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF HDFC AMRO MUTUAL FUND FOR THE MONTH OF DEC-2008
4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of HDFC income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.54 with price variation of 1.65 and risk factor being 1.29 Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF JAN-2008
S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Jan-07 3-Jan-07 4-Jan-07 5-Jan-07 8-Jan-07 9-Jan-07 10-Jan-07 11-Jan-07 12-Jan-07 15-Jan-07 16-Jan-07 17-Jan-07 18-Jan-07 19-Jan-07 22-Jan-07 23-Jan-07 24-Jan-07 25-Jan-07 29-Jan-07 NAV 27.3 27.52 27.76 27.82 27.72 27.4 27.22 26.7 27.23 27.75 27.9 28.03 28.14 28.26 28.03 28 27.42 27.55 27.79 27.72 MEAN RETURN 0.81 0.87 0.22 -0.36 -1.15 -0.66 -1.91 1.99 1.91 0.54 0.47 0.39 0.43 -0.81 -0.11 -2.07 0.47 0.87 -0.25 0.09 (X-XBAR) 0.72 0.79 0.13 -0.45 -1.24 -0.74 -2.00 1.90 1.82 0.45 0.38 0.31 0.34 -0.90 -0.19 -2.16 0.39 0.79 -0.34 VARIANCE (X-XBAR)2 0.52 0.62 0.02 0.20 1.54 0.55 3.99 3.61 3.33 0.21 0.14 0.09 0.12 0.81 0.04 4.65 0.15 0.62 0.11 1.12 SD

1.06

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF ABN AMRO MUTUAL FUND FOR THE MONTH OF JAN-2008
2.50 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 -2.00 -2.50

Series1 1 3 5 7 9 11 13 15 17 19

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.09 with price variation of 1.12 and risk factor being 1.06 Thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME

FUNDS FOR THE MONTH OF FEB-2008

S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Feb-07 2-Feb-07 5-Feb-07 6-Feb-07 7-Feb-07 8-Feb-07 9-Feb-07 12-Feb-07 13-Feb-07 14-Feb-07 15-Feb-07 19-Feb-07 20-Feb-07 21-Feb-07 22-Feb-07 23-Feb-07 26-Feb-07 27-Feb-07 28-Feb-07 NAV 27.5 27.7 27.86 27.86 28.06 27.98 27.49 26.31 26.11 26.04 26.77 26.9 26.67 26.79 26.43 25.75 25.79 25.81 24.96 MEAN RETURN -0.79 0.73 0.58 0.00 0.72 -0.29 -1.75 -4.29 -0.76 -0.27 2.80 0.49 -0.86 0.45 -1.34 -2.57 0.16 0.08 -3.29 -0.54 (X-XBAR) -0.26 1.27 1.12 0.54 1.26 0.25 -1.21 -3.75 -0.22 0.27 3.34 1.02 -0.32 0.99 -0.81 -2.03 0.69 0.62 -2.76 VARIANCE (X-XBAR)2 0.07 1.60 1.24 0.29 1.58 0.06 1.47 14.10 0.05 0.07 11.16 1.05 0.10 0.98 0.65 4.14 0.48 0.38 7.59 2.48 SD

1.57

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF ABN AMRO MUTUAL FUND FOR THE MONTH OF JAN-2008
4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00

11

13

15

17

19

Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.54 with price variation of 2.48 and risk factor being 1.57. Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF MAR-2008
S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Mar-07 2-Mar-07 5-Mar-07 6-Mar-07 7-Mar-07 8-Mar-07 9-Mar-07 12-Mar-07 13-Mar-07 14-Mar-07 15-Mar-07 16-Mar-07 19-Mar-07 20-Mar-07 21-Mar-07 22-Mar-07 23-Mar-07 26-Mar-07 28-Mar-07 NAV 25.06 24.49 23.29 23.73 23.35 24.17 23.97 24.27 24.67 24.05 24.23 24.05 24.36 24.64 24.85 25.41 25.44 25.19 24.76 MEAN RETURN 0.40 -2.27 -4.90 1.89 -1.60 3.51 -0.83 1.25 1.65 -2.51 0.75 -0.74 1.29 1.15 0.85 2.25 0.12 -0.98 -1.71 -0.02 (X-XBAR) 0.42 -2.25 -4.88 1.91 -1.58 3.53 -0.80 1.27 1.67 -2.49 0.77 -0.72 1.31 1.17 0.88 2.28 0.14 -0.96 -1.68 VARIANCE (X-XBAR)2 0.18 5.07 23.78 3.66 2.49 12.49 0.65 1.62 2.79 6.20 0.60 0.52 1.72 1.37 0.77 5.18 0.02 0.92 2.84 3.84 SD

1.96

GRAPHICAL REPRESENTATION
GRAPHICAT REPRESENTATION OF RETURNS OF ABN AMRO MUTUAL FOND FOR THE MONTH OF MAR-2008
4.00 2.00 0.00 1 -2.00 -4.00 -6.00 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.02 with price variation of 3.84 and risk factor being 1.96 Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF APR-2008
S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Apr-07 3-Apr-07 4-Apr-07 5-Apr-07 9-Apr-07 10-Apr-07 11-Apr-07 12-Apr-07 13-Apr-07 16-Apr-07 17-Apr-07 18-Apr-07 19-Apr-07 20-Apr-07 23-Apr-07 24-Apr-07 25-Apr-07 26-Apr-07 27-Apr-07 NAV 24.07 24.26 24.39 24.65 25.29 25.41 25.43 25.3 26.01 26.55 26.23 26.24 26.33 26.91 26.89 27.43 27.59 27.55 27.04 MEAN RETURN -2.79 0.79 0.54 1.07 2.60 0.47 0.08 -0.51 2.81 2.08 -1.21 0.04 0.34 2.20 -0.07 2.01 0.58 -0.14 -1.85 0.47 (X-XBAR) -3.26 0.31 0.06 0.59 2.12 0.00 -0.40 -0.99 2.33 1.60 -1.68 -0.44 -0.13 1.73 -0.55 1.53 0.11 -0.62 -2.33 VARIANCE (X-XBAR)2 10.64 0.10 0.00 0.35 4.50 0.00 0.16 0.97 5.44 2.56 2.82 0.19 0.02 2.99 0.30 2.35 0.01 0.38 5.41 2.06 SD

1.44

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF ABN AMRO MUTUAL FOND FOR THE MONTH OF APR-2008
4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.47 with price variation of 2.06 and risk factor being 1.44 Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF MAY-2008
S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-May-07 4-May-07 7-May-07 8-May-07 9-May-07 10-May-07 11-May-07 14-May-07 15-May-07 16-May-07 17-May-07 18-May-07 21-May-07 22-May-07 23-May-07 24-May-07 25-May-07 28-May-07 29-May-07 NAV 27.59 27.35 27.19 26.99 27.26 27.15 27.33 27.77 27.9 28.59 28.94 28.94 29.24 29.36 29.07 28.83 29.04 29.38 29.59 MEAN RETURN 2.03 -0.87 -0.59 -0.74 1.00 -0.40 0.66 1.61 0.47 2.47 1.22 0.00 1.04 0.41 -0.99 -0.83 0.73 1.17 0.71 0.48 (X-XBAR) 1.55 -1.35 -1.07 -1.22 0.52 -0.88 0.18 1.13 -0.01 1.99 0.74 -0.48 0.56 -0.07 -1.47 -1.31 0.25 0.69 0.23 VARIANCE (X-XBAR)2 2.41 1.82 1.13 1.48 0.27 0.78 0.03 1.28 0.00 3.97 0.55 0.23 0.31 0.00 2.16 1.71 0.06 0.48 0.05 0.99 SD

0.99

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS GOF ABN AMRO MUTUAL FOND FOR THE MONTH OF MAY-2008
3.00 2.50 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50

Series1

11

13

15

17

19

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.48 with price variation of 0.99 and risk factor being 0.99 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF JUN-2008
S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Jun-07 4-Jun-07 5-Jun-07 6-Jun-07 7-Jun-07 8-Jun-07 11-Jun-07 12-Jun-07 13-Jun-07 14-Jun-07 15-Jun-07 18-Jun-07 19-Jun-07 20-Jun-07 21-Jun-07 22-Jun-07 25-Jun-07 26-Jun-07 27-Jun-07 NAV 29.7 29.49 29.62 28.87 28.62 28.35 28.42 28.19 28.08 28.71 28.75 28.67 29.18 29.69 30.04 30.12 30.21 30.4 30.32 MEAN RETURN 0.37 -0.71 0.44 -2.53 -0.87 -0.94 0.25 -0.81 -0.39 2.24 0.14 -0.28 1.78 1.75 1.18 0.27 0.30 0.63 -0.26 0.13 (X-XBAR) 0.24 -0.84 0.31 -2.67 -1.00 -1.08 0.11 -0.94 -0.52 2.11 0.00 -0.41 1.64 1.61 1.04 0.13 0.16 0.49 -0.40 VARIANCE (X-XBAR)2 0.06 0.71 0.09 7.11 1.00 1.16 0.01 0.89 0.28 4.45 0.00 0.17 2.70 2.60 1.09 0.02 0.03 0.24 0.16 1.20 SD

