InveveSTAR

Fact Sheet March – 2011

MONTHLY REPORT –MARCH’2011

UPDATE OF ECONOMY AND FINANCIAL MARKETS

Global Economic Scenario: Current account deficit (CAD)

Japan experienced the worst ever earthquake ’s CAD for 3Q’ 2011 narrowed to US$ 9.7bn disaster followed by a tsunami and crisis at nuclear (2.3% of GDP), against US$ 12.2bn (3.5% of GDP) a power plants, leading to massive destruction. year earlier. CAD for Q3’2011 is the lowest during Concerns over European debt problems have the last six quarters. Contraction in CAD was aided somewhat receded, though the problems of PIIGS by sharp rise in software exports and remittances. countries does not seem to be over yet as evident During Apr-Dec 2010, however, the CAD, at from the downgrade of Portugal's government-bond US$38.9bn, was much higher than the US$25.5bn rating closer to junk and Ireland needing additional deficit in the same period last year. $35 billion for its ailing banks. US economy is showing signs of strength with and distinct Mid-Quarter Review of Monetary Policy: improvement even in the sluggish labor market. US GDP registered growth of 3.1% in Q4’ 2010 as compared to 2.6% in Q3. Return of strength is being In the mid quarter review of monetary policy, reflected in increasing yields of US treasury notes. containment of inflation remained the dominant In order to cool down growth and to combat concern. inflation China is in the monetary tightening mode China increased interest rates by 25 bps (forth time Key Highlights: since October’ 2010) and Bank reserve requirements  Repo and Reverse Repo rates increased by 25 (ninth time since the start of last year) to 20%. Geo- bps each to 6.75% and 5.75% respectively. political tensions in Middle East have led to sharp  Inflation target for March end raised to 8% from increase in crude price, which if continues at 7%. elevated level will be detrimental to the economic  CAD target for FY’11 lowered to 2.5% of GDP. activities world over and specially in India.  CRR and Bank Rate unchanged at 6%  FY 11 projections for: credit growth Money Indian Economy: supply growth and GDP unchanged at 20%,17% and 8.6% respectively.

Growth rate of Index of Industrial Production (IIP) for January’ 2011 has increased marginally to 3.5% as compared to 2.5% for the month of December Inflation (Based on WPI) 2010. IIP growth rate is continuing to be low mainly For Month-ended Y o Y % Increase due to continuing contraction of capital goods February ’ 2011 8.31 segment. January ’ 2011 8.23

Growth in Index of Industrial Production(YoY) Inflation rate for the month of November was Interm Consu revised upwards to 8.08% from the earlier reported Basic Capital ediate mer Aggreg provisional number of 7.48%. Build –up of inflation Goods Goods Goods Goods ate so far in the current year is 7.51% as compared to Jan-11 7.6% -18.6% 7.9% 11.3% 3.7% 9.42% in the corresponding period of previous year. Dec-10 6.0% - 9.7% 6.6% 3.7% 2.5% For the month ended February, Price of primary articles declined by 2.9%, while Fuel & Power and Nov-10 4.5% 12.6% 2.4% -3.1% 2.7% Manufactured Products groups rose by 0.7% and 1.3% April- respectively over the index levels of previous Dec-10 8.6% 12.3% 9.1% 7.1% 8.3% month.

Going forward, Bond yields are expected to remain FII Flows (Rs. Crore) range bound with upward bias. However, the level of inflation and how the same is addressed would Feb.’11 Mar.’11 Total in 2011 decide the interest rate levels and direction. Up to 31.03.11 Equity -4,038 6,898 -2,501 Stock Market: Debt 1,801 -15 11,477 Total -2,237 6,883 8,976 During first two months of CY’12, amid political uncertainties, issues relating to corporate Mutual Funds Flow (Rs. Crore) governance and concerns on rising inflation, Indian Feb.’11 Mar.’11 Total in 2011 equity markets witnessed correction and Up to 31.03.11 underperformed most of the Global markets. The Equity 1,427 -253 1,765 market, however recovered from its low the after announcement of union Budget and moved up sharply Debt 22,452 27,855 87,834 during the second half of March’ 2011, aided by FII Total 23,979 27,602 89,599 inflows, which were subdued earlier. All the major sectoral indices witnessed decent gains (5% to 20%), US$ Vs.INR: while Sensex and Nifty advanced by over 9%. The rally was led by Auto, Real Estate, Healthcare and Lower Fiscal & Revenue deficits announced in the FMCG sectors. Going forward, down side for the Union Budget were favorable for Rupee and on the market appears to be limited further up-moves will back of increased FII flows, Rupee strengthen to largely depend on the Q4 results. close at about 44.59 against US$ as at March end, as against corresponding Rs 45.27 as at February end. Equity Indices

Debt Markets: Sensex Nifty Liquidity in the system continued to be tight and Close as on 28.02.11 17,728 5,333 Call Money rates during the month by and large Close as on 31.03.11 19,445 5,834 hovered close to the Repo rate (6.75%), barring on Gain during Period 9.1% 9.4% last day of the month, when the Call rates shot up

to 8.75% due to tightness in the money markets and year end funds requirements of the Banks and Institutions. After announcement of the Union Budget, Bond Yields dropped due to lower than expected fiscal deficits/Govt. borrowing program and increase in limit of Corporate Bonds exposure for FII. On the back of limited supply and strong demand of paper from PSU Banks, bond yields remained benign. As at March end 10 Year benchmark yield dropped to 8.04% from 8.07% as at February end.

InveSTAR Performance Summary as on March 31, 2011

NAV Returns Since Scheme Name Inception date AUM (Rs. Cr) NAV (Rs.) 6 Months 1 Year 2 Year Inception Absolute CAGR Equity Fund 25/02/2009 93.54 20.42 ‐3.31% 8.87% 33.10% 40.65% Individual Growth Fund 25/02/2009 70.54 18.35 ‐2.32% 8.21% 27.69% 33.64% Life @ Balanced Fund 18/02/2009 52.78 13.95 ‐0.71% 5.46% 15.09% 17.07% Bond Fund 25/02/2009 20.81 11.14 1.59% 4.84% 5.12% 5.29% Individual Pension Fund ‐ Equity 31/03/2009 69.46 17.02 ‐4.56% 7.90% 30.47% 30.86% Pension Life Individual Pension Fund ‐ Growth 31/03/2009 73.99 15.41 ‐2.77% 6.79% 24.14% 24.14% @@ Individual Pension Fund ‐ Balanced 31/03/2009 46.09 13.23 ‐0.16% 6.07% 15.04% 15.16% Individual Pension Fund ‐ Bond 31/03/2009 11.34 11.10 1.39% 5.14% 5.35% 5.35% Apex Equity Fund 20/01/2010 195.79 11.15 ‐3.05% 11.26% N.A 9.59% Individual Apex Growth Fund 20/01/2010 169.90 11.04 ‐1.12% 10.42% N.A 8.63% Apex $ Apex Balanced Fund 20/01/2010 98.94 10.99 ‐0.88% 9.01% N.A 8.23% Apex Bond Fund 20/01/2010 18.11 10.67 2.26% 5.96% N.A 5.56% Individual Pension Fund ‐ Apex Equity 20/01/2010 93.37 10.93 ‐4.08% 9.14% N.A 7.77% Pension Individual Pension Fund ‐ Apex Growth 20/01/2010 99.61 10.74 ‐3.11% 7.32% N.A 6.17% Apex $$ Individual Pension Fund ‐ Apex Balanced 20/01/2010 45.14 10.69 ‐1.70% 6.62% N.A 5.75% Individual Pension Fund ‐ Apex Bond 20/01/2010 14.29 10.63 1.70% 5.44% N.A 5.26%

