A Study on Mutual Fund in India

A report on “A Study on Comparative Analysis of Mutual Funds in India” Submitted in partial fulfilment of the requirement For MBA degree course By Vinoth K (Reg.

No. : 0920034) Under the Guidance of Faculty Guide Company Guide Dr. Jeevananda S. Mr Darwin Edwin Coordinator Senior Manager Dept. of MBA, Kotak Mahindra Bank Ltd.

Christ University, Coimbatore Bangalore CHRIST UNIVERSITY INSTITUTE OF MANAGEMENT BANGALORE -560 029 MBA 2009-2011 CERTIFICATE –FACULTY GUIDE

This is to certify that this internship report on the title “A Study on comparative analysis of mutual funds in India” is a bona fide work of Mr. K. Vinoth under my guidance and support . This report is a part of MBA course with specialization in Finance stream and the content and the work done is genuine with respect to the information covered and thought expressed. ……………………… Place: Dr. Jeevananda Coordinator Date: Faculty CUIM

DECLARATION I K,Vinoth hereby declare that the project report titled “A Study on comparative analysis of mutual funds in India” submitted for the partial fulfilment of the requirements for the award of the Master of Business Administration is my original project work and has been carried out under the guidance of Dr.

Jeevananda,(Coordinator) , Christ University Institute of Management and Mr Darwin Edwin, Senior Manager, Kotak Mahindra Bank Ltd. ……………… Place: K.

Vinoth 0920034 Date: CUIM Bangalore ACKNOWLEDGEMENT I consider it my privilege to express a few words of gratitude and respect to all those who guided and inspired me in the successful completion of the project. I wish to take this opportunity to express my deep sense of gratitude to thank Mr. Guruprasad (Senior Manager, Kotak Mahindra Bank Ltd. ) and my guide and reporting Officer Mr.

Darwin Edwin (Sr.

Manager, Kotak Mahindra Bank Ltd. ) for their invaluable guidance throughout my project. I sincerely thank Kotak Mahindra Bank Ltd. for providing me with an opportunity to work.

I also convey my sincere gratitude to my faculty Guide Dr. Jeevanada, (Coordinator) CHRIST UNIVERSITY INSTITUTE OF MANAGEMENT, KENGERI Campus and all my friends and my family for their encouragement and support extended to me during the course of my project. At the end I would not forget to thank other members of Kotak Group who treated me with respect and helped me in the best of their capacity. K. Vinoth 0920034 EXECUTIVE SUMMARY

The present study was conducted at Kotak Mahindra Bank using the secondary data.

The main sources of secondary data are obtained from websites. Informal discussions were made with the industry staff. During the course of discussions the staff expresses their opinions regarding the funds. The report presents the results obtained from the research analysis in order to find out the reason for the redemption of the investors from the Kotak fund and also to compare the performance and portfolio of its competitors. The report contains a brief about Mutual Funds in general; it also covers the origin, growth and present status of the industry.

The company profile and analysis of the survey have been explained in detail. Methodology: The Analysis includes Top 5 funds among the selected 6 AMCs for the four types of Mutual funds. 1)Data Collection Method: Secondary data were used for analyses such as (NAV) and performance of various schemes of the asset management companies 2)Research Design: For this study descriptive method is used for analyzing the performance of the funds which describes the characteristics based on the schemes and the performance based on the various asset management companies. )Statement of the problem: This study gains importance to understand the reason for the more redemption in the Kotak funds under study and the changes need in their portfolio. 4)Objective of the study: To compare the equity Diversified and Tax Planning fund performance of the Kotak Funds with their competitors The Findings are as follows: •In Large cap, Franklin India Blue chip is performing extremely well by having highest rating among the selected AMCs with its good portfolio.

Almost all the tools used to identify the performance shows the better result in terms of risk and return to the investor •In Mid cap, Reliance Growth is top performing fund by having highest Alpha and Sharpe ratio. The portfolio is having major percentage of Banking and Metal & mining which is performing well in the market made this fund to perform well. •In ELSS, HDFC Tax Saver is performing extremely well by having highest among the selected AMCs and its expense is less which in turn giving good return to their investors. The portfolio had invested majorly in Banking, Pharmaceuticals and in Automotive.

The fund is having nearly 8 % money market investment •In Opportunities, Reliance Equity Opportunities is well diversified in almost all the sectors especially in Real estate and in engineering The following Suggestions have been made: •The fund manager should be right enough to select the correct portfolio.

The investor should also be aware about the fund manager who is looking after their fund •They should be knowledged enough to know the portfolio in which their funds are getting invested. •The investors should be able to decide the investment on the basis of the market condition CONTENTS CHAPTER NO.