1.09

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETUNS OF ABN AMRO MUTUAL FONDAS FOR THE MONTH OF JUN-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.13 with price variation of 1.20 and risk factor being 1.09 Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF JUL-2008
S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Jul-07 3-Jul-07 4-Jul-07 5-Jul-07 6-Jul-07 9-Jul-07 10-Jul-07 11-Jul-07 12-Jul-07 13-Jul-07 16-Jul-07 17-Jul-07 18-Jul-07 19-Jul-07 20-Jul-07 23-Jul-07 24-Jul-07 25-Jul-07 26-Jul-07 NAV 30.97 31.6 31.65 31.46 31.68 32.02 31.78 32.05 32.61 32.96 33.11 33.04 32.83 33.18 33.05 33.41 33.48 33.04 33.18 MEAN RETURN 2.14 2.03 0.16 -0.60 0.70 1.07 -0.75 0.85 1.75 1.07 0.46 -0.21 -0.64 1.07 -0.39 1.09 0.21 -1.31 0.42 0.48 (X-XBAR) 1.66 1.55 -0.32 -1.08 0.22 0.59 -1.23 0.37 1.27 0.59 -0.02 -0.69 -1.12 0.59 -0.87 0.61 -0.27 -1.79 -0.06 VARIANCE (X-XBAR)2 2.77 2.42 0.10 1.17 0.05 0.35 1.51 0.14 1.61 0.35 0.00 0.48 1.24 0.34 0.76 0.37 0.07 3.22 0.00 0.89 SD

0.94

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF ABN AMRO MUTUAL FUND FOR THE MONTH OF JUL-2008
2.50 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.48 with price variation of 0.89 and risk factor being 0.94. Thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF AUG-2008
S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Aug-07 2-Aug-07 3-Aug-07 6-Aug-07 7-Aug-07 8-Aug-07 9-Aug-07 10-Aug-07 13-Aug-07 14-Aug-07 16-Aug-07 17-Aug-07 20-Aug-07 21-Aug-07 22-Aug-07 23-Aug-07 24-Aug-07 27-Aug-07 28-Aug-07 NAV 31.02 31.21 31.68 31.21 31.25 31.8 31.1 30.39 30.76 30.65 29.24 28.76 29.3 28.16 28.49 28.2 28.73 29.82 30.02 MEAN RETURN -6.51 0.61 1.51 -1.48 0.13 1.76 -2.20 -2.28 1.22 -0.36 -4.60 -1.64 1.88 -3.89 1.17 -1.02 1.88 3.79 0.67 -0.49 (X-XBAR) -6.02 1.11 2.00 -0.99 0.62 2.25 -1.71 -1.79 1.71 0.14 -4.11 -1.15 2.37 -3.40 1.66 -0.52 2.37 4.29 1.16 VARIANCE (X-XBAR)2 36.20 1.22 4.00 0.98 0.39 5.08 2.92 3.20 2.93 0.02 16.87 1.32 5.62 11.54 2.77 0.28 5.63 18.38 1.35 6.35 SD

2.52

GRAPHICAL REPRESENTATION
GARPHICAL REPRESENTATION OF RETURNS OF ABN MUTUAL FUND FOR THE MONTH OF AUG-2008
6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 -8.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.49 with price variation of 6.35 and risk factor being 2.52 thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME

FUNDS FOR THE MONTH OF SEP-2008

S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-Sep-07 4-Sep-07 5-Sep-07 6-Sep-07 7-Sep-07 10-Sep-07 11-Sep-07 12-Sep-07 13-Sep-07 14-Sep-07 17-Sep-07 18-Sep-07 19-Sep-07 20-Sep-07 21-Sep-07 24-Sep-07 25-Sep-07 26-Sep-07 27-Sep-07 NAV 31.42 31.55 31.33 31.71 31.58 31.9 31.85 32.06 32.45 32.31 32.26 32.54 33.49 33.86 34.65 35.27 34.93 34.74 34.77 MEAN RETURN 4.66 0.41 -0.70 1.21 -0.41 1.01 -0.16 0.66 1.22 -0.43 -0.15 0.87 2.92 1.10 2.33 1.79 -0.96 -0.54 0.09 0.79 (X-XBAR) 3.88 -0.37 -1.48 0.43 -1.20 0.23 -0.94 -0.13 0.43 -1.22 -0.94 0.08 2.13 0.32 1.55 1.00 -1.75 -1.33 -0.70 VARIANCE (X-XBAR)2 15.04 0.14 2.20 0.18 1.43 0.05 0.89 0.02 0.19 1.48 0.88 0.01 4.55 0.10 2.40 1.01 3.06 1.77 0.49 1.89 SD

1.37

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESEANTATION OF RETURNS OF ABN AMRO MUTUAL FUND FOR THE MONTH OF SEP-2008
5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.79 with price variation of 1.89 and risk factor being 1.37 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF OCT-2008
S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Oct-07 3-Oct-07 4-Oct-07 5-Oct-07 8-Oct-07 9-Oct-07 10-Oct-07 11-Oct-07 12-Oct-07 15-Oct-07 16-Oct-07 17-Oct-07 18-Oct-07 19-Oct-07 22-Oct-07 23-Oct-07 24-Oct-07 25-Oct-07 26-Oct-07 NAV 35.84 36.5 36.82 36.49 35.37 37.17 37.99 38.8 38.03 39.31 39.44 38.45 36.68 35.48 35.31 37.59 38.19 38.48 39.43 MEAN RETURN 3.08 1.84 0.88 -0.90 -3.07 5.09 2.21 2.13 -1.98 3.37 0.33 -2.51 -4.60 -3.27 -0.48 6.46 1.60 0.76 2.47 0.70 (X-XBAR) 2.37 1.14 0.17 -1.60 -3.77 4.38 1.50 1.43 -2.69 2.66 -0.37 -3.21 -5.31 -3.98 -1.18 5.75 0.89 0.05 1.76 VARIANCE (X-XBAR)2 5.63 1.29 0.03 2.56 14.24 19.22 2.25 2.04 7.23 7.08 0.14 10.33 28.17 15.81 1.40 33.09 0.79 0.00 3.11 8.13 SD

2.85

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF ABN AMRO MUTUSL FUND FOR THE MONTH OF OCT-2008
8.00 6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.70 with price variation of 8.13 and risk factor being 2.85 Thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF NOV-2008

S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Date 1-Nov-07 2-Nov-07 5-Nov-07 6-Nov-07 7-Nov-07 8-Nov-07 12-Nov-07 13-Nov-07 14-Nov-07 15-Nov-07 16-Nov-07 19-Nov-07 20-Nov-07 21-Nov-07 22-Nov-07 23-Nov-07 26-Nov-07 27-Nov-07 28-Nov-07

NAV 40.87 41.35 41.1 40.52 40.66 40.14 39.62 40.25 41.43 41.42 41.52 42.04 41.09 39.1 39.02 39.77 40.64 40.61 40.19 MEAN

RETURN 3.65 1.17 -0.60 -1.41 0.35 -1.28 -1.30 1.59 2.93 -0.02 0.24 1.25 -2.26 -4.84 -0.20 1.92 2.19 -0.07 -1.03 0.12

(X-XBAR) 3.53 1.06 -0.72 -1.53 0.23 -1.40 -1.41 1.47 2.81 -0.14 0.12 1.13 -2.38 -4.96 -0.32 1.80 2.07 -0.19 -1.15 VARIANCE

(X-XBAR)2 12.48 1.11 0.52 2.34 0.05 1.96 2.00 2.16 7.91 0.02 0.01 1.28 5.66 24.63 0.10 3.25 4.28 0.04 1.33 3.74

SD

1.94

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF ABN AMRO MUTUAL FUND FOR THE MONTH OF NOV -2008
6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.12 with price variation of 3.74 and risk factor being 1.94 Thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF ABN INCOME FUNDS FOR THE MONTH OF DEC-2008

S.NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

Date 3-Dec-07 4-Dec-07 5-Dec-07 6-Dec-07 7-Dec-07 10-Dec-07 11-Dec-07 12-Dec-07 13-Dec-07 14-Dec-07 17-Dec-07 18-Dec-07 19-Dec-07 20-Dec-07 24-Dec-07 26-Dec-07 27-Dec-07 28-Dec-07 31-Dec-07