@ For Dhan Suraksha, Dhan Suraksha Premium, Prabhat Tara Products @@ For Dhruv Tara Products $ For New Dhan Suraksha, New Dhan Suraksha Premium, New Prabhat Tara, Dhan Suraksha 3, Dhan Suraksha Premium 3 Products. $$ For New Dhruv Tara Products EQUITY FUND - MARCH 31, 2011

Investment Objective:

To tap growth opportunities for long term capital appreciation through investments primarily in equity and equity‐related instruments.

Date of Inception : February 25, 2009

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 92.67% Minimum Maximum Ltd 6.52% Equity 80% 100% 92.67% Technologies Ltd. 5.53% MM & Others 0% 20% 7.33% ITC Ltd. 5.51% Larsen & Toubro Limited 5.49% State 5.43% Housing Development Finance Corporation Ltd. 3.79% Asset Allocation (% to AUM) Tata Consultancy Services Limited 3.74% Bharat Heavy Electricals Ltd 3.27% MM & Others ICICI Bank Ltd 3.18% 7.33% Mahindra & Mahindra Ltd. 3.00% Dr. Reddys Laboratories Ltd. 2.91% Limited 2.64% Ranbaxy Laboratories Ltd 2.22% Grasim Industries Ltd. 2.21% Equity GAIL (India) Limited 2.21% 92.67% Limited 2.01% Ltd. 2.00% Limited 1.97% Crompton Greaves Ltd 1.93% Ltd. 1.87% Sterlite Industries ( India ) Limited 1.75% NTPC Limited 1.71% Limited 1.63% HDFC Bank Ltd 1.52% NAV Performance (Since Inception) Oil & Natural Gas Corpn Ltd 1.49% Aditya Birla Nuvo Limited 1.37% 23 Equity Fund HCL Technologies Ltd 1.15% Colgate Palmolive (India) Ltd 1.13% 21 Limited 1.11% 19 Limited 1.09% Infrastructure Development Finance Company Limited 1.07% 17 Limited 1.05% 15 The Indian Hotels Company Limited 1.04% NAV/Unit Power Grid Corporation of India Limited 1.03% 13 Others (with < 1% exposure) 7.11% 11

MM & Others 7.33% 9 11 11 11 10 10 10 10 10 10 10 09 09 09 09 09 09 10 10 10 10 09 10 09 09 09 09 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jul Jul Jan Jan Jun Jun Oct Total 100.00% Oct Feb Feb Apr Feb Apr Sep Sep Dec Dec Aug Aug Nov Nov Mar Mar Mar May May

Top 10 Industry Exposure (% to AUM)

Banking Services 13.44% ` Computer software 10.42%

Drugs & pharmaceuticals 9.35%

Refinery 6.52%

Industrial Construction 6.11%

Tobacco products 5.51%

Housing Finance Services 3.79%

Prime movers 3.56%

Commercial vehicles 3.10%

Passenger cars & multi utility 3.00% vehicles GROWTH FUND - MARCH 31, 2011

Investment Objective:

To aim for medium to long term capital appreciation by maintaining a diversified portfolio of equity and equity related instruments and fair exposure to high credit quality portfolio of debt and money market instruments.

Date of Inception : February 25, 2009

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 67.64% Minimum Maximum Reliance Industries Ltd 4.87% Equity 40% 100% 67.64% ITC Ltd. 4.29% Debt, MM & Others 0% 60% 32.36% Larsen & Toubro Limited 3.97% Infosys Technologies Ltd. 3.74% Tata Consultancy Services Limited 3.18% 2.90% Asset Allocation (% to AUM) Ranbaxy Laboratories Ltd 2.38% MM & Others Dr. Reddys Laboratories Ltd. 2.29% 6.77%

Grasim Industries Ltd. 2.28% Debt Housing Development Finance Corporation Ltd. 1.97% 25.60% Mahindra & Mahindra Ltd. 1.96% Bharat Heavy Electricals Ltd 1.96% HDFC Bank Ltd 1.83% Equity GAIL (India) Limited 1.83% 67.64% Bajaj Auto Limited 1.83% Hindalco Industries Ltd. 1.64% Kotak Mahindra Bank Limited 1.56% Hindustan Unilever Limited 1.49% Tata Motors Limited 1.38% Aditya Birla Nuvo Limited 1.36% Ltd 1.36% Debt Rating profile( % of Debt) Power Grid Corporation of India Limited 1.35% AA NTPC Limited 1.27% Gilt 0.31% 7.25% AA+ ICICI Bank Ltd 1.26% 5.15% Ltd. 1.15% HCL Technologies Ltd 1.12% Oil & Natural Gas Corpn Ltd 1.11% Colgate Palmolive (India) Ltd 1.04% Others (with < 1% exposure) 9.28%

Debt 25.60% AAA 87.29% Gilts & SDL 1.86% GOI 1.86%

Corporate Bonds 23.74% Housing Development Finance Corporation Ltd. 3.15% Power Finance Corporation Limited 2.43% Ltd 1.73% Debt Maturity Profile ( % of Debt) Reliance Capital Limited 1.73% 38.03% The Great Eastern Shipping Co. Limited 1.66% 35.38% Ltd. 1.48%

National Housing Bank 1.38% 24.81% Reliance Gas Transportation Infrastucture Limited 1.29% Reliance Industries Ltd 1.20% Power Grid Corporation of India Limited 1.16% Limited 1.00% Others (with < 1% exposure) 5.54% 0.22% 1.56%

MM & Others 6.77% < 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years

Total 100.00%

Top 10 Industry Exposure ( % to AUM) NAV Performance (Since Inception) Growth Fund Banking Services 9.32% 21

9.04% Computer software 19 ` Refinery 7.80%

17 Drugs & pharmaceuticals 6.66% Rs)

(

Infrastructure finance … 5.47% 15

Industrial Construction 5.39% NAV/Unit 13

Housing Finance Services 5.31% 11 Tobacco products 4.29%

Cement 4.03% 9 11 11 10 10 10 10 10 10 10 09 09 09 09 09 09 11 10 10 10 10 10 09 09 09 09 09 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jul LNG storage & distribution 3.11% Jul Jan Jan Jun Jun Oct Oct Feb Sep Apr Feb Sep Apr Feb Dec Dec Aug Aug Nov Nov Mar Mar Mar May May BALANCED FUND - MARCH 31, 2011

Investment Objective:

To aim for stable returns over medium to long term through investments in high quality fixed income and money market instruments and enhance returns through a fair exposure to equity investments.