PARTICULARSPAGE NO. List of Tables8 List of Figures9 1Introduction10 1. 1 Introduction 10 1. 2 Industry Profile 10 2Research Methodology20 2.

1 Data collection method 20 2. 2 Research Design 20 2. 3 Review of AMC’s Fund Portfolio20 2. 4 Statement of the problem 68 2. 5 Scope of the study69 2. 6 Objectives of the study 69 2.

7 Limitations of the study70 2. 8 Tools used for analysis70 3Company Profile74 4Data Analysis and Interpretation76 4. 1 Large Cap76 4. 2 Mid Cap84 4. 3 ELSS92 4.

4 Opportunities100 5Summary of Findings, Suggestions and Conclusion108 6. 1 Findings 108 6. Suggestions 111 6. 3 Conclusion 112 Bibliography113 LIST OF TABLES Table No. PARTICULARSPAGE NO.

3. 3. 1R-Squared70 3. 3. 2Alpha71 3.

3. 3Beta72 4. 1 aLarge Cap76 4. 1 bRatings for Large Cap77 4. 1. 1Kotak 3079 4.

1. 2DSPBR Top 100 Eqt. Reg. 80 4. 1.

3HDFC Top 20081 4. 1. 4Reliance Vision82 4. 1. 5Franklin India BlueChip83 4.

2 aMid Cap84 4. 2 bRatings for Mid Cap85 4. 2. 1Kotak Mid cap87 4. 2.

2Tata Mid cap88 4. 2. 3HDFC Equity89 4. 2. 4Reliance Growth90 4.

2. 5Franklin India Prima Plus91 4. 3 aELSS92 4. 3 bRatings for ELSS93 4. 3.

1Kotak Tax saver95 4. 3. 2DSPBR Tax saver96 4. 3. 3HDFC Tax saver97 .

3. 4Reliance Tax saver98 4. 3. 5Tata Tax Saving99 4. 4 aOpportunities100 4. 4 bRatings for Opportunities101 4.

4. 1Kotak Opportunities103 4. 4. 2DSPBR Opportunities104 4. 4.

3Tata Equity Opportunities105 4. 4. 4Reliance Opportunities106 4. 4. 5Franklin India Opportunities107 LIST OF CHARTS FIGURE NO. PARTICULARSPAGE NO.

4. 1Large cap78 4. 2Mid cap86 4. 3ELSS94 4. 4Opportunities102 CHAPTER 1 INTRODUCTION 1. 1Introduction: Investment is the use of money to earn income or profit.

The term also refers to the expenditure of funds for capital goods – such as factories farm, equipment, livestock and machinery.

Capital goods are used to produce other goods or services. Many people invest part of their income for future financial gain. Others make investments to protect the purchasing power of their savings against rising prices. Investment promotes economic growth and contributes to a nation’s wealth.

When people deposit money in a saving account in a bank, for example, the bank may invest by lending the funds to various business companies. These firms, in turn may invest the money in new factories and equipment to increase their production. In addition to borrowing from banks, most ompanies issue stocks and bonds that they sell to investors to raise capital needed for business expansion. Governments also issue bonds to obtain funds to invest in such projects like construction of dams, roads and schools. All such investments involve a present sacrifice of income to get an expected future benefit.

As a result INVESTMENT RAISES A NATION’S STANDARD OF LIVING. 1. 2Industry Profile A mutual fund is just the connecting bridge or a financial intermediary that allows a group of investors to pool their money together with a predetermined investment objective.

The mutual fund will have a fund manager who is responsible for investing the gathered money into specific securities (stocks or bonds). When you invest in a mutual fund, you are buying units or portions of the mutual fund and thus on investing becomes a shareholder or unit holder of the fund.

Mutual funds are considered as one of the best available investments as compare to others they are very cost efficient and also easy to invest in, thus by pooling money together in a mutual fund, investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their own.

But the biggest advantage to mutual funds is diversification, by minimizing risk ; maximizing returns. Broad Types of Mutual Funds Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial position, risk tolerance and return expectations etc. thus mutual funds has Variety of flavours, Being a collection of many stocks, an investors can go for picking a mutual fund might be easy. There are over hundreds of mutual funds scheme to choose from. It is easier to think of mutual funds in categories, mentioned below.

Open ended scheme:

Being Open ended means that, at the end of every day, the fund issues new shares to investors and buys back shares from investors wishing to leave the fund. An open-end fund is one that is available for subscription all through the year. These do not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value (“NAV”) related prices. The key feature of open-end schemes is liquidity. Close ended scheme: A closed-end fund has a stipulated maturity period which generally ranging from 3 to 15 years.

The fund is open for subscription only during a specified period.