NAV 42.12 42.64 43.43 43.3 43.44 43.46 44.07 44.68 44.52 44.51 42.52 42.35 42.26 42.13 43.46 44.47 44.38 44.9 45.76 MEAN

RETURN 4.80 1.23 1.85 -0.30 0.32 0.05 1.40 1.38 -0.36 -0.02 -4.47 -0.40 -0.21 -0.31 3.16 2.32 -0.20 1.17 1.92 0.70

(X-XBAR) 4.10 0.53 1.15 -1.00 -0.38 -0.66 0.70 0.68 -1.06 -0.72 -5.17 -1.10 -0.91 -1.01 2.45 1.62 -0.90 0.47 1.21 VARIANCE

(X-XBAR)2 16.81 0.28 1.32 1.00 0.14 0.43 0.49 0.47 1.12 0.53 26.76 1.21 0.84 1.02 6.03 2.63 0.82 0.22 1.47 3.35

SD

1.83

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF ABN MUTUAL FUND FOR THE MONTH OF DEC-2008
6.00 4.00 2.00 0.00 -2.00 -4.00 -6.00 1 3 5 7 9 11 13 15 17 Series1

The above graph represents the returns of ABN income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.70 with price variation of 3.35 and risk factor being 1.83 Thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF JAN-2008
S NO Date NAV RETURN (X-XBAR) (X-XBAR)2 SD

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

2-Jan-07 3-Jan-07 4-Jan-07 5-Jan-07 8-Jan-07 9-Jan-07 10-Jan-07 11-Jan-07 12-Jan-07 15-Jan-07 16-Jan-07 17-Jan-07 18-Jan-07 19-Jan-07 22-Jan-07 23-Jan-07 24-Jan-07 25-Jan-07 29-Jan-07

11 11.1 11.22 11.19 11.13 11.03 10.91 10.81 10.92 11.05 11.12 11.15 11.23 11.33 11.28 11.33 11.17 11.24 11.32 11.32 MEAN

0.91 1.08 -0.27 -0.54 -0.90 -1.09 -0.92 1.02 1.19 0.63 0.27 0.72 0.89 -0.44 0.44 -1.41 0.63 0.71 0.00 0.15

0.75 0.93 -0.42 -0.69 -1.05 -1.24 -1.07 0.86 1.04 0.48 0.12 0.56 0.74 -0.60 0.29 -1.57 0.47 0.56 -0.15 VARIANCE

0.57 0.86 0.18 0.48 1.11 1.54 1.15 0.75 1.07 0.23 0.01 0.32 0.54 0.35 0.08 2.45 0.22 0.31 0.02 0.64

0.80

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF JAN-2008
1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 -2.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.15 with price variation of 0.64 and risk factor being 0.80 thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF FEB-2008
S NO 1 Date 1-Feb-07 NAV 11.32 RETURN 0.00 (X-XBAR) 0.48 (X-XBAR)2 0.23 SD

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

2-Feb-07 5-Feb-07 6-Feb-07 7-Feb-07 8-Feb-07 9-Feb-07 12-Feb-07 13-Feb-07 14-Feb-07 15-Feb-07 19-Feb-07 20-Feb-07 21-Feb-07 22-Feb-07 23-Feb-07 26-Feb-07 27-Feb-07 28-Feb-07

11.47 11.49 11.44 11.53 11.51 11.28 10.87 10.82 10.83 11.1 11.12 11.06 11 10.91 10.7 10.77 10.74 10.31 MEAN

1.33 0.17 -0.44 0.79 -0.17 -2.00 -3.63 -0.46 0.09 2.49 0.18 -0.54 -0.54 -0.82 -1.92 0.65 -0.28 -4.00 -0.48

1.80 0.65 0.04 1.27 0.31 -1.52 -3.16 0.02 0.57 2.97 0.66 -0.06 -0.06 -0.34 -1.45 1.13 0.20 -3.52 VARIANCE

3.26 0.43 0.00 1.60 0.09 2.31 9.96 0.00 0.33 8.83 0.43 0.00 0.00 0.11 2.09 1.28 0.04 12.42 2.29

1.51

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF FEB-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.48 with price variation of 2.29 and risk factor being 1.51 thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF MAR-2008
S NO 1 2 Date 1-Mar-07 2-Mar-07 NAV 10.44 10.34 RETURN 1.26 -0.96 (X-XBAR) 1.26 -0.95 (X-XBAR)2 1.60 0.91 SD

3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19

5-Mar-07 6-Mar-07 7-Mar-07 8-Mar-07 9-Mar-07 12-Mar-07 13-Mar-07 14-Mar-07 15-Mar-07 16-Mar-07 19-Mar-07 20-Mar-07 21-Mar-07 22-Mar-07 23-Mar-07 26-Mar-07 28-Mar-07

9.94 9.98 9.84 10.1 10.06 10.07 10.19 9.99 10.02 9.91 10.02 10.12 10.21 10.4 10.49 10.43 10.28 MEAN

-3.87 0.40 -1.40 2.64 -0.40 0.10 1.19 -1.96 0.30 -1.10 1.11 1.00 0.89 1.86 0.87 -0.57 -1.44 0.00

-3.86 0.41 -1.40 2.65 -0.39 0.10 1.20 -1.96 0.30 -1.09 1.11 1.00 0.89 1.86 0.87 -0.57 -1.43 VARIANCE

14.93 0.17 1.96 7.00 0.15 0.01 1.43 3.84 0.09 1.20 1.24 1.00 0.80 3.48 0.76 0.32 2.06 2.26

1.50

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF MAR-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.00 with price variation of 2.26 and risk factor being 1.50 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF APR-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Apr-07 3-Apr-07 4-Apr-07 5-Apr-07 9-Apr-07 10-Apr-07 11-Apr-07 12-Apr-07 13-Apr-07 16-Apr-07 17-Apr-07 18-Apr-07 19-Apr-07 20-Apr-07 23-Apr-07 24-Apr-07 25-Apr-07 26-Apr-07 27-Apr-07 NAV 9.98 10.05 10.09 10.18 10.4 10.48 10.56 10.54 10.72 10.83 10.79 10.79 10.81 10.88 10.85 11 11.09 11.01 10.9 MEAN RETURN -2.92 0.70 0.40 0.89 2.16 0.77 0.76 -0.19 1.71 1.03 -0.37 0.00 0.19 0.65 -0.28 1.38 0.82 -0.72 -1.00 0.31 (X-XBAR) -3.23 0.39 0.08 0.58 1.85 0.45 0.45 -0.50 1.39 0.71 -0.68 -0.31 -0.13 0.33 -0.59 1.07 0.50 -1.04 -1.31 VARIANCE (X-XBAR)2 10.45 0.15 0.01 0.33 3.41 0.21 0.20 0.25 1.94 0.51 0.47 0.10 0.02 0.11 0.35 1.14 0.25 1.07 1.73 1.19 SD

1.09

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF APR-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.31 with price variation of 1.19 and risk factor being 1.09 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF MAY-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-May-07 4-May-07 7-May-07 8-May-07 9-May-07 10-May-07 11-May-07 14-May-07 15-May-07 16-May-07 17-May-07 18-May-07 21-May-07 22-May-07 23-May-07 24-May-07 25-May-07 28-May-07 29-May-07 NAV 11.21 11.32 11.27 11.18 11.26 11.34 11.41 11.56 11.53 11.68 11.75 11.76 11.86 11.92 11.91 11.84 11.9 12 12.08 MEAN RETURN 2.84 0.98 -0.44 -0.80 0.72 0.71 0.62 1.31 -0.26 1.30 0.60 0.09 0.85 0.51 -0.08 -0.59 0.51 0.84 0.67 0.55 (X-XBAR) 2.30 0.44 -0.99 -1.34 0.17 0.16 0.07 0.77 -0.81 0.76 0.05 -0.46 0.30 -0.04 -0.63 -1.13 -0.04 0.29 0.12 VARIANCE (X-XBAR)2 5.28 0.19 0.97 1.81 0.03 0.03 0.01 0.59 0.65 0.57 0.00 0.21 0.09 0.00 0.40 1.28 0.00 0.09 0.01 0.64 SD

0.80

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF MAY-2008
3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00

Series1

11

13

15

17

19

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.55 with price variation of 0.64 and risk factor being 0.80 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF JUN-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Jun-07 4-Jun-07 5-Jun-07 6-Jun-07 7-Jun-07 8-Jun-07 11-Jun-07 12-Jun-07 13-Jun-07 14-Jun-07 15-Jun-07 18-Jun-07 19-Jun-07 20-Jun-07 21-Jun-07 22-Jun-07 25-Jun-07 26-Jun-07 27-Jun-07 NAV 12.2 12.08 12.09 11.98 11.97 11.87 11.85 11.73 11.65 11.82 11.9 11.84 11.95 12.11 12.17 12.19 12.23 12.23 12.25 MEAN RETURN 0.99 -0.98 0.08 -0.91 -0.08 -0.84 -0.17 -1.01 -0.68 1.46 0.68 -0.50 0.93 1.34 0.50 0.16 0.33 0.00 0.16 0.08 (X-XBAR) 0.92 -1.06 0.01 -0.99 -0.16 -0.91 -0.24 -1.09 -0.76 1.38 0.60 -0.58 0.85 1.26 0.42 0.09 0.25 -0.08 0.09 VARIANCE (X-XBAR)2 0.84 1.12 0.00 0.97 0.03 0.83 0.06 1.19 0.58 1.91 0.36 0.34 0.73 1.59 0.18 0.01 0.06 0.01 0.01 0.57 SD