Date of Inception :

February 18, 2009

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 30.31% Minimum Maximum Reliance Industries Ltd 3.73% Equity 0% 60% 30.31% Infosys Technologies Ltd. 2.96% Debt, MM & Others 40% 100% 69.69% ITC Ltd. 2.19% Larsen & Toubro Limited 2.01% State Bank of India 1.74% Asset Allocation (% to AUM) Dr. Reddys Laboratories Ltd. 1.52% Ashok Leyland Ltd 1.29% MM & Others 12.01% Tata Steel Limited 1.26% Bharat Heavy Electricals Ltd 1.19% Housing Development Finance Corporation Ltd. 1.19% NTPC Limited 1.11% Equity Debt 30.31% Mahindra & Mahindra Ltd. 1.07% 57.68% Kotak Mahindra Bank Limited 1.04% Aditya Birla Nuvo Limited 0.96% Bajaj Auto Limited 0.83% HCL Technologies Ltd 0.74% Ranbaxy Laboratories Ltd 0.64% Others (with < 1% exposure) 4.82%

Debt 57.68% Debt Rating profile (% of Debt) Gilts & SDL 6.72% AA Gilt GOI 5.58% 0.15% 11.65% SDL (with < 1% exposure) 1.14% AA+ 7.99% Corporate Bonds 50.96% Housing Development Finance Corporation Ltd. 5.85% Reliance Capital Limited 4.23% Steel Authority of India Ltd. 3.68% Reliance Gas Transportation Infrastucture Limited 3.36% Indian Oil Corporation Ltd 3.30% AAA Larsen & Toubro Limited 2.98% 80.21% Power Grid Corporation of India Limited 2.79% ACC Limited 2.28% Power Finance Corporation Limited 2.27% LIC Housing Finance Ltd 2.25% Tata Communications Limited 2.16% Debt Maturity Profile (% of Debt) Indian Railway Financial Corporation Ltd. 1.94% National Housing Bank 1.94% 37.06% The Great Eastern Shipping Co. Limited 1.93% Tech Mahindra Limited 1.89% 31.91% 27.50% TATA Sons 1.83% Aditya Birla Nuvo Limited 1.58% IDFC 1.22% Others (with < 1% exposure) 3.50%

MM & Others 12.01% 1.47% 2.06% Total 100.00% < 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years Top 10 Industry Exposure ( % to AUM)

Housing Finance Services 9.29% NAV Performance (Since Inception) ` Infrastructure finance 9.01% services Balanced Fund 15 Refinery 7.70% 14 Computer software 5.58% 13 ) Industrial Construction 5.33% Rs

(

12 Steel 5.03% NAV/Unit Other Financial Services 4.23% 11

Cement 3.42% 10

LNG storage & distribution 3.36% 9 09 09 09 09 09 10 10 10 10 10 10 11 11 09 09 09 09 09 09 10 10 10 10 10 10 11 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Banking Services 3.07% ‐ ‐ Jul Jul Jan Jan Jun Jun Apr Oct Apr Oct Feb Feb Feb Sep Sep Dec Dec Aug Aug Nov Nov Mar Mar Mar May May BOND FUND - MARCH 31, 2011

Investment Objective:

To aim for stable returns over medium to long term by judicious mix of investments in Government securities and high quality corporate debt of varying maturities and also in money market instruments.

Date of Inception : February 25, 2009

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Minimum Maximum Debt 89.37% Debt 80% 100% 89.37% Gilts & SDL 24.43% MM & Others 0% 20% 10.63% GOI 22.31% SDL ‐ 1.43% Asset Allocation (% to AUM) SDL ‐ Other States (with < 1% exposure) 0.69% MM & Others 10.63%

Corporate Bonds 64.94% Reliance Gas Transportation Infrastucture Limited 5.63% Indian Railway Financial Corporation Ltd. 5.11% ACC Limited 4.92% Debt Aditya Birla Nuvo Limited 4.14% 89.37% Reliance Capital Limited 4.01% Housing Development Finance Corporation Ltd. 3.90% Steel Authority of India Ltd. 3.68% Power Grid Corporation of India Limited 3.65% Larsen & Toubro Limited 3.38% Debt Rating profile( % of Debt) IDFC 3.23% AA AA+ The Great Eastern Shipping Co. Limited 3.04% 0.25% 9.26% LIC Housing Finance Ltd 2.82% Gilt 27.33% Tata Communications Limited 2.56% TATA Sons 2.26%

Power Finance Corporation Limited 2.14% AAA Tech Mahindra Limited 1.95% 63.16% Indian Oil Corporation Ltd 1.76% Reliance Industries Ltd 1.47% National Bank For Agriculture And Rural Development 1.44% National Housing Bank 1.17% Others (with < 1% exposure) 2.67% Debt Maturity Profile ( % of Debt)

38.08% MM & Others 10.63% 30.26% 26.05% Total 100.00%

Top 10 Industry Exposure ( % to AUM) 1.76% 3.84%

Infrastructure finance 14.09% ` services < 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years

Housing Finance Services 6.72%

LNG storage & distribution 5.63% NAV Performance (Since Inception) 11.5 Cement 4.92% Bond Fund

Refinery 4.16% 11 )

Rs

Diversified 4.14% (

10.5 Other Financial Services 4.01% NAV/Unit 10 Stee l 3.90%

Electricity distribution 3.65% 9.5 09 09 10 10 11 09 09 09 09 09 09 09 09 09 10 10 10 10 10 10 10 10 10 10 11 11 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jul 3.38% Jul Jan Jan Jun Industrial Construction Jun Oct Oct Feb Apr Feb Apr Feb Sep Sep Dec Dec Aug Aug Nov Nov Mar Mar Mar May May INDIVIDUAL PENSION FUND EQUITY - MARCH 31, 2011

Investment Objective:

To seek consistent long term capital appreciation through investments primarily in equity and equity‐related instruments by focusing predominantly on well established companies.