Investors can invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where they are listed. In order to provide an exit route to the investors, some close-ended funds give an option of selling back the units to the Mutual Fund through periodic repurchase at NAV related prices. Interval scheme: Interval Schemes are that scheme, which combines the features of open-ended and close-ended schemes. The units may be traded on the stock exchange or may be open for sale or redemption during pre-determined intervals at NAV related prices.

The risk return trade-off indicates that if investor is willing to take higher risk then correspondingly he can expect higher returns and vise versa if he pertains to lower risk instruments, which would be satisfied by lower returns. For example, if an investors opt for bank FD, which provide moderate return with minimal risk. But as he moves ahead to invest in capital protected funds and the profit-bonds that give out more return which is slightly higher as compared to the bank deposits but the risk involved also increases in the same proportion. Overview of existing schemes By Investment objective:

Income schemes: Growth Schemes are also known as equity schemes. The aim of these schemes is to provide capital appreciation over medium to long term.

These schemes normally invest a major part of their fund in equities and are willing to bear short-term decline in value for possible future appreciation. Growth schemes: Growth Schemes are also known as equity schemes. The aim of these schemes is to provide capital appreciation over medium to long term. These schemes normally invest a major part of their fund in equities and are willing to bear short-term decline in value for possible future appreciation.

Balanced schemes: Balanced Schemes aim to provide both growth and income by periodically distributing a part of the income and capital gains they earn. These schemes invest in both shares and fixed income securities, in the proportion indicated in their offer documents (normally 50:50).

Money Market schemes: They specialize in investing in short term money market instruments like treasury bills, and certificate of deposits. The objective of such scheme is high liquidity with low rate of return. By Nature Equity Funds: These funds invest a maximum part of their corpus into equities holdings.

The structure of the fund may vary different for different schemes and the fund manager’s outlook on different stocks. The Equity Funds are sub-classified depending upon their investment objective, as follows: •Diversified Equity Funds •Mid-Cap Funds •Sector Specific Funds •Tax Savings Funds (ELSS) Debt Funds: The objective of these Funds is to invest in debt papers. Government authorities, private companies, banks and financial institutions are some of the major issuers of debt papers.

By investing in debt instruments, these funds ensure low risk and provide stable income to the investors.

Debt funds are further classified as: 1)Gilt Funds: Invest their corpus in securities issued by Government, popularly known as Government of India debt papers. These Funds carry zero Default risk but are associated with Interest Rate risk. These schemes are safer as they invest in papers backed by Government. 2)Income Funds: Invest a major portion into various debt instruments such as bonds, corporate debentures and Government securities. 3)MIPs: Invests maximum of their total corpus in debt instruments while they take minimum exposure in equities It gets benefit of both equity and debt market.

These scheme ranks slightly high on the risk-return matrix when compared with other debt schemes. 4)Short Term Plans (STPs): These funds primarily invest in short term papers like Certificate of Deposits (CDs) and Commercial Papers (CPs). Some portion of the corpus is also invested in corporate debentures. 5) Liquid Funds and Balance Funds: Liquid Funds also known as Money Market Schemes mentioned and balance Funds as the name suggest they, are a mix of both equity and debt funds. OTHER SCHEMES 1)Tax saving schemes:

Taxes saving schemes are designed on the basis of the policy with special tax incentives to investors.

2)Capital protection schemes: These schemes aim at protecting the initial capital investment of the investor and do not guaranteed any assured returns. 3)Index schemes: Index schemes attempt to replicate the performance of a particular index such as the BSE Sensex or the NSE 50. The portfolio of these schemes will consist of only those stocks that constitute the index. The percentage of each stock to the total holding will be identical to the stocks index weightage.

And hence, the returns from such schemes would be more or less equivalent to those of the Index. 4)Sector specific schemes: These are the Funds/ schemes which invest in specific core sectors like energy, telecommunications, IT, construction, transportation and financial services.

Advantages of Mutual Funds •Diversification: An investor undertakes risk if he invests all his funds in a single scrip. Mutual funds invest in a number of companies across various industries and sectors. This diversification reduces the risk of the investment. •Professional Management: An investor lacks the knowledge of he capital market operations and does not have large resources to reap the benefits of investment. Hence, he requires the help of an expert.

Mutual funds are managed by professional managers who have the requisite skills and experiences to analyse the performance and prospectus of companies. •Regulatory oversight: Mutual funds are subject to many government regulations that protect investors from fraud. •Liquidity: It’s easy to get your money out of a mutual fund. Write a check, make a call, and you’ve got the cash. •Convenience: You can usually buy mutual fund shares by mail, phone, or over the Internet.

It reduces paperwork, saves time and makes investment easy.