0.75

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF JUN-2008
2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 1 3 5 7 9 11 13 15 17 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.08 with price variation of 0.57 and risk factor being 0.75 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF JUL-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Jul-07 3-Jul-07 4-Jul-07 5-Jul-07 6-Jul-07 9-Jul-07 10-Jul-07 11-Jul-07 12-Jul-07 13-Jul-07 16-Jul-07 17-Jul-07 18-Jul-07 19-Jul-07 20-Jul-07 23-Jul-07 24-Jul-07 25-Jul-07 26-Jul-07 NAV 12.64 12.75 12.73 12.71 12.79 12.83 12.74 12.73 12.95 13.07 13.18 13.08 13.08 13.19 13.15 13.17 13.12 12.96 13.07 MEAN RETURN 3.18 0.87 -0.16 -0.16 0.63 0.31 -0.70 -0.08 1.73 0.93 0.84 -0.76 0.00 0.84 -0.30 0.15 -0.38 -1.22 0.85 0.35 (X-XBAR) 2.84 0.52 -0.50 -0.50 0.28 -0.03 -1.05 -0.42 1.38 0.58 0.50 -1.11 -0.35 0.49 -0.65 -0.19 -0.73 -1.57 0.50 VARIANCE (X-XBAR)2 8.05 0.27 0.25 0.25 0.08 0.00 1.10 0.18 1.91 0.34 0.25 1.22 0.12 0.24 0.42 0.04 0.53 2.45 0.25 0.95 SD

0.97

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF JUL-2008
3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 Series1

11

13

15

17

19

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.35 with price variation of 0.95 and risk factor being 0.97 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF AUG-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Aug-07 2-Aug-07 3-Aug-07 6-Aug-07 7-Aug-07 8-Aug-07 9-Aug-07 10-Aug-07 13-Aug-07 14-Aug-07 16-Aug-07 17-Aug-07 20-Aug-07 21-Aug-07 22-Aug-07 23-Aug-07 24-Aug-07 27-Aug-07 28-Aug-07 NAV 12.63 12.71 12.83 12.7 12.72 12.92 12.76 12.61 12.7 12.62 12.31 12.18 12.3 11.94 12.02 12.01 12.16 12.45 12.44 MEAN RETURN -3.37 0.63 0.94 -1.01 0.16 1.57 -1.24 -1.18 0.71 -0.63 -2.46 -1.06 0.99 -2.93 0.67 -0.08 1.25 2.38 -0.08 -0.25 (X-XBAR) -3.12 0.88 1.19 -0.77 0.41 1.82 -0.99 -0.93 0.96 -0.38 -2.21 -0.81 1.23 -2.68 0.92 0.17 1.50 2.63 0.17 VARIANCE (X-XBAR)2 9.72 0.78 1.42 0.59 0.16 3.31 0.98 0.86 0.93 0.15 4.88 0.65 1.52 7.17 0.84 0.03 2.24 6.93 0.03 2.27 SD

1.51

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF AUG-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.25 with price variation of 2.27 and risk factor being 1.51 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF SEP-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-Sep-07 4-Sep-07 5-Sep-07 6-Sep-07 7-Sep-07 10-Sep-07 11-Sep-07 12-Sep-07 13-Sep-07 14-Sep-07 17-Sep-07 18-Sep-07 19-Sep-07 20-Sep-07 21-Sep-07 24-Sep-07 25-Sep-07 26-Sep-07 27-Sep-07 NAV 12.88 12.97 12.96 13 12.96 12.95 12.94 12.92 13.06 12.93 12.91 13.01 13.23 13.28 13.33 13.5 13.5 13.59 13.67 MEAN RETURN 3.54 0.70 -0.08 0.31 -0.31 -0.08 -0.08 -0.15 1.08 -1.00 -0.15 0.77 1.69 0.38 0.38 1.28 0.00 0.67 0.59 0.50 (X-XBAR) 3.04 0.20 -0.58 -0.19 -0.81 -0.58 -0.58 -0.66 0.58 -1.50 -0.66 0.27 1.19 -0.12 -0.13 0.77 -0.50 0.16 0.09 VARIANCE (X-XBAR)2 9.21 0.04 0.34 0.04 0.66 0.34 0.34 0.43 0.34 2.24 0.43 0.07 1.41 0.02 0.02 0.60 0.25 0.03 0.01 0.88 SD

0.94

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF SEP-2008
4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.50 with price variation of 0.88 and risk factor being 0.94 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF OCT-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Oct-07 3-Oct-07 4-Oct-07 5-Oct-07 8-Oct-07 9-Oct-07 10-Oct-07 11-Oct-07 12-Oct-07 15-Oct-07 16-Oct-07 17-Oct-07 18-Oct-07 19-Oct-07 22-Oct-07 23-Oct-07 24-Oct-07 25-Oct-07 26-Oct-07 NAV 13.98 14.29 14.25 14.12 13.78 14.24 14.53 14.77 14.65 15.05 15.18 14.8 14.41 14.02 14.04 14.57 14.6 14.75 14.95 MEAN RETURN 2.27 2.22 -0.28 -0.91 -2.41 3.34 2.04 1.65 -0.81 2.73 0.86 -2.50 -2.64 -2.71 0.14 3.77 0.21 1.03 1.36 0.49 (X-XBAR) 1.78 1.73 -0.77 -1.40 -2.90 2.85 1.54 1.16 -1.30 2.24 0.37 -3.00 -3.13 -3.20 -0.35 3.28 -0.29 0.54 0.86 VARIANCE (X-XBAR)2 3.15 2.98 0.60 1.97 8.41 8.10 2.38 1.34 1.70 5.01 0.14 8.97 9.78 10.23 0.12 10.78 0.08 0.29 0.75 4.04 SD

2.01

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF OCT-2008
5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.49 with price variation of 4.04 and risk factor being 2.01 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF NOV-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Nov-07 2-Nov-07 5-Nov-07 6-Nov-07 7-Nov-07 8-Nov-07 12-Nov-07 13-Nov-07 14-Nov-07 15-Nov-07 16-Nov-07 19-Nov-07 20-Nov-07 21-Nov-07 22-Nov-07 23-Nov-07 26-Nov-07 27-Nov-07 28-Nov-07 NAV 14.91 14.97 14.98 14.9 14.83 14.58 14.54 14.84 15.09 15.11 15.19 15.48 15.29 14.65 14.48 14.61 14.86 14.83 14.81 MEAN RETURN -0.27 0.40 0.07 -0.53 -0.47 -1.69 -0.27 2.06 1.68 0.13 0.53 1.91 -1.23 -4.19 -1.16 0.90 1.71 -0.20 -0.13 -0.04 (X-XBAR) -0.23 0.44 0.11 -0.49 -0.43 -1.65 -0.24 2.10 1.72 0.17 0.57 1.95 -1.19 -4.15 -1.12 0.94 1.75 -0.16 -0.10 VARIANCE (X-XBAR)2 0.05 0.20 0.01 0.24 0.19 2.71 0.06 4.42 2.97 0.03 0.32 3.80 1.41 17.19 1.26 0.88 3.06 0.03 0.01 2.04 SD

1.43

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF NOV-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.04 with price variation of 2.04 and risk factor being 1.43 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF BIRLA INCOME FUNDS FOR THE MONTH OF DEC-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-Dec-07 4-Dec-07 5-Dec-07 6-Dec-07 7-Dec-07 10-Dec-07 11-Dec-07 12-Dec-07 13-Dec-07 14-Dec-07 17-Dec-07 18-Dec-07 19-Dec-07 20-Dec-07 24-Dec-07 26-Dec-07 27-Dec-07 28-Dec-07 31-Dec-07 NAV 15.45 15.55 15.82 15.91 15.96 16.07 16.36 16.54 16.51 16.58 16.08 15.95 15.91 15.8 16.19 16.53 16.49 16.81 17.12 MEAN RETURN 4.32 0.65 1.74 0.57 0.31 0.69 1.80 1.10 -0.18 0.42 -3.02 -0.81 -0.25 -0.69 2.47 2.10 -0.24 1.94 1.84 0.78 (X-XBAR) 3.54 -0.13 0.96 -0.21 -0.46 -0.09 1.03 0.32 -0.96 -0.35 -3.79 -1.59 -1.03 -1.47 1.69 1.32 -1.02 1.16 1.07 VARIANCE (X-XBAR)2 12.56 0.02 0.92 0.04 0.21 0.01 1.06 0.10 0.92 0.12 14.39 2.51 1.06 2.16 2.86 1.75 1.04 1.35 1.14 2.33 SD