Date of Inception : March 31, 2009

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 96.80% Minimum Maximum Reliance Industries Ltd 6.93% Equity 80% 100% 96.80% Larsen & Toubro Limited 6.42% MM & Others 0% 20% 3.20% State Bank of India 5.82% ITC Ltd. 5.56% Infosys Technologies Ltd. 5.23% Housing Development Finance Corporation Ltd. 4.45% Asset Allocation (% to AUM) Tata Consultancy Services Limited 3.57% Dr. Reddys Laboratories Ltd. 3.24% MM & Others Mahindra & Mahindra Ltd. 3.24% 3.20% Tata Motors Limited 3.07% Bharat Heavy Electricals Ltd 2.93% HDFC Bank Ltd 2.72% GAIL (India) Limited 2.67% Grasim Industries Ltd. 2.66% Bajaj Auto Limited 2.49% Ranbaxy Laboratories Ltd 2.44% Equity Crompton Greaves Ltd 2.31% 96.80% Hindalco Industries Ltd. 2.24% ICICI Bank Ltd 2.04% 1.99% Tata Steel Limited 1.90% Hindustan Unilever Limited 1.90% Glenmark Pharmaceuticals Ltd. 1.76% Oil & Natural Gas Corpn Ltd 1.74% NAV Performance (Since Inception) Aditya Birla Nuvo Limited 1.62% NTPC Limited 1.60% 19 Pen Equity Colgate Palmolive (India) Ltd 1.52% 18 Infrastructure Development Finance Company Limited 1.31% 17 Godrej Consumer Products Limited 1.29% 16 HCL Technologies Ltd 1.26% Rs)

15 ( Sun Pharmaceuticals Industries Ltd 1.15% 14 Sterlite Industries ( India ) Limited 1.08% 13

Others (with < 1% exposure) 6.66% NAV/Unit 12 MM & Others 3.20% 11 10 Total 100.00% 9 10 10 10 10 10 10 10 11 11 11 09 09 09 09 09 09 09 10 10 10 10 09 10 09 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jul Jul Jan Jan Jun Jun Oct Oct Apr Feb Feb Sep Sep Dec Dec Aug Aug Nov Nov Mar Mar Mar May May Top 10 Industry Exposure ( % to AUM)

Banking Services 13.54%

` Computer software 10.05%

Drugs & pharmaceuticals 8.59%

Industrial Construction 7.11%

Refinery 6.93%

Tobacco products 5.56%

Housing Finance Services 4.45%

Prime movers 3.81%

Commercial vehicles 3.80%

Cosmetics, toiletries, soaps & 3.43% detergents INDIVIDUAL PENSION FUND GROWTH - MARCH 31, 2011

Investment Objective:

To seek consistent growth over medium to long term by focusing predominantly on well established companies through investments primarily in equity and equity‐related instruments and fair exposure to high credit quality portfolio of debt and money market instruments.

Date of Inception : March 31, 2009

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 69.04% Minimum Maximum Reliance Industries Ltd 5.15% Equity 40% 100% 69.04% Larsen & Toubro Limited 4.84% Debt, MM & Others 0% 60% 30.96% ITC Ltd. 4.21% Infosys Technologies Ltd. 3.52% State Bank of India 3.22% Asset Allocation (% to AUM) Tata Consultancy Services Limited 3.07% MM & Others Housing Development Finance Corporation Ltd. 2.47% Debt 4.49% Bharat Heavy Electricals Ltd 2.19% 26.47% Ranbaxy Laboratories Ltd 2.18% Dr. Reddys Laboratories Ltd. 2.18% Mahindra & Mahindra Ltd. 2.09% Grasim Industries Ltd. 1.94% Equity HDFC Bank Ltd 1.74% 69.04% Aditya Birla Nuvo Limited 1.72% Tata Motors Limited 1.65% ICICI Bank Ltd 1.58% Hindustan Unilever Limited 1.53% Bajaj Auto Limited 1.51% GAIL (India) Limited 1.51% Tata Steel Limited 1.49% Debt Rating profile( % of Debt) Crompton Greaves Ltd 1.42% Gilt AA Ashok Leyland Ltd 1.31% 5.75% 1.29% AA+ 9.74% HCL Technologies Ltd 1.27% Hindalco Industries Ltd. 1.27% Glenmark Pharmaceuticals Ltd. 1.27% Others (with < 1% exposure) 12.72%

Debt 26.47% Gilts & SDL 1.52% AAA GOI 1.43% 83.21% SDL (with < 1% exposure) 0.09%

Corporate Bonds 24.95% Housing Development Finance Corporation Ltd. 4.35% Power Grid Corporation of India Limited 3.07% Steel Authority of India Ltd. 2.74% Reliance Gas Transportation Infrastucture Limited 1.90% Debt Maturity Profile ( % of Debt) Tech Mahindra Limited 1.83% Indian Oil Corporation Ltd 1.69% 54.31% Tata Communications Limited 1.30% Power Finance Corporation Limited 1.24% ACC Limited 1.24%

Aditya Birlairla Nuvo Limitedimited 1.14%.4% 21.25% Reliance Capital Limited 1.03% 19.16% Others (with < 1% exposure) 3.43% 4.93% 0.35% MM & Others 4.49% < 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years Total 100.00%

Top 10 Industry Exposure ( % to AUM) NAV Performance (Since Inception)

Computer software 9.69% Pen Growth 17

Banking Services 9.35% ` 16

Refinery 7.51% 15

Housing Finance Services 6.97% 14 Rs)

(

Drugs & pharmaceuticals 6.20% 13

5.61% Industrial Construction NAV/Unit 12

Steel 4.57% 11

Tobacco products 4.21% 10

Electricity distribution 3.93% 9 11 11 10 10 10 10 10 10 10 09 09 09 09 09 11 10 10 10 10 10 09 09 09 09 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jul LNG storage & distribution 3.40% Jul Jan Jan Jun Jun Oct Oct Apr Feb Feb Sep Sep Dec Dec Aug Aug Nov Nov Mar Mar Mar May May INDIVIDUAL PENSION FUND BALANCED - MARCH 31, 2011

Investment Objective:

To aim for stable returns over medium to long term through investments in high quality fixed income and money market instruments and enhance returns through a fair exposure to equity investments.