•Low cost: Mutual fund expenses are often no more than 1. 5 percent of your investment. Expenses for Index Funds are less than that, because index funds are not actively managed. Instead, they automatically buy stock in companies that are listed on a specific index •Transparency: Mutual funds transparently declare their portfolio every month. Thus, an investor knows where his/her money is being deployed and in case they are not happy with the portfolio they can withdraw at a short notice. Flexibility: Mutual funds offer a family of schemes, and investors have the option of transferring their holdings from one scheme to other.

•Tax benefits: Mutual fund investors now enjoy income tax benefits. Dividends received from mutual funds’ debt schemes are tax exempt to the overall limit of Rs 9000 allowed under section SOL of the Income Tax Act. Drawbacks of Mutual Funds Mutual funds have their drawbacks and may not be for everyone: •No Guarantees: No investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio.

Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money.

•Fees and commissions: All funds charge administrative fees to cover their day-to-day expenses. Some funds also charge sales commissions or “loads” to compensate brokers, financial consultants, or financial planners. Even if you don’t use a broker or other financial adviser, you will pay a sales commission if you buy shares in a Load Fund. Taxes: During a typical year, most actively managed mutual funds sell anywhere from 20 to 70 percent of the securities in their portfolios. If your fund makes a profit on its sales, you will pay taxes on the income you receive, even if you reinvest the money you made.

•Management risk: When you invest in a mutual fund, you depend on the fund’s manager to make the right decisions regarding the fund’s portfolio. If the manager does not perform as well as you had hoped, you might not make as much money on your investment as you expected. Types of Mutual Funds on the Basis of Risk Vs Returns

Mutual Funds Industry in India The origin of mutual fund industry in India is with the introduction of the concept of mutual fund by UTI in the year 1963. Though the growth was slow, but it accelerated from the year 1987 when non-UTI players entered the industry. In the past decade, Indian mutual fund industry had seen dramatic improvements, both quality wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase, the Assets Under Management (AUM) was Rs.

67bn. The private sector entry to the fund family rose the AUM to Rs. 70 in in March 1993 and till April 2004, it reached the height of 1,540 bn. Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is less than the deposits of SBI alone, constitute less than 11% of the total deposits held by the Indian banking industry. The main reason of its poor growth is that the mutual fund industry in India is new in the country. Large sections of Indian investors are yet to be intellectuated with the concept.

Hence, it is the prime responsibility of all mutual fund companies, to market the product correctly abreast of selling.

The mutual fund industry can be broadly put into four phases according to the development of the sector. Each phase is briefly described as under. 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 crores of assets under management. Second Phase – 1987-1993 (Entry of Public Sector Funds) Entry of non-UTI mutual funds.

SBI Mutual Fund was the first followed by Can bank 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 in 1989 and GIC in 1990. The end of 1993 marked Rs. 47, 004 as assets under management. 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 crores.

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 This phase had bitter experience for UTI. It was bifurcated into two separate entities.

One is the Specified Undertaking of the Unit Trust of India with AUM of Rs. 29, 835 crores (as on January 2003).

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. CHAPTER II RESEARCH METHODOLOGY The present study was conducted at Kotak Mahindra Bank using the secondary data. The main sources of secondary data are obtained from websites.

Informal discussions were made with the industry staff. During the course of discussions the staff expresses their opinions regarding the funds. 2. 1 DATA COLLECTION METHOD: Secondary data were used for analyses such as (NAV) and performance of various schemes of the asset management companies. The net asset values (NAV) of the funds were collected from value Research website. 2.

2 RESEARCH DESIGN: For this study descriptive method is used for analysing the performance of the funds. Descriptive research study is concerned with describing the characteristics of particular individual or of a group.

Here it describes the characteristics based on the schemes and the performance based on the various asset management companies 2. 3 REVIEW OF AMC’S FUND PORTFOLIO 2. 3.

1 KOTAK MAHINDRA Kotak 30: About the Scheme: Kotak 30 is an open-ended equity growth scheme that invests predominantly in large cap stocks that are diversified across sectors and form a significant proportion of total market capitalization. The scheme does offers some flavour of mid-caps (maximum exposure up to 20%) to potentially enhance returns. Fund Objective: The scheme seeks capital appreciation, through investments in equities.

The fund portfolio would generally comprise of around 30 companies which may go up to 39 companies. These companies may or may not be the same which constitute the Sensex or Nifty.

Portfolio Holding: EquityValue (Rs in cr. )Qty% Reliance Industries 57. 88560,0005. 52 Infosys Technologies 55. 76203,6395. 32 ICICI Bank 52.

83555,0005. 04 Axis Bank 42. 55335,0004. 06 Larsen and Toubro 39. 18242,6003.

74 Punjab National Bank 36. 38350,0003. 47 ITC 33. 231,250,0003. 17 Housing Development Finance Corporation 32. 36115,0003.