1.53

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF BIRLA AMRO MUTUAL FUND FOR THE MONTH OF DEC-2008
5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00

Series1 1 3 5 7 9 11 13 15 17 19

The above graph represents the returns of BIRLA income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.78 with price variation of 2.33 and risk factor being 1.53 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF JAN-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Jan-07 3-Jan-07 4-Jan-07 5-Jan-07 8-Jan-07 9-Jan-07 10-Jan-07 11-Jan-07 12-Jan-07 15-Jan-07 16-Jan-07 17-Jan-07 18-Jan-07 19-Jan-07 22-Jan-07 23-Jan-07 24-Jan-07 25-Jan-07 29-Jan-07 NAV 20 21.055 21.2 21.169 21.158 20.974 20.821 20.563 20.848 21.376 21.538 21.535 21.608 21.653 21.648 21.733 21.628 21.689 21.932 21.785 MEAN RETURN 5.28 0.69 -0.15 -0.05 -0.87 -0.73 -1.24 1.39 2.53 0.76 -0.01 0.34 0.21 -0.02 0.39 -0.48 0.28 1.12 -0.67 0.46 (X-XBAR) 4.81 0.23 -0.61 -0.51 -1.33 -1.19 -1.70 0.93 2.07 0.30 -0.47 -0.12 -0.25 -0.48 -0.07 -0.94 -0.18 0.66 -1.13 VARIANCE (X-XBAR)2 23.18 0.05 0.37 0.26 1.77 1.42 2.89 0.86 4.29 0.09 0.23 0.01 0.06 0.23 0.00 0.89 0.03 0.44 1.28 2.02 SD

1.42

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND OFR THE MONTH OF JAN-2008
6.00 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.46 with price variation of 2.02 and risk factor being 1.42 thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME

FUNDS FOR THE MONTH OF FEB-2008

S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Feb-07 2-Feb-07 5-Feb-07 6-Feb-07 7-Feb-07 8-Feb-07 9-Feb-07 12-Feb-07 13-Feb-07 14-Feb-07 15-Feb-07 19-Feb-07 20-Feb-07 21-Feb-07 22-Feb-07 23-Feb-07 26-Feb-07 27-Feb-07 28-Feb-07 NAV 21.804 22.041 22.148 22.225 22.47 22.47 22.239 21.587 21.551 21.461 22.013 22.04 21.814 21.83 21.552 21.074 21.079 20.925 20.214 MEAN RETURN 0.09 1.09 0.49 0.35 1.10 0.00 -1.03 -2.93 -0.17 -0.42 2.57 0.12 -1.03 0.07 -1.27 -2.22 0.02 -0.73 -3.40 -0.38 (X-XBAR) 0.47 1.47 0.87 0.73 1.49 0.38 -0.64 -2.55 0.22 -0.03 2.96 0.51 -0.64 0.46 -0.89 -1.83 0.41 -0.35 -3.01 VARIANCE (X-XBAR)2 0.22 2.16 0.76 0.53 2.21 0.15 0.42 6.49 0.05 0.00 8.74 0.26 0.41 0.21 0.79 3.36 0.17 0.12 9.09 1.90 SD

1.38

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF FEB-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.38 with price variation of 1.90 and risk factor being 1.38 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF MAR-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Mar-07 2-Mar-07 5-Mar-07 6-Mar-07 7-Mar-07 8-Mar-07 9-Mar-07 12-Mar-07 13-Mar-07 14-Mar-07 15-Mar-07 16-Mar-07 19-Mar-07 20-Mar-07 21-Mar-07 22-Mar-07 23-Mar-07 26-Mar-07 28-Mar-07 NAV 20.416 20.108 19.31 19.607 19.404 20.028 19.836 19.99 20.224 19.723 19.785 19.637 19.917 20.036 20.264 20.662 20.714 20.508 20.209 MEAN RETURN 1.00 -1.51 -3.97 1.54 -1.04 3.22 -0.96 0.78 1.17 -2.48 0.31 -0.75 1.43 0.60 1.14 1.96 0.25 -0.99 -1.46 0.01 (X-XBAR) 0.99 -1.52 -3.98 1.53 -1.05 3.20 -0.97 0.76 1.16 -2.49 0.30 -0.76 1.41 0.58 1.13 1.95 0.24 -1.01 -1.47 VARIANCE (X-XBAR)2 0.97 2.31 15.85 2.33 1.10 10.26 0.94 0.58 1.34 6.20 0.09 0.58 2.00 0.34 1.27 3.81 0.06 1.01 2.16 2.80 SD

1.67

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF MAR-2008
4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00

11

13

15

17

19

Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.01 with price variation of 2.80 and risk factor being 1.67 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF APR-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Apr-07 3-Apr-07 4-Apr-07 5-Apr-07 9-Apr-07 10-Apr-07 11-Apr-07 12-Apr-07 13-Apr-07 16-Apr-07 17-Apr-07 18-Apr-07 19-Apr-07 20-Apr-07 23-Apr-07 24-Apr-07 25-Apr-07 26-Apr-07 27-Apr-07 NAV 19.743 19.94 20.181 20.346 20.728 20.838 20.862 20.774 21.108 21.472 21.318 21.409 21.409 21.688 21.618 21.904 22.067 22.137 21.769 MEAN RETURN -2.31 1.00 1.21 0.82 1.88 0.53 0.12 -0.42 1.61 1.72 -0.72 0.43 0.00 1.30 -0.32 1.32 0.74 0.32 -1.66 0.40 (X-XBAR) -2.70 0.60 0.81 0.42 1.48 0.13 -0.28 -0.82 1.21 1.33 -1.12 0.03 -0.40 0.91 -0.72 0.92 0.35 -0.08 -2.06 VARIANCE (X-XBAR)2 7.31 0.36 0.66 0.18 2.19 0.02 0.08 0.67 1.46 1.76 1.24 0.00 0.16 0.82 0.52 0.86 0.12 0.01 4.25 1.19 SD

1.09

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATOIN OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF APR-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.40 with price variation of 1.19 and risk factor being 1.09 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF MAY-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-May-07 4-May-07 7-May-07 8-May-07 9-May-07 10-May-07 11-May-07 14-May-07 15-May-07 16-May-07 17-May-07 18-May-07 21-May-07 22-May-07 23-May-07 24-May-07 25-May-07 28-May-07 29-May-07 NAV 22.133 22.008 21.911 21.751 21.768 21.798 21.864 22.263 22.349 22.708 22.938 22.93 23.08 23.173 23.042 22.873 23.034 23.178 23.511 MEAN RETURN 1.67 -0.56 -0.44 -0.73 0.08 0.14 0.30 1.82 0.39 1.61 1.01 -0.03 0.65 0.40 -0.57 -0.73 0.70 0.63 1.44 0.41 (X-XBAR) 1.26 -0.97 -0.85 -1.14 -0.33 -0.27 -0.11 1.42 -0.02 1.20 0.60 -0.44 0.24 -0.01 -0.97 -1.14 0.29 0.22 1.03 VARIANCE (X-XBAR)2 1.59 0.95 0.72 1.30 0.11 0.07 0.01 2.00 0.00 1.43 0.36 0.20 0.06 0.00 0.95 1.31 0.09 0.05 1.06 0.65 SD

0.80

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF MAY-2008
2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.41 with price variation of 0.65 and risk factor being 0.080 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF JUN-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Jun-07 4-Jun-07 5-Jun-07 6-Jun-07 7-Jun-07 8-Jun-07 11-Jun-07 12-Jun-07 13-Jun-07 14-Jun-07 15-Jun-07 18-Jun-07 19-Jun-07 20-Jun-07 21-Jun-07 22-Jun-07 25-Jun-07 26-Jun-07 27-Jun-07 NAV 23.637 23.473 23.629 23.177 23.048 22.929 22.906 22.799 22.644 22.939 23.008 22.98 23.277 23.535 23.759 23.692 23.687 23.805 23.751 MEAN RETURN 0.54 -0.69 0.66 -1.91 -0.56 -0.52 -0.10 -0.47 -0.68 1.30 0.30 -0.12 1.29 1.11 0.95 -0.28 -0.02 0.50 -0.23 0.06 (X-XBAR) 0.48 -0.75 0.61 -1.97 -0.61 -0.57 -0.16 -0.52 -0.74 1.25 0.24 -0.18 1.24 1.05 0.90 -0.34 -0.08 0.44 -0.28 VARIANCE (X-XBAR)2 0.23 0.56 0.37 3.88 0.38 0.33 0.02 0.27 0.54 1.55 0.06 0.03 1.53 1.11 0.80 0.11 0.01 0.19 0.08 0.63 SD