Date of Inception :

March 31, 2009

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 30.44% Minimum Maximum Reliance Industries Ltd 3.46% Equity 0% 60% 30.44% Infosys Technologies Ltd. 3.31% Debt, MM & Others 40% 100% 69.56% ITC Ltd. 2.07% Larsen & Toubro Limited 2.03% State Bank of India 1.91% Asset Allocation (% to AUM) ICICI Bank Ltd 1.70% MM & Others Bharat Heavy Electricals Ltd 1.62% 6.13% Housing Development Finance Corporation Ltd. 1.50% Aditya Birla Nuvo Limited 1.35% Equity Mahindra & Mahindra Ltd. 1.27% 30.44% Dr. Reddys Laboratories Ltd. 1.16% Debt Others (with < 1% exposure) 9.04% 63.43%

Debt 63.43% Gilts & SDL 5.89% GOI 4.81% SDL (with < 1% exposure) 1.08% Debt Rating profile( % of Debt) Corporate Bonds 57.54% AA Reliance Capital Limited 5.40% Gilt 9.28% 2.25% AA+ Housing Development Finance Corporation Ltd. 5.26% 11.15% Indian Oil Corporation Ltd 5.22% Power Grid Corporation of India Limited 4.56% Aditya Birla Nuvo Limited 3.93% ACC Limited 3.66% Steel Authority of India Ltd. 3.43% LIC Housing Finance Ltd 3.12% AAA Tata Communications Limited 2.97% 77.32% Tech Mahindra Limited 2.76% Reliance Gas Transportation Infrastucture Limited 2.34% Larsen & Toubro Limited 2.28% TATA Sons 1.78% Power Finance Corporation Limited 1.73% Tata Steel Limited 1.42% Debt Maturity Profile ( % of Debt)

Indian Railway Financial Corporation Ltd. 1.35% 40.90% Reliance Industries Ltd 1.27% MRF Ltd. 1.08% 29.51% National Bank For Agriculture And Rural Development 1.00% Others (with < 1% exposure) 2.98% 24.09%

MM & Others 6.13% 5.26% Total 100.00% 0.24%

< 1 year 1‐3 years 3‐5 years 5‐10 years > 10 years Top 10 Industry Exposure ( % to AUM)

Refinery 9.96% NAV Performance (Since Inception) ` Housing Finance Services 9.88% Pen Balanced 13.5 Computer software 6.74% 13 Infrastructure finance 6.01% 12.5 services 12 Other Financial Services 5.40% Rs)

( 11.5 Steel 5.32% 11 NAV/Unit Diversified 5.28% 10.5

10 Cement 4.71% 9.5

Electricity distribution 4.67% 9 10 09 11 11 11 10 10 10 10 10 10 10 10 10 10 09 09 09 09 09 09 09 09 10 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 4.31% Jul Industrial Construction Jul Jan Jan Jun Jun Oct Oct Feb Feb Apr Sep Sep Dec Dec Aug Aug Nov Nov Mar Mar Mar May May INDIVIDUAL PENSION FUND BOND - MARCH 31, 2011

Investment Objective:

To aim for stable returns over medium to long term by judicious mix of investments in Government securities and high quality corporate debt of varying maturities and also in money market instruments.

Date of Inception : March 31, 2009

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Minimum Maximum Debt 91.75% Debt 80% 100% 91.75% Gilts & SDL 14.85% MM & Others 0% 20% 8.25% GOI 8.43% SDL ‐ AP 2.48% Asset Allocation (% to AUM) SDL ‐ Gujarat 1.75% MM & Others SDL ‐ Kerala 1.70% 8.25% SDL ‐ Other States (with < 1% exposure) 0.51%

Corporate Bonds 76.90% Larsen & Toubro Limited 8.42% Steel Authority of India Ltd. 7.20% Debt Indian Oil Corporation Ltd 6.83% 91.75% Reliance Gas Transportation Infrastucture Limited 6.29% Reliance Capital Limited 5.86% Aditya Birla Nuvo Limited 5.48% Housing Development Finance Corporation Ltd. 4.60% Debt Rating profile( % of Debt) Power Grid Corporation of India Limited 4.18% AA ACC Limited 3.53% 2.24% LIC Housing Finance Ltd 3.41% Gilt AA+ 9.43% IDFC 2.96% 16.19% Tata Communications Limited 2.82% Tech Mahindra Limited 2.48% Power Finance Corporation Limited 2.21% AAA Tata Steel Limited 2.05% 72.14% Indian Railway Financial Corporation Ltd. 1.75% National Housing Bank 1.72% TATA Sons 1.32% National Bank For Agriculture And Rural Development 1.30% The Great Eastern Shipping Co. Limited 1.25% Debt Maturity Profile ( % of Debt) Others (with < 1% exposure) 1.25% 44.55% MM & Others 8.25% 28.21% 26.86% Total 100.00%

Top 10 Industry Exposure ( % to AUM) 0.38%

Infrastructure finance 10.29% < 1 year 1‐3 years 3‐5 years 5‐10 years ` services

Steel 9.25%

Industrial Construction 8.42% NAV Performance (Since Inception) 11.5 Pen Bond Housing Finance Services 8.01%

11 Refinery 7.34% RS)

( LNG storage & distribution 6.29% 10.5

Other Financial Services 5.86% NAV/Unit 10 Diversified 5.48%

Electricity distribution 4.18% 9.5 09 09 09 10 10 10 10 09 09 09 09 09 09 10 10 10 10 10 10 10 10 11 11 11 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jul Jul Jan Jan Jun 3.53% Jun Oct Oct Apr Feb Cement Feb Sep Sep Dec Dec Aug Aug Nov Nov Mar Mar Mar May May APEX EQUITY FUND - MARCH 31, 2011

Investment Objective:

To tap growth opportunities for long term capital appreciation through investments primarily in equity and equity‐related instruments.

Date of Inception :

January 20, 2010

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 86.04% Minimum Maximum Infosys Technologies Ltd. 5.82% Equity 80% 100% 86.04% Larsen & Toubro Limited 5.15% MM & Others 0% 20% 13.96% Reliance Industries Ltd 4.94% State Bank of India 4.73% ITC Ltd. 4.07% Tata Consultancy Services Limited 3.97% Tata Motors Limited 3.40% Asset Allocation (% to AUM) Housing Development Finance Corporation Ltd. 3.15% Grasim Industries Ltd. 2.90% MM & Others HDFC Bank Ltd 2.83% 13.96% Tata Steel Limited 2.77% Hindalco Industries Ltd. 2.49% Axis Bank Limited 2.44% Mahindra & Mahindra Ltd. 2.25% Equity Crompton Greaves Ltd 2.04% 86.04% Hindustan Unilever Limited 1.96% Dr. Reddys Laboratories Ltd. 1.88% Bajaj Auto Limited 1.82% Infrastructure Development Finance Company Limited 1.64% Sterlite Industries ( India ) Limited 1.53% Oil & Natural Gas Corpn Ltd 1.53% Sun Pharmaceuticals Industries Ltd 1.49% Cairn India Limited 1.42% NAV Performance (Since Inception) GAIL (India) Limited 1.39% Apex Equity Co. Ltd. 1.32% 12 ICICI Bank Ltd 1.24% Bharat Heavy Electricals Ltd 1.21% 11.5 Limited 1.20%

) 11 The Indian Hotels Company Limited 1.18% Rs

( HCL Technologies Ltd 1.17% 10.5 Ranbaxy Laboratories Ltd 1.14%

Punjab National Bank 1.11% NAV/Unit 10 Glenmark Pharmaceuticals Ltd. 1.09% Others (with < 1% exposure) 7.78% 9.5

9 MM & Others 13.96%

Total 100.00%

Top 10 Industry Exposure ( % to AUM)

Banking Services 13.27% ` Computer software 10.96%

Drugs & pharmaceuticals 6.44%

Industrial Construction 5.69%

Refinery 4.94%

Commercial vehicles 4.29%

Tobacco products 4.07%

Cement 3.37%

Housing Finance Services 3.15%

Crude oil & natural gas 2.94% APEX GROWTH FUND - MARCH 31, 2011

Investment Objective:

To aim for medium to long term capital appreciation by maintaining a diversified portfolio of equity and equity related instruments and fair exposure to high credit quality portfolio of debt and money market instruments.