09 Cipla 30. 88900,0002. 95 Tata Consultancy Services 30. 96404,4912. 95 Bharat Heavy Electricals 9. 23117,3002.

79 HDFC Bank 29. 01145,0002. 77 Lupin 28. 76168,5222. 74 Sterlite Industries (India) 27. 75335,0002.

65 GAIL India 27. 46640,0002. 62 IRB Infrastructure Developers 24. 60850,0002. 35 GlaxoSmithKline Consumer Healthcare 24. 37148,9832.

33 Zee Entertainment Enterprises 24. 33800,0002. 32 Rural Electrification Corporation 22. 94904,0772. 19 Yes Bank 21. 42750,0002.

04 Cummins India 21. 24370,9822. 03 Shree Cements 20. 9596,5392. 00 Exide Industries 20.

801,694,8761. 99 Voltas 20. 721,144,8501. 98 Oracle Financial Services Software 20. 5794,8991. 96 GVK Power ; Infrastructure 18.

064,000,0001. 2 Sintex India 17. 85549,4371. 70 Oil and Natural Gas Corporation 17. 40165,0001. 66 Jubilant Organosys 17.

00500,0001. 62 Allahabad Bank 16. 461,000,0001. 57 CESC 16. 26400,0001.

55 Infrastructure Development Finance Company 16. 20950,0001. 55 Crompton Greaves 15. 81600,0001. 51 Maruti Suzuki India 13.

05102,0001. 25 Tata Steel 12. 69205,0001. 21 Jagran Prakashan 12. 601,050,0001.

20 Jindal Steel ; Power 11. 15150,0001. 06 Mahindra and Mahindra 8. 00151,9920. 76 Pantaloon Retail 7.

68183,9880. 73 DebtValue (Rs in cr. )Rating% Term Deposits 19. 241. 84 Kotak Mahindra Bank Ltd. 19.

241. 84 Money MarketValue Rs in cr. )Rating% Collateral Borrowing ; Lending obligation59. 995. 72 Others / UnlistedValue (Rs in cr.

)Rating% Mahindra ; Mahindra Ltd. -MAY2010 -Futures 13. 081. 25 Net Receivable / PayableValue (Rs in cr. )Rating% Net Current Assets/(Liabilites) -20.

61-1. 97 Sector Weightages: Asset Allocation: Kotak Mid-Cap: About the Scheme: An open-ended scheme that invests in mid-cap companies that have a potential to become tomorrow’s large-caps. The key focus of the fund is to identify potential stocks that are likely to grow in the long term. The essence is to ‘spot them young and watch them grow’.

It endeavors to take advantage of the successive waves of opportunity provided by a transitioning economy. The portfolio is diversified across sectors, with adequate flexibility to move within sectors.

Fund Objective: To generate capital appreciation from a diversified portfolio of equity & equity related instruments. Portfolio Holding: Top Holdings EquityValue (Rs in cr. )Qty% Sintex India 4. 87150,0003. 02 Allahabad Bank 4. 12250,0002.

55 Ipca Laboratories 3. 93150,0002. 43 Aurobindo Pharma 3. 8140,0002. 36 GlaxoSmithKline Consumer Healthcare 3.

7623,0002. 33 Zuari Industries 3. 7356,0002. 31 Pantaloon Retail 3. 5585,0002. 9 ING Vysya Bank 3.

44108,0002. 13 United Phosphorous 3. 40200,0002. 11 Alstom Projects 3. 3855,0142.

09 Indian Bank 3. 38150,0002. 09 Petronet LNG Ltd 3. 28400,0002. 03 Oracle Financial Services Software 3. 2515,0002.

01 Hathway Cable and Datacom 3. 21152,7721. 98 Maharashtra Seamless 3. 1580,0001. 95 Jubilant Organosys 3. 0690,0001.

89 United Spirits 3. 0224,0001. 87 Shree Cements 2. 9713,7041. 84 Chambal Fertilisers and Chemicals 2.

96450,0001. 83 Voltas 2. 90160,0001. 79 Cummins India 2. 8650,0001. 77 Sesa Goa 2.

7965,0001. 73 Mphasis 2. 7240,0001. 69 Dalmia Cement (Bharat) 2. 73102,9171.

69 GVK Power & Infrastructure . 71600,0001. 68 Glenmark Pharma 2. 70100,0001. 67 Torrent Pharmaceuticals 2.

7050,2231. 67 JSW Energy 2. 64210,0001. 63 Sadbhav Engineering 2. 6320,0001.

63 KSK Energy Ventures 2. 60135,0001. 61 Tata Tea 2. 5324,0001. 56 Crompton Greaves 2. 5095,0001.

55 Federal Bank 2. 4885,0001. 54 Voltamp Transformers 2. 4727,0001. 53 Orient Paper and Industries 2.

46390,0001. 52 Container Corporation of India 2. 4418,8001. 51 Ashok Leyland 2. 40400,0001. 49 Arvind 2.