0.80

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF JUN-2008
1.50 1.00 0.50 0.00 -0.50 -1.00 -1.50 -2.00 -2.50 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.06 with price variation of 0.63 and risk factor being 0.80 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF JUL-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 2-Jul-07 3-Jul-07 4-Jul-07 5-Jul-07 6-Jul-07 9-Jul-07 10-Jul-07 11-Jul-07 12-Jul-07 13-Jul-07 16-Jul-07 17-Jul-07 18-Jul-07 19-Jul-07 20-Jul-07 23-Jul-07 24-Jul-07 25-Jul-07 26-Jul-07 NAV 24.123 24.389 24.421 24.336 24.498 24.706 24.594 24.527 24.792 24.961 25.01 24.962 25.008 25.362 25.345 25.486 25.56 25.368 25.419 MEAN RETURN 1.57 1.10 0.13 -0.35 0.67 0.85 -0.45 -0.27 1.08 0.68 0.20 -0.19 0.18 1.42 -0.07 0.56 0.29 -0.75 0.20 0.36 (X-XBAR) 1.21 0.74 -0.23 -0.71 0.31 0.49 -0.81 -0.63 0.72 0.32 -0.16 -0.55 -0.18 1.06 -0.43 0.20 -0.07 -1.11 -0.16 VARIANCE (X-XBAR)2 1.46 0.55 0.05 0.50 0.09 0.24 0.66 0.40 0.52 0.10 0.03 0.30 0.03 1.11 0.18 0.04 0.00 1.23 0.03 0.40 SD

0.63

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF JUL-2008
2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.36 with price variation of 0.40 and risk factor being 0.63 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF AUG-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Aug-07 2-Aug-07 3-Aug-07 6-Aug-07 7-Aug-07 8-Aug-07 9-Aug-07 10-Aug-07 13-Aug-07 14-Aug-07 16-Aug-07 17-Aug-07 20-Aug-07 21-Aug-07 22-Aug-07 23-Aug-07 24-Aug-07 27-Aug-07 28-Aug-07 NAV 24.277 24.463 24.698 24.404 24.524 24.977 24.657 24.341 24.499 24.48 23.591 23.257 23.622 22.969 23.179 22.998 23.331 23.895 24.043 MEAN RETURN -4.49 0.77 0.96 -1.19 0.49 1.85 -1.28 -1.28 0.65 -0.08 -3.63 -1.42 1.57 -2.76 0.91 -0.78 1.45 2.42 0.62 -0.28 (X-XBAR) -4.22 1.04 1.24 -0.91 0.77 2.12 -1.01 -1.01 0.92 0.20 -3.36 -1.14 1.84 -2.49 1.19 -0.51 1.72 2.69 0.89 VARIANCE (X-XBAR)2 17.79 1.08 1.53 0.84 0.59 4.51 1.01 1.01 0.85 0.04 11.26 1.30 3.40 6.19 1.42 0.26 2.97 7.25 0.80 3.37 SD

1.84

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF AUG-2008
3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is -0.28 with price variation of 3.37 and risk factor being 1.84 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF SEP-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-Sep-07 4-Sep-07 5-Sep-07 6-Sep-07 7-Sep-07 10-Sep-07 11-Sep-07 12-Sep-07 13-Sep-07 14-Sep-07 17-Sep-07 18-Sep-07 19-Sep-07 20-Sep-07 21-Sep-07 24-Sep-07 25-Sep-07 26-Sep-07 27-Sep-07 NAV 24.838 24.89 24.877 25.106 25.017 25.044 24.929 24.872 25.056 24.934 24.913 25.18 25.774 25.86 26.15 26.446 26.407 26.497 26.689 MEAN RETURN 3.31 0.21 -0.05 0.92 -0.35 0.11 -0.46 -0.23 0.74 -0.49 -0.08 1.07 2.36 0.33 1.12 1.13 -0.15 0.34 0.72 0.56 (X-XBAR) 2.75 -0.35 -0.61 0.37 -0.91 -0.45 -1.01 -0.78 0.18 -1.04 -0.64 0.52 1.80 -0.22 0.57 0.58 -0.70 -0.21 0.17 VARIANCE (X-XBAR)2 7.57 0.12 0.37 0.13 0.83 0.20 1.03 0.61 0.03 1.09 0.41 0.27 3.25 0.05 0.32 0.33 0.49 0.05 0.03 0.90 SD

0.95

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF SEP-2008
3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 -0.50 -1.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.56 with price variation of 0.90 and risk factor being 0.95 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF OCT-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Oct-07 3-Oct-07 4-Oct-07 5-Oct-07 8-Oct-07 9-Oct-07 10-Oct-07 11-Oct-07 12-Oct-07 15-Oct-07 16-Oct-07 17-Oct-07 18-Oct-07 19-Oct-07 22-Oct-07 23-Oct-07 24-Oct-07 25-Oct-07 26-Oct-07 NAV 27.163 27.556 27.599 27.53 27.017 27.814 28.251 28.557 28.021 28.844 28.867 28.309 27.495 26.773 26.756 28.124 28.271 28.505 29.196 MEAN RETURN 1.78 1.45 0.16 -0.25 -1.86 2.95 1.57 1.08 -1.88 2.94 0.08 -1.93 -2.88 -2.63 -0.06 5.11 0.52 0.83 2.42 0.49 (X-XBAR) 1.28 0.95 -0.34 -0.74 -2.36 2.46 1.08 0.59 -2.37 2.44 -0.41 -2.43 -3.37 -3.12 -0.56 4.62 0.03 0.33 1.93 VARIANCE (X-XBAR)2 1.64 0.91 0.11 0.55 5.56 6.03 1.16 0.35 5.62 5.97 0.17 5.89 11.36 9.74 0.31 21.33 0.00 0.11 3.72 4.24 SD

2.06

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF OCT-2008
6.00 5.00 4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00

Series1 1 3 5 7 9 11 13 15 17 19

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.49 with price variation of 4.24 and risk factor being 2.06 thus it can be said that risk is very high when compared to returns.

RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME FUNDS FOR THE MONTH OF NOV-2008
S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 1-Nov-07 2-Nov-07 5-Nov-07 6-Nov-07 7-Nov-07 8-Nov-07 12-Nov-07 13-Nov-07 14-Nov-07 15-Nov-07 16-Nov-07 19-Nov-07 20-Nov-07 21-Nov-07 22-Nov-07 23-Nov-07 26-Nov-07 27-Nov-07 28-Nov-07 NAV 29.648 29.966 29.902 29.705 29.592 29.204 28.824 29.273 30.223 30.137 30.204 30.438 30.023 28.942 28.874 29.084 29.629 29.582 29.475 MEAN RETURN 1.55 1.07 -0.21 -0.66 -0.38 -1.31 -1.30 1.56 3.25 -0.28 0.22 0.77 -1.36 -3.60 -0.23 0.73 1.87 -0.16 -0.36 0.06 (X-XBAR) 1.49 1.01 -0.27 -0.72 -0.44 -1.37 -1.36 1.50 3.18 -0.35 0.16 0.71 -1.42 -3.66 -0.30 0.67 1.81 -0.22 -0.42 VARIANCE (X-XBAR)2 2.21 1.02 0.08 0.52 0.19 1.88 1.85 2.24 10.14 0.12 0.03 0.51 2.03 13.40 0.09 0.44 3.29 0.05 0.18 2.12 SD

1.46

GRAPHICAL REPRESENTATION
GRAPHICAL REPRESENTATION OF RETURNS OF FIDELITY AMRO MUTUAL FUND FOR THE MONTH OF NOV-2008
4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 1 3 5 7 9 11 13 15 17 19 Series1

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.06 with price variation of 2.12 and risk factor being 1.46 thus it can be said that risk is very high when compared to returns. RETURNS, VARIANCE AND STANDARD DEVIATION OF FIDELITY INCOME

FUNDS FOR THE MONTH OF DEC-2008

S NO 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Date 3-Dec-07 4-Dec-07 5-Dec-07 6-Dec-07 7-Dec-07 10-Dec-07 11-Dec-07 12-Dec-07 13-Dec-07 14-Dec-07 17-Dec-07 18-Dec-07 19-Dec-07 20-Dec-07 24-Dec-07 26-Dec-07 27-Dec-07 28-Dec-07 31-Dec-07 NAV 30.464 30.564 31.013 30.987 31.116 31.054 31.479 31.713 31.575 31.557 30.4 30.292 30.285 30.342 31.16 31.686 31.74 31.999 32.348 MEAN RETURN (X-XBAR) (X-XBAR)2 SD 3.36 2.85 8.15 0.33 -0.17 0.03 1.47 0.97 0.94 -0.08 -0.58 0.34 0.42 -0.08 0.01 -0.20 -0.70 0.49 1.37 0.87 0.75 0.74 0.24 0.06 -0.44 -0.94 0.88 -0.06 -0.56 0.31 -3.67 -4.17 17.36 -0.36 -0.86 0.73 -0.02 -0.52 0.27 0.19 -0.31 0.10 2.70 2.20 4.82 1.69 1.19 1.41 0.17 -0.33 0.11 0.82 0.32 0.10 1.09 0.59 0.35 0.50 VARIANCE 1.96

GRAP HICA L REPR ESEN TATI ON

GRAPHICAL R OF FIDELITY

4.00 3.00 2.00 1.00 0.00 -1.00 -2.00 -3.00 -4.00 -5.00 1 3 5

1.40

The above graph represents the returns of FIDELITY income fund it shows that there is continuous rise and fall in net asset value. If we see the table the monthly mean is 0.50 with price variation of 1.96 and risk factor being 1.40 thus it can be said that risk is very high when compared to returns.