Date of Inception :

January 20, 2010

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 64.90% Minimum Maximum Infosys Technologies Ltd. 4.29% Equity 55% 85% 64.90% Larsen & Toubro Limited 4.14% Debt, MM & Others 15% 45% 35.10% State Bank of India 3.96% Reliance Industries Ltd 3.76% ITC Ltd. 2.97% Asset Allocation (% to AUM) Tata Consultancy Services Limited 2.97% Tata Motors Limited 2.73% MM & Others 16.96% HDFC Bank Ltd 2.21% Debt Grasim Industries Ltd. 2.11% 18.14% Tata Steel Limited 2.09% Housing Development Finance Corporation Ltd. 2.00%

Hindalco Industries Ltd. 1.82% Equity Mahindra & Mahindra Ltd. 1.70% 64.90% Axis Bank Limited 1.55% Hindustan Unilever Limited 1.52% Sterlite Industries ( India ) Limited 1.33% Crompton Greaves Ltd 1.33% GAIL (India) Limited 1.28% Debt Rating profile( % to Debt) Sun Pharmaceuticals Industries Ltd 1.24% AA+ 0.11% Oil & NtNatural Gas Corpn Ltd 1.22% Bajaj Auto Limited 1.14% Gilt The Indian Hotels Company Limited 1.14% 25.97% Dr. Reddys Laboratories Ltd. 1.10% Punjab National Bank 1.07% Ranbaxy Laboratories Ltd 1.03% AAA 73.92% Others (with < 1% exposure) 13.23%

Debt 18.14% Gilts & SDL 4.71% GOI 4.66% SDL (with < 1% exposure) 0.05%

Corporate Bonds 13.43% Debt Maturity Profile ( % of Debt) Housing Development Finance Corporation Ltd. 2.17% Reliance Gas Transportation Infrastucture Limited 1.50% 37.96% National Housing Bank 1.43% Reliance Industries Ltd 1.38% 28.68% LIC Housing Finance Ltd 1.28% Others (with < 1% exposure) 5.67% 21.46%

MM & Others 16.96% 11.90%

Total 100.00%

Top 10 Industry Exposure ( % to AUM) 1‐3 years 3‐5 years 5‐10 years > 10 years

Banking Services 10.63%

Computer software 8.37% ` NAV Performance (Since Inception)

Housing Finance Services 5.45% 12 Apex Growth

Refinery 5.41% 11.5

Industrial Construction 4.89% )

11 Rs

( 4.80% Drugs & pharmaceuticals 10.5 Infrastructure finance 3.96% services NAV/Unit 10

Cement 3.50% 9.5

Commercial vehicles 3.37% 9 10 10 10 10 10 10 10 10 10 11 11 10 10 10 11 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Tobacco products 2.97% ‐ Jul Jan Jan Jun Oct Apr Feb Sep Feb Dec Aug Nov Mar Mar May APEX BALANCED FUND - MARCH 31, 2011

Investment Objective:

To optimize returns over medium to long term, by aiming balance between risk and return, through investments in high quality equity and debt instruments.

Date of Inception : January 20, 2010

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 46.28% Minimum Maximum Infosys Technologies Ltd. 3.39% Equity 35% 65% 46.28% Larsen & Toubro Limited 3.19% Debt, MM & Others 35% 65% 53.72% Reliance Industries Ltd 2.94% ITC Ltd. 2.38% State Bank of India 1.97% Asset Allocation (% to AUM) Housing Development Finance Corporation Ltd. 1.58% MM & Others Debt Tata Consultancy Services Limited 1.52% 18.85% 34.88% HDFC Bank Ltd 1.52% Grasim Industries Ltd. 1.45% Tata Motors Limited 1.40% Tata Steel Limited 1.37% Equity 46.28% Hindustan Unilever Limited 1.28% Axis Bank Limited 1.06% HCL Technologies Ltd 1.02% GAIL (India) Limited 1.02% Mahindra & Mahindra Ltd. 1.01% Bajaj Auto Limited 1.01% Others (with < 1% exposure) 17.16% Debt Rating profile( % of Debt) AA+ Debt 34.88% 2.84% Gilt Gilts & SDL 6.95% 19.92% GOI 5.88% SDL (with < 1% exposure) 1.07%

Corporate Bonds 27.93% AAA UltraTech Cement Limited 4.29% 77.24% Reliance Gas Transportation Infrastucture Limited 3.61% Housing Development Finance Corporation Ltd. 3.10% LIC Housing Finance Ltd 2.69% TATA Sons 2.42% Larsen & Toubro Limited 2.25% Power Finance Corporation Limited 1.86% National Housing Bank 1.48% Debt Maturity Profile ( % of Debt) ACC Limited 1.34% Others (with < 1% exposure) 4.90% 50.30% MM & Others 18.85%

Total 100.00% 27.13%

16.58%

Top 10 Industry Exposure ( % to AUM) 6.00%

Banking Services 8.19% 1‐3 years 3‐5 years 5‐10 years > 10 years `

Cement 7.40%

Housing Finance Services 7.36% NAV Performance (Since Inception)

11.5 Apex Balanced Computer software 6.47%

Infrastructure finance 6.00% 11 services )

Rs Industrial Construction 5.79% 10.5 (

LNG storage & distribution 4.64% 10 NAV/Unit

Refinery 4.07% 9.5

Drugs & pharmaceuticals 3.58% 9 11 10 10 10 11 11 10 10 10 10 10 10 10 10 10 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Securities investment ‐ 2.42% Jul Jan Jan Jun Oct Apr Feb Feb Sep

services Dec Aug Nov Mar Mar May APEX BOND FUND - MARCH 31, 2011

Investment Objective:

To aim for stable returns over medium to long term by judicious mix of investments in Government securities and high quality corporate debt of varying maturities and also in money market instruments.