36650,0001. 46 Exide Industries 2. 33190,0001. 44 IRB Infrastructure Developers 2. 3280,0001.

43 Asian Paints 2. 2911,0001. 42 Radico Khaitan 2. 27175,0001. 41 CESC 2.

856,0001. 41 Jagran Prakashan 2. 28189,8551. 41 Zee Entertainment Enterprises 2. 2875,0001. 41 SKF India 2.

2749,1711. 40 Stride Arcolab 2. 2667,5001. 40 Lupin 2. 1312,5001.

32 Motherson Sumi Systems 2. 12150,0001. 31 Gujarat NRE Coke 2. 03221,4221. 26 Birla Corporation 1. 9950,0001.

23 Balrampur Chini Mills 1. 96235,0001. 21 Titan Industries 1. 969,2131. 21 DQ Entertainment International 1.

88175,0001. 16 Bata India 1. 7965,0001. 11 United Bank of India 1. 67200,0001.

03 Corporation Bank 1. 6330,0001. 01 Bhushan Steel 1. 619,0001. 00 Century Textiles and Industries 1.

5730,0000. 97 Money MarketValue (Rs in cr. )Rating%

Collateral Borrowing & Lending obligation1. 801. 11 Net Receivable / PayableValue (Rs in cr. )Rating% Net Current Assets/(Liabilites) 0.

980. 61 Sector Weightages: Asset Allocation: Kotak Tax saver: About the Scheme: Kotak Tax Saver is a diversified equity scheme that invests in equity and equity related securities and enables the investors to avail the income tax rebate, as permitted from time to time. The investment strategy is to have 80-100% in equity and 0-20% in debt and money market securities. This way the investor derives the dual benefit of gaining returns from investment in equities while also availing the tax benefit.

Kotak Tax Saver scheme uses bottom-up stock selection to build its portfolio. Risk is being managed by adequate diversification and by spreading investments over a range of industries and companies.

The portfolio offers a diversified mix across various sectors. As it is a close ended architecture, the investor has to compulsorily lock in ones fund for 3 years. Fund Objective: To generate capital appreciation from a diversified portfolio of equity & equity related securities and enable investors to avail the income tax rebate, as permitted from time to time Portfolio Holding: Top Holdings EquityValue (Rs in cr. )Qty%

Sintex India 4. 87150,0003. 02 Allahabad Bank 4.

12250,0002. 55 Ipca Laboratories 3. 93150,0002. 43 Aurobindo Pharma 3. 8140,0002.

36 GlaxoSmithKline Consumer Healthcare 3. 7623,0002. 33 Zuari Industries 3. 7356,0002. 31 Pantaloon Retail 3.

5585,0002. 19 ING Vysya Bank 3. 44108,0002. 13 United Phosphorous 3. 40200,0002.

11 Alstom Projects 3. 3855,0142. 09 Indian Bank 3. 38150,0002. 09 Petronet LNG Ltd 3. 28400,0002.

03 Oracle Financial Services Software 3. 2515,0002. 01 Hathway Cable and Datacom 3. 21152,7721. 98 Maharashtra Seamless 3. 1580,0001. 95 Jubilant Organosys 3. 0690,0001. 89 United Spirits 3. 0224,0001. 87

Shree Cements 2. 9713,7041. 84 Chambal Fertilisers and Chemicals 2. 96450,0001. 83 Voltas 2. 90160,0001. 79 Cummins India 2. 8650,0001. 77 Sesa Goa 2. 7965,0001. 73 Mphasis 2. 7240,0001. 69 Dalmia Cement (Bharat) 2. 73102,9171. 69 GVK Power & Infrastructure 2. 71600,0001. 68 Glenmark Pharma 2. 70100,0001. 67 Torrent Pharmaceuticals 2. 7050,2231. 67 JSW Energy 2. 64210,0001. 63 Sadbhav Engineering 2. 6320,0001. 63 KSK Energy Ventures 2. 60135,0001. 61 Tata Tea 2. 5324,0001. 56 Crompton Greaves 2. 5095,0001. 55 Federal Bank 2. 4885,0001. 54 Voltamp Transformers 2. 4727,0001. 53 Orient Paper and Industries 2. 46390,0001. 2 Container Corporation of India 2. 4418,8001. 51 Ashok Leyland 2. 40400,0001. 49 Arvind 2. 36650,0001. 46 Exide Industries 2. 33190,0001. 44 IRB Infrastructure Developers 2. 3280,0001. 43 Asian Paints 2. 2911,0001. 42 Radico Khaitan 2. 27175,0001. 41 CESC 2. 2856,0001. 41 Jagran Prakashan 2. 28189,8551. 41 Zee Entertainment Enterprises 2. 2875,0001. 41 SKF India 2. 2749,1711. 40 Stride Arcolab 2. 2667,5001. 40 Lupin 2. 1312,5001. 32 Motherson Sumi Systems 2. 12150,0001. 31 Gujarat NRE Coke 2. 03221,4221. 26 Birla Corporation 1. 9950,0001. 23 Balrampur Chini Mills 1. 96235,0001. 21 Titan Industries 1. 969,2131. 21