CORRELATION OF RETURNS BETWEEN ABN AMRO & BIRLA FROM JAN 08 TO JUNE 08
S.NO 1 2 3 4 5 6 JAN FEB MAR APR MAY JUN MEANx ABN(x) 0.09 -0.54 -0.02 0.47 0.48 0.13 0.10 MEANy BIRLA(y) 0.15 -0.48 0.00 0.31 0.55 0.08 0.10 X=(x-MEAN) -0.02 -0.64 -0.13 0.37 0.38 0.03 X 0.00 Y=(y-MEAN) 0.05 -0.58 -0.11 0.21 0.44 -0.02 Y 0.00 X*Y 0.00 0.37 0.01 0.08 0.17 0.00 XY 0.63 x^2 0.00 0.41 0.02 0.14 0.14 0.00 x^2 0.71 Y^2 0.00 0.34 0.01 0.05 0.20 0.00 Y^2 0.59

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.63 0.42 0.97

SQRT(X^2Y^2) 0.65

GRAPHICAL REPRESENTATION OF ABN AMRO & BIRLA

CORRELATION OF RETURNS BETWEEN ABN AMRO & BIRLA FROM JAN-08 TO JUNE-08

The above graph 0.60 represents the correlation between ABN AMRO & BIRLA; it reveals that there exists a strong positive correlation between both the companies in the first half of the year. Here
0.20 0.00 the correlation lies closer to 1. which indicates a good correlation, thus we can say that both the BIRLA(y) ABN(x) -0.20 -0.60 1 2 3 4 5 6 0.40

companies are going according to market conditions. -0.40

CORRELATION OF RETURNS BETWEEN ABN AMRO & BIRLA FROM JUL 08 TO DEC 08

S NO 1 2 3 4 5 6 JUL AUG SEP OCT NOV DEC MEAN x

ABN(x) 1.35 0.49 3.11 1.33 1.47 0.00 1.55 MEAN y

BIRLA(y) 0.35 -0.25 0.50 0.49 -0.04 0.78 0.31

X=(x-MEAN) -0.20 -1.06 1.56 -0.22 -0.08 -1.55 X 0.00

Y=(y-MEAN) 0.04 -0.55 0.20 0.19 -0.34 0.47 Y 0.00

X*Y -0.01 0.59 0.31 -0.04 0.03 -0.73 XY 0.87

X^2 0.04 1.13 2.44 0.05 0.01 2.41 X^2 6.07

Y^2 0.00 0.31 0.04 0.04 0.12 0.22 Y^2 0.72

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.87 4.39 0.42

SQRT(X^2Y^2)

2.094897022

GRAPHICAL REPRESENTATION OF ABN AMRO & BIRLA

CORRELATOIN OF RETURNS BETWEEN ABN AMRO AND BIRLA FOR THE PERIOD OF JUL-08 TO DEC-08 4.00 3.00 2.00 1.00 0.00 -1.00

Series1 Series2 1 2 3 4 5 6

The above graph represents the correlation between ABN AMRO & BIRLA; it reveals that there exists a slight positive correlation between both the companies in the second half of the year. Here the correlation lies closer to 0. Which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

CORRELATION OF RETURNS BETWEEN ABN AMRO & FIDELITY FROM JAN 08 TO JUNE 08
S NO 1 2 3 4 5 6 ABN(x) 0.09 -0.54 -0.02 0.47 0.48 0.13 0.10 MEAN y FIDELITY(y) 0.46 -0.38 0.01 0.40 0.41 0.06 0.16 X=(x-MEAN) -0.02 -0.64 -0.13 0.37 0.38 0.03 X 0.00 Y=(y-MEAN) 0.30 -0.54 -0.15 0.24 0.25 -0.10 Y 0.00 X*Y 0.00 0.35 0.02 0.09 0.09 0.00 XY 0.54 X^2 0.00 0.41 0.02 0.14 0.14 0.00 X^2 0.71 Y^2 0.09 0.29 0.02 0.06 0.06 0.01 Y^2 0.54

JAN FEB MAR APR MAY JUN MEAN x

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.54 0.38 0.877181

SQRT(X^2Y^2)

0.616984452

GRAPHICAL REPRESENTATION OF ABN AMRO & FIDELITY

CORRELATOIN OF RETURNS BETWEEN ABN AMRO AND FIDELITY FOR THE PERIOD OF JAN-07 TO JUN08 1.00 0.50 0.00 -0.50 -1.00

Series1 1 2 3 4 5 6 Series2

The above graph represents the correlation between ABN AMRO & FIDELITY; it reveals that there exists a strong positive correlation between both the companies in the first half of the year. Here the correlation lies closer to 1. which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

CORRELATION OF RETURNS BETWEEN ABN AMRO & FIDELITY FROM JUL 08 TO DEC 08
S NO 1 2 3 4 5 6 ABN(x) 0.48 -0.49 0.79 0.70 0.12 0.70 0.38 MEAN y FIDELITY(y) 0.36 -0.28 0.56 0.49 0.06 0.50 0.28 X=(x-MEAN) 0.10 -0.88 0.40 0.32 -0.26 0.32 X 0.00 Y=(y-MEAN) 0.08 -0.56 0.27 0.21 -0.22 0.22 Y 0.00 X*Y 0.01 0.49 0.11 0.07 0.06 0.07 XY 0.80 X^2 0.01 0.77 0.16 0.10 0.07 0.10 X^2 1.21 Y^2 0.01 0.31 0.07 0.04 0.05 0.05 Y^2 0.53

JUL AUG SEP OCT NOV DEC MEAN x

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.80 0.65 0.997201

SQRT(X^2Y^2)

0.804669252

GRAPHICAL REPRESENTATION OF ABN AMRO & FIDELITY CORRELTION OF RETURNS BETWEEN ABN AMRO FIDILTY AND FOR THE PERIOD OF JUL-08 TO DEC-08
1.00 0.50 0.00 -0.50 -1.00 1 2 3 4 5 6 Series1 Series2

The above graph represents the correlation between ABN AMRO & FIDELITY; it reveals that there exists a strong positive correlation between both the companies in the second half of the year. Here the correlation almost 1. which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

CORRELATION OF RETURNS BETWEEN ABN AMRO & HDFC FROM JAN 08 TO JUNE 08
S NO 1 2 3 4 5 6 ABN(x) 0.09 -0.54 -0.02 0.47 0.48 0.13 0.10 MEAN y HDFC(y ) 0.44 -0.38 -0.02 0.37 0.34 0.11 X=(x-MEAN) -0.02 -0.64 -0.13 0.37 0.38 0.03 X 0.14 0.00 Y=(y-MEAN) 0.30 -0.52 -0.17 0.22 0.20 -0.03 Y 0.00 X*Y 0.00 0.33 0.02 0.08 0.07 0.00 X Y 0.51 X^2 0.00 0.41 0.02 0.14 0.14 0.00 X^2 0.71 Y^2 0.09 0.27 0.03 0.05 0.04 0.00 Y^2 0.48

JAN FEB MAR APR MAY JUN MEAN x

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.51 0.34 0.871275

SQRT(X^2Y^2)

0.581513842

GRAPHICAL REPRESENTATION OF ABN AMRO & HDFC

CORRELTION OF RETURNS BETWEEN ABN AMRO AND HDFC FOR THE PERIOD OF JAN-08 TO JUN-08
0.60 0.40 0.20 0.00 -0.20 -0.40 -0.60 1 2 3 4 5 6 Series1 Series2

The above graph represents the correlation between ABN AMRO & HDFC; it reveals that there exists a strong positive correlation between both the companies in the first half of the year. Here the correlation lies closer to 1. which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