Date of Inception :

January 20, 2010

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Minimum Maximum Debt 80.28% DEBT 80% 100% 80.28% Gilts & SDL 27.48% MM & Others 0% 20% 19.72% GOI 23.91% State Govt ‐ 1.33% Asset Allocation (% to AUM) SDL ‐ Gujarat 1.20% MM & Others SDL ‐ Other States (with < 1% exposure) 1.04% 19.72%

Corporate Bonds 52.80% Debt National Housing Bank 5.48% 80.28% Steel Authority of India Ltd. 5.41% Reliance Industries Ltd 5.10% TATA Sons 4.96% Larsen & Toubro Limited 4.13% Housing Development Finance Corporation Ltd. 3.93% UltraTech Cement Limited 3.81% Debt Rating profile( % of Debt) AAAA+ LIC Housing Finance Ltd 3.65% 2.08% Power Finance Corporation Limited 2.83% Gilt IDFC 2.77% 35.68% Aditya Birla Nuvo Limited 1.60% AAA Corporation Ltd. 1.34% 62.24% Reliance Gas Transportation Infrastucture Limited 1.14% Others (with < 1% exposure) 6.65%

MM & Others 19.72%

Total 100.00% Debt Maturity Profile ( % of Debt)

38.67% Top 10 Industry Exposure ( % to AUM) 27.17%

19.51% Infrastructure finance 12.57% 14.64% services `

Housing Finance Services 7.58%

Refinery 6.68% 1‐3 years 3‐5 years 5‐10 years > 10 years

Steel 5.41%

Securities investment 4.96% NAV Performance (Since Inception) services 11 Apex Bond Cement 4.58% )

10.5 (Rs Industrial Construction 4.13%

Diversified 1.60% NAV/Unit 10

LNG storage & distribution 1.14% 9.5 10 10 10 10 10 10 10 10 10 10 10 11 11 10 11 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Computer software 0.64% ‐ Jul Jan Jan Jun Oct Apr Feb Sep Feb Dec Aug Nov Mar Mar May INDIVIDUAL PENSION FUND APEX EQUITY - MARCH 31, 2011

Investment Objective:

To seek consistent long term capital appreciation through investments primarily in equity and equity‐related instruments by focusing predominantly on well established companies.

Date of Inception : January 20, 2010

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 93.46% Minimum Maximum Larsen & Toubro Limited 5.48% Equity 80% 100% 93.46% Reliance Industries Ltd 5.26% MM & Others 0% 20% 6.54% Infosys Technologies Ltd. 4.98% State Bank of India 4.73% Tata Consultancy Services Limited 4.69% ITC Ltd. 4.13% Housing Development Finance Corporation Ltd. 4.12% Asset Allocation (% to AUM) Tata Motors Limited 4.08% MM & Others GAIL (India) Limited 3.32% 6.54% Mahindra & Mahindra Ltd. 3.30% Crompton Greaves Ltd 2.89% Hindalco Industries Ltd. 2.82% Bharat Heavy Electricals Ltd 2.80% Grasim Industries Ltd. 2.79% Kotak Mahindra Bank Limited 2.41% Equity Tata Steel Limited 2.37% 93.46% Glenmark Pharmaceuticals Ltd. 2.34% Bajaj Auto Limited 2.25% ICICI Bank Ltd 2.04% Ranbaxy Laboratories Ltd 1.90% HDFC Bank Ltd 1.86% Colgate Palmolive (India) Ltd 1.57% Godrej Consumer Products Limited 1.56% NAV Performance (Since Inception) Oil & Natural Gas Corpn Ltd 1.50% Pen Apex Equity Hindustan Unilever Limited 1.49% 12 Aditya Birla Nuvo Limited 1.46% The Indian Hotels Company Limited 1.42% 11.5 Punjab National Bank 1.33%

) 11

Rs

Dr. Reddys Laboratories Ltd. 1.33% (

Thermax Ltd 1.32% 10.5 HCL Technologies Ltd 1.25%

Sun Pharmaceuticals Industries Ltd 1.23% NAV/Unit 10 Cairn India Limited 1.13% Cipla Ltd. 1.10% 9.5 Axis Bank Limited 1.05% Others (with < 1% exposure) 4.15% 9

MM & Others 6.54%

Total 100.00%

Top 10 Industry Exposure ( % to AUM)

Banking Services 13.48%

` Computer software 10.92%

Drugs & pharmaceuticals 8.41%

Industrial Construction 6.21%

Refinery 5.26%

Commercial vehicles 4.27%

Tobacco products 4.13%

Housing Finance Services 4.12%

Prime movers 4.12%

LNG storage & distribution 3.32% INDIVIDUAL PENSION FUND APEX GROWTH - MARCH 31, 2011

Investment Objective:

To seek consistent growth over medium to long term by focusing predominantly on well established companies through investments primarily in equity and equity‐related instruments and fair exposure to high credit quality portfolio of debt and money market instruments.

Date of Inception :

January 20, 2010

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 69.92% Minimum Maximum Infosys Technologies Ltd. 4.34% Equity 55% 85% 69.92% Reliance Industries Ltd 4.30% Debt, MM & Others 15% 45% 30.08% Larsen & Toubro Limited 4.20% ITC Ltd. 3.50% Housing Development Finance Corporation Ltd. 3.16% Asset Allocation (% to AUM) Tata Consultancy Services Limited 3.13% MM & Others Tata Motors Limited 3.05% 6.07% State Bank of India 2.76% Debt GAIL (India) Limited 2.38% 24.01% Crompton Greaves Ltd 2.31% Mahindra & Mahindra Ltd. 2.19% Hindalco Industries Ltd. 2.03% Equity Grasim Industries Ltd. 1.99% 69.92% Kotak Mahindra Bank Limited 1.85% Glenmark Pharmaceuticals Ltd. 1.79% Tata Steel Limited 1.79% Bharat Heavy Electricals Ltd 1.77% Punjab National Bank 1.76% Debt Rating profile( % of Debt) Bajaj Auto Limited 1.67% AA+ ICICI Bank Ltd 1.55% 0.10% HDFC Bank Ltd 1.48% Gilt 24.38% Colgate Palmolive (India) Ltd 1.43% Dr. Reddys Laboratories Ltd. 1.36% Ranbaxy Laboratories Ltd 1.22% Cairn India Limited 1.20% AAA 75.52% Oil & Natural Gas Corpn Ltd 1.14% Thermax Ltd 1.01% Others (with < 1% exposure) 9.54%

Debt 24.01% Gilts & SDL 5.86% GOI 5.21% SDL (with < 1% exposure) 0.64% Debt Maturity Profile ( % of Debt) Corporate Bonds 18.16% Power Finance Corporation Limited 3.54% 36.44% Housing Development Finance Corporation Ltd. 2.88% 33.00% LIC Housing Finance Ltd 1.96% National Housing Bank 1.42% 21.21% Tech Mahindra Limited 1.26% Reliance Gas Transportation Infrastucture Limited 1.04% Larsen & Toubro Limited 1.02% 9.35% Others (with < 1% exposure) 7.10%

MM & Others 6.07% 1‐3 years 3‐5 years 5‐10 years > 10 years Total 100.00%

Top 10 Industry Exposure ( % to AUM)

NAV Performance (Since Inception) Banking Services 10.37% Pen Apex Growth Computer software 9.56% 11.5 ` Housing Finance Services 8.00% 11 Infrastructure finance … 6.19% Rs)

10.5 ( Drugs & pharmaceuticals 5.95%

Industrial Construction 5.76% 10 NAV/Unit Refinery 5.50% 9.5 Tobacco products 3.50%

LNG storage & distribution 3.42% 9

Commercial vehicles 3.24% INDIVIDUAL PENSION FUND APEX BALANCED - MARCH 31, 2011

Investment Objective:

To optimize returns over medium to long term, by aiming balance between risk and return, through investments in high quality equity and debt instruments.

Date of Inception : January 20, 2010

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Equity 48.14% Minimum Maximum Infosys Technologies Ltd. 3.35% Equity 35% 65% 48.14% Mahindra & Mahindra Ltd. 2.76% Debt, MM & Others 35% 65% 51.86% ITC Ltd. 2.74% Reliance Industries Ltd 2.71% Larsen & Toubro Limited 2.48% Asset Allocation (% to AUM) Housing Development Finance Corporation Ltd. 2.02% Crompton Greaves Ltd 1.93% MM & Others Glenmark Pharmaceuticals Ltd. 1.82% 5.53% Kotak Mahindra Bank Limited 1.52% Debt State Bank of India 1.40% 46.33%

Tata Consultancy Services Limited 1.39% Equity Hindalco Industries Ltd. 1.36% 48.14% Godrej Consumer Products Limited 1.30% Punjab National Bank 1.29% Bharat Heavy Electricals Ltd 1.26% Tata Motors Limited 1.22% Grasim Industries Ltd. 1.17% HCL Technologies Ltd 1.16% Cipla Ltd. 1.14% Debt Rating profile( % of Debt) AA+ Tata Steel Limited 1.13% 6.41% The Indian Hotels Company Limited 1.10% Gilt Hindustan Unilever Limited 1.08% 27.89% Ranbaxy Laboratories Ltd 1.05% HDFC Bank Ltd 1.04% Others (with < 1% exposure) 8.73% AAA Debt 46.33% 65.70% Gilts & SDL 12.92% GOI 10.02% SDL ‐ Gujarat 2.19% SDL ‐ Other States (with < 1% exposure) 0.71%

Corporate Bonds 33.41% Larsen & Toubro Limited 5.72% Debt Maturity Profile ( % of Debt) LIC Housing Finance Ltd 4.56% Power Finance Corporation Limited 4.02% 43.76% Hindustan Petroleum Corporation Ltd. 3.64% Aditya Birla Nuvo Limited 2.57% Housing Development Finance Corporation Ltd. 2.07% 28.40% Indian Railway Financial Corporation Ltd. 1.26% Reliance Gas Transportation Infrastucture Limited 1.25% 19.66% Rural Electrification Corporation Limited 1.22% Steel Authority of India Ltd. 1.17% TATA Sons 1.10% 8.18% National Housing Bank 1.08% Others (with < 1% exposure) 3.75%

MM & Others 5.53% 1‐3 years 3‐5 years 5‐10 years > 10 years Total 100.00%

Top 10 Industry Exposure ( % to AUM) NAV Performance (Since Inception)

Housing Finance Services 8.65% 11.5 Pen Apex Balanced Industrial Construction 8.20% ` 11 Infrastructure finance … 8.12% ) Refinery 7.24% Rs

10.5 (

Computer software 6.89% 10 Banking Services 6.18% NAV/Unit

Drugs & pharmaceuticals 4.80% 9.5 Diversified 3.42%

Passenger cars & multi … 2.76% 9 10 11 11 11 10 10 10 10 10 10 10 10 10 10 10 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ 2.74% Tobacco products Jul Jan Jan Jun Oct Apr Feb Feb Sep Dec Aug Nov Mar Mar May INDIVIDUAL PENSION FUND APEX BOND - MARCH 31, 2011

Investment Objective:

To aim for stable returns over medium to long term by judicious mix of investments in Government securities and high quality corporate debt of varying maturities and also in money market instruments.

Date of Inception :

January 20, 2010

Portfolio % to AUM Asset Mix Investment Pattern Particulars Actual ` Minimum Maximum Debt 87.41% DEBT 80% 100% 87.41% Gilts & SDL 33.10% MM & Others 0% 20% 12.59% GOI 19.81% SDL ‐ Gujarat 5.88% Asset Allocation (% to AUM) State Govt ‐ Maharashtra 5.07% SDL ‐ AP 1.79% MM & Others 12.59% SDL ‐ Other States (with < 1% exposure) 0.55%

Corporate Bonds 54.31%

Power Finance Corporation Limited 8.49% Debt Larsen & Toubro Limited 7.71% 87.41% IDFC 6.48% Housing Development Finance Corporation Ltd. 6.21% Hindustan Petroleum Corporation Ltd. 3.38% TATA Sons 2.98% Reliance Gas Transportation Infrastucture Limited 2.96% Debt Rating profile( % of Debt) AA+ Aditya Birla Nuvo Limited 2.71% 3.10% Rural Electrification Corporation Limited 2.37% Gilt ACC Limited 2.04% 37.87% Reliance Industries Ltd 2.01% AAA Tech Mahindra Limited 1.87% 59.04% Indian Railway Financial Corporation Ltd. 1.78% Others (with < 1% exposure) 3.32%

MM & Others 12.59%

Total 100.00%

Debt Maturity Profile ( % of Debt) Top 10 Industry Exposure ( % to AUM) 45.73%

Infrastructure finance 19.66% services 23.75% 25.35%

` Industrial Construction 7.71%

5.17% Housing Finance Services 7.03%

1‐3 years 3‐5 years 5‐10 years > 10 years Refinery 6.09%

Securities investment 2.98% services NAV Performance (Since Inception) 11 LNG storage & distribution 2.96% Pen Apex Bond

Diversified 2.71% 10.5 Rs)

(

Cement 2.04%

NAV/Unit 10

Computer software 1.87%

9.5 Electricity distribution 0.72%

Risk Factors

• This document has been prepared for the purpose of providing general information only.

• Unit Linked Life Insurance products are different from the traditional insurance products and are subject to various risk factors.

• Customers should take into account their personal investment objectives, risk appetite and other aspects of their financial situation before making an investment decision.

• Unit linked policies are subject to market risks associated with capital markets and NAVs of units may go up or down based on the performance of fund and factors influencing the capital market and the customers have to consider this aspect while taking any decision.

• SUD Life shall not be responsible for any losses caused or any claims that arise due to investments made based on this document.

• Customers are advised to note that the details are based on past performance and is not indicative of its future prospects or returns.

• All efforts have been made to ensure accuracy of the contents of this document, however, SUD Life shall not be held responsible for any errors or omissions.