CORRELATION OF RETURNS BETWEEN ABN AMRO & HDFC FROM JUL 08 TO DEC 08
S NO 1 2 3 4 5 6 ABN(x) 0.48 -0.49 0.79 0.70 0.12 0.70 0.38 MEAN y HDFC(y) 0.31 -0.27 0.52 0.65 -0.03 0.54 0.29 X=(x-MEAN) 0.10 -0.88 0.40 0.32 -0.26 0.32 X 0.00 Y=(y-MEAN) 0.02 -0.56 0.24 0.36 -0.32 0.25 Y 0.00 X*Y 0.00 0.49 0.09 0.12 0.08 0.08 XY 0.87 X^2 0.01 0.77 0.16 0.10 0.07 0.10 X^2 1.21 Y^2 0.00 0.31 0.06 0.13 0.10 0.06 Y^2 0.66

JUL AUG SEP OCT NOV DEC MEAN x

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.87 0.81 0.966117

SQRT(X^2Y^2)

0.898292407

GRAPHICAL REPRESENTATION OF ABN AMRO & HDFC CORRELTION OF RETURNS BETWEEN ABN AMRO AND HDFC FOR THE PERIOD OF JUL-08 TO DEC-08
1.00 0.50 Series1 0.00 -0.50 -1.00 1 2 3 4 5 6 Series2

The above graph represents the correlation between ABN AMRO & HDFC; it reveals that there exists a strong positive correlation between both the companies in the second half of the year. Here the correlation lies closer to 1. which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

CORRELATION OF RETURNS BETWEEN HDFC & FIDELITY FROM JAN 08 TO JUNE 08

S NO 1 2 3 4 5 6 HDFC(x) 0.44 -0.38 -0.02 0.37 0.34 0.11 0.14 MEAN y FIDELITY( y) 0.46 -0.38 0.01 0.40 0.41 0.06 X=(x-MEAN) 0.30 -0.52 -0.17 0.22 0.20 -0.03 X 0.16 0.00 Y=(yMEAN) 0.30 -0.54 -0.15 0.24 0.25 -0.10 Y 0.00 X*Y 0.09 0.28 0.02 0.05 0.05 0.00 X Y 0.50 X^2 0.09 0.27 0.03 0.05 0.04 0.00 X^2 0.48 Y^2 0.09 0.29 0.02 0.06 0.06 0.01 Y^2 0.54

JAN FEB MAR APR MAY JUN MEAN x

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.50 0.26 0.992752

SQRT(X^2Y^2)

0.506234475

GRAPHICAL REPRESENTATION OF HDFC & FIDELITY

CORRELTION OF RETURNS BETWEEN HDFC AMRO AND FIDELITY FOR THE PERIOD OF JAN -08 TO JUN -08 1.00 0.50 0.00 1 -0.50 2 3 4 5 6 Series1 Series2

The above graph represents the correlation between HDFC & FIDELITY; it reveals that there exists a strong positive correlation between both the companies in the first half of the year. Here the correlation almost 1. which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

CORRELATION OF RETURNS BETWEEN HDFC & FIDELITY FROM JUL 08 TO DEC 08

S NO 1 2 3 4 5 6 HDFC(x) 0.31 -0.27 0.52 0.65 -0.03 0.54 0.29 MEAN y FIDELITY( y) 0.36 -0.28 0.56 0.49 0.06 0.50 X=(x-MEAN) 0.02 -0.56 0.24 0.36 -0.32 0.25 X 0.28 0.00 Y=(yMEAN) 0.08 -0.56 0.27 0.21 -0.22 0.22 Y 0.00 X*Y 0.00 0.31 0.06 0.08 0.07 0.06 X Y 0.58 X^2 0.00 0.31 0.06 0.13 0.10 0.06 X^2 0.66 Y^2 0.01 0.31 0.07 0.04 0.05 0.05 Y^2 0.53

JUL AUG SEP OCT NOV DEC MEAN x

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.58 0.35 0.97479

SQRT(X^2Y^2)

0.595608788

GRAPHICAL REPRESENTATION OF HDFC & FIDELITY

CORRELTION OF RETURNS BETWEEN HDFC AMRO AND FIDELITY FOR THE PERIOD OF JUL -08 TO DEC -08 1.00 0.50 0.00 -0.50 1 2 3 4 5 6 Series1 Series2

The above graph represents the correlation between HDFC & FIDELITY; it reveals that there exists a strong positive correlation between both the companies in the second half of the year. Here the correlation lies closer to 1. which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

CORRELATION OF RETURNS BETWEEN HDFC & BIRLA FROM JAN 08 TO JUNE 08

S NO 1 2 3 4 5 6 HDFC(x) 0.44 -0.38 -0.02 0.37 0.34 0.11 0.14 MEAN y BIRLA(y ) 0.15 -0.48 0.00 0.31 0.55 0.08 X=(x-MEAN) 0.30 -0.52 -0.17 0.22 0.20 -0.03 X 0.10 0.00 Y=(y-MEAN) 0.05 -0.58 -0.11 0.21 0.44 -0.02 Y 0.00 X*Y 0.02 0.30 0.02 0.05 0.09 0.00 X Y 0.47 X^2 0.09 0.27 0.03 0.05 0.04 0.00 X^2 0.48 Y^2 0.00 0.34 0.01 0.05 0.20 0.00 Y^2 0.59

JAN FEB MAR APR MAY JUN MEAN x

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.47 0.28 0.886362

SQRT(X^2Y^2)

0.532525268

GRAPHICAL REPRESENTATION OF HDFC & BIRLA

CORRELTION OF RETURNS BETWEEN HDFC AMRO AND BIRLA FOR THE PERIOD OF JAN -08 TO JUN -08 1.00 0.50 0.00 -0.50 -1.00 1 2 3 4 5 6 Series1 Series2

The above graph represents the correlation between HDFC & BIRLA; it reveals that there exists a strong positive correlation between both the companies in the first half of the year. Here the correlation lies closer to 1. which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

CORRELATION OF RETURNS BETWEEN HDFC & BIRLA FROM JUL 08 TO DEC 08

S NO 1 2 3 4 5 6 HDFC(x) 0.31 -0.27 0.52 0.65 -0.03 0.54 0.29 MEAN y BIRLA(y ) 0.35 -0.25 0.50 0.49 -0.04 0.78 X=(x-MEAN) 0.02 -0.56 0.24 0.36 -0.32 0.25 X 0.31 0.00 Y=(y-MEAN) 0.04 -0.55 0.20 0.19 -0.34 0.47 Y 0.00 X*Y 0.00 0.31 0.05 0.07 0.11 0.12 X Y 0.65 X^2 0.00 0.31 0.06 0.13 0.10 0.06 X^2 0.66 Y^2 0.00 0.31 0.04 0.04 0.12 0.22 Y^2 0.72

JUL AUG SEP OCT NOV DEC MEAN x

CORRELATION XY X^2Y^2 CORRELATION( r ) 0.65 0.48 0.942254

SQRT(X^2Y^2)

0.693439965

GRAPHICAL REPRESENTATION OF HDFC & BIRLA

CORRELTION OF RETURNS BETWEEN HDFC AMRO BIRLA FOR THE PERIOD OF JUL -08 TO DEC -08
1.00 0.50 0.00 1 -0.50 2 3 4 5 6

Series1 Series2

The above graph represents the correlation between HDFC & BIRLA; it reveals that there exists a strong positive correlation between both the companies in the second half of the year. Here the correlation lies closer to 1. which indicates a good correlation, thus we can say that both the companies are going according to market conditions.

SUGGESTIONS

Select your investments on economic grounds. Public knowledge is no advantage. Buy stock with a disparity and discrepancy between the situation of the firm - and the expectations and appraisal of the public (Contrarian approach vs. Consensus approach). Buy stocks in companies with potential for surprises. Take advantage of volatility before reaching a new equilibrium. Listen to rumors and tips, check for yourself. Dont put your trust in only one investment. It is like putting all the eggs in one basket . This will help lesson the risk in the long term. The investor must select the right advisory body which is has sound knowledge about the product which they are offering. Professionalized advisory is the most important feature to the investors. Professionalized research, analysis which will be helpful for reducing any kind of risk to overcome.

Conclusion
If the companies have strong positive correlation it indicates good correlation. Then the companies are going according to market conditions. If the market price increases the companies share prices are increases or vice-versa. If the companies have negative correlation then the companies are going opposite to market conditions. If the market price increases the companies share prices are decreases or vice-versa. But here all the combinations have positive correlation it indicates good correlation, so we can conclude all the companies are going according to the market conditions. If the market price increases the companies share prices are increases or vice-versa. Here correlation coefficient declines risk should decline. But here there is no declines in correlation so no reduce in risk. Investors invest in any of these combinations they get profits. Why because here all the combinations risk is very high. If assets are less than perfectly positively correlated, diversification can reduce the risk.

BIBLIOGRAPHY

Books
Security Analysis & Portfolio Management - Fishers & Jordon Financial Management M.Y. Khan Financial Management Prasanna Chandra

News Papers
Business Line Times of India India Today

Magazines
Business world

Websites
www.amfiindia.com www.sebi.com www.google.com www.ingvysyabank.com