DQ Entertainment International 1. 88175,0001. 16 Bata India 1. 7965,0001. 11 United Bank of India 1. 67200,0001. 03 Corporation Bank 1. 6330,0001. 01 Bhushan Steel 1. 619,0001. 00 Century Textiles and Industries 1. 5730,0000. 97 Money MarketValue (Rs in cr. )Rating% Collateral Borrowing & Lending obligation1. 801. 11 Net Receivable / PayableValue (Rs in cr. )Rating% Net Current Assets/(Liabilites) 0. 980. 61 Sector Weightages: Asset Allocation: Kotak Opportunities: About the Scheme: Kotak Opportunities is a diversified, equity, open-ended scheme that has a flexibility to invest across market capitalization and sectors.

As markets evolve & grow, new opportunities of growth keep emerging. The investment strategy is to make strategic use of debt and money market securities. The scheme invests atleast 60% in large cap stocks and upto 40% in mid cap stocks. Fund Objective: To generate capital appreciation from a diversified portfolio of equity & equity related instruments Portfolio Holding: Top Holdings EquityValue (Rs in cr. )Qty% Reliance Industries 37. 21360,0003. 25 GlaxoSmithKline Consumer Healthcare 36. 48223,0183. 19 Larsen and Toubro 33. 92210,0002. 97 ICICI Bank 31. 41330,0002. 75 Sterlite Industries (India) 1. 06375,0002. 72 Axis Bank 31. 06244,5502. 72 Allahabad Bank 30. 311,841,1662. 65 Oracle Financial Services Software 30. 34140,0002. 65 Aurobindo Pharma 28. 57300,0002. 50 LIC Housing Finance 27. 72290,0002. 42 Power Finance Corporation 26. 981,002,8622. 36 Infosys Technologies 26. 0195,0002. 27 Punjab National Bank 25. 47245,0002. 23 Cairn India 25. 26800,0002. 21 Lupin 24. 31142,4952. 13 Tata Consultancy Services 22. 54294,4701. 97 Petronet LNG Ltd 22. 132,700,0001. 93 Mahindra and Mahindra 22. 10420,0001. 93 Voltas 21. 711,200,0001. 90 IRB Infrastructure Developers 20. 70715,2961. 81

GVK Power & Infrastructure 20. 114,455,0001. 76 Ipca Laboratories 20. 14769,5471. 76 Bhushan Steel 19. 66110,0001. 72 SpiceJet 18. 873,000,0601. 65 Bharat Heavy Electricals 18. 6975,0001. 63 ITC 18. 61700,0001. 63 Crompton Greaves 18. 45700,0001. 61 Stride Arcolab 18. 40550,0001. 61 Great Eastern Shipping Company 18. 17550,0001. 59 Tata Motors 18. 02300,0201. 58 Jubilant Organosys 17. 82524,1321. 56 Chambal Fertilisers and Chemicals 17. 752,700,0001. 55 Financial Technologies 17. 12110,0001. 50 Patel Engineering Company 16. 89370,0001. 48 Zee Entertainment Enterprises 16. 42540,0001. 44 ING Vysya Bank 15. 3500,0001. 39 Union Bank of India 15. 55500,0001. 36 Maruti Suzuki India 15. 36120,0001. 34 Titan Industries 15. 1271,0001. 32 Yes Bank 14. 28500,0001. 25 KSK Energy Ventures 14. 27740,0001. 25 Motherson Sumi Systems 14. 231,005,7831. 24 Jagran Prakashan 14. 221,185,0001. 24 Cadila Healthcare 13. 56240,0011. 19 HCL Technologies 11. 83300,0001. 03 United Bank of India 11. 701,400,0001. 02 Exide Industries 11. 05900,0000. 97 Bharat Petroleum Corporation 10. 77208,0330. 94 Oil and Natural Gas Corporation 10. 55100,0000. 92 Shree Renuka Sugars 10. 471,700,0000. 92 NTPC 10. 38500,0000. 91 United Phosphorous 0. 21600,0000. 89 Zuari Industries 8. 95134,2390. 78 United Spirits 8. 4967,5160. 74 Hathway Cable and Datacom 7. 84373,7130. 69 Sadbhav Engineering 4. 2932,6480. 38 Man Infraconstruction 2. 2465,1520. 20 DebtValue (Rs in cr. )Rating% Term Deposits 6. 980. 61 Kotak Mahindra Bank Ltd. 6. 980. 61 Money MarketValue (Rs in cr. )Rating% Collateral Borrowing & Lending obligation33. 192. 90 Others / UnlistedValue (Rs in cr. )Rating% NIFTY – 5200. 00 – Put Option – May 2010 -Options 0. 410. 04 Net Receivable / PayableValue (Rs in cr. )Rating% Net Current Assets/(Liabilites) 21. 581. 85 Sector Weightages:

Asset Allocation: 2. 3. 2 DSP BLACK ROCK: DSPBR Top 100 Eqt Reg About the Scheme: An Open Ended growth Scheme, seeking to generate capital appreciation, from a portfolio that is substantially constituted of equity securities and equity related securities of the 100 largest corporates, by market capitalisation, listed in India. Fund Objective: The scheme seeks to generate capital appreciation from a portfolio that largely consists of equity and equity related securities of the 100 largest corporates, by market capitalisation, listed on either BSE or NSE. Portfolio Holding: Top Holdings EquityValue Rs in cr. )Qty% State Bank of India 166. 14723,0016. 24 Reliance Industries 149. 631,449,2445. 62 Infosys Technologies 148. 30542,0145. 57 HDFC Bank 135. 52680,4735. 09 Cipla 104. 643,054,6663. 93 Tata Consultancy Services 99. 051,293,0323. 72 Larsen and Toubro 95. 32592,6493. 58 Bharat Heavy Electricals 91. 59367,5263. 44 Cairn India 87. 062,765,2803. 27 Rural Electrification Corporation 76. 413,014,9822. 87 Punjab National Bank 74. 28715,8592. 79 Siemens 73. 221,031,9172. 75 GAIL India 72. 151,681,5352. 71 Container Corporation of India 68. 43530,1142. 57 Tata Motors 64. 43738,1952. 42 Sun TV Network 4. 431,528,6672. 42 GlaxoSmithKline Pharmaceuticals 63. 10331,2362. 37 Bharat Electronics 55. 91306,7182. 10 Bharti Airtel 50. 061,677,4681. 88 Jindal Steel & Power 47. 93644,4211. 80 Bharat Petroleum Corporation 47. 13910,0481. 77 ABB 46. 06581,9561. 73 ICICI Bank 44. 73470,6001. 68 Oil and Natural Gas Corporation 42. 60403,7581. 60 JSW Energy 42. 603,386,3701. 60 Bank Of India 41. 541,089,3141. 56 Tata Power Company 40. 47298,6861. 52 Dabur India 40. 472,243,3771. 52 NTPC 37. 011,788,3171. 39 Mundra Port and Special Economic Zone 36. 21488,1431. 36 Infrastructure Development Finance Company 3. 811,980,9131. 27 Kotak Mahindra Bank 33. 02447,4851. 24 Unitech 30. 353,575,1341. 14 Axis Bank 30. 09237,2391. 13 Bank Of Baroda 29. 82431,2111. 12 Tata Motors 23. 16265,3840. 87 United Spirits 22. 90182,1620. 86 Canara Bank 21. 03489,6760. 79 Maruti Suzuki India 18. 11141,4750. 68 Dr Reddys Laboratories 16. 51130,7850. 62 Oil India 8. 5275,9600. 32 Mahindra and Mahindra 1. 3325,3040. 05 Money MarketValue (Rs in cr. )Rating% CBLO / Reverse Repo Investments186. 917. 02 Others / UnlistedValue (Rs in cr. )Rating% Index Derivatives -Derivatives 43. 401. 63 DLF May 2010 -Derivatives 23. 960. 90

Tata Motors May 2010 -Derivatives 19. 700. 74 Net Receivable / PayableValue (Rs in cr. )Rating% Net Receivable/Payable -86. 53-3. 25 Sector Weightages: Asset Allocation: DSPBR Tax saver About the Scheme: An open Ended equity linked savings scheme, whose primary investment objective is to seek to generate medium to long-term capital appreciation from a diversified portfolio that is substantially constituted of equity and equity related securities of corporates, and to enable investors avail of a deduction from total income, as permitted under the Income Tax Act, 1961 from time to time. Fund Objective:

The scheme seeks to generate medium to long-term capital appreciation from a diversified portfolio that is substantially constituted of equity and equity related securities Portfolio Holding: Top Holdings EquityValue (Rs in cr. )Qty% Reliance Industries 31. 76307,2563. 79 Infosys Technologies 28. 22103,0643. 36 HDFC Bank 21. 66108,2942. 58 Voltas 21. 621,195,0002. 58 ING Vysya Bank 20. 52644,1452. 45 ICICI Bank 19. 01199,6642. 27 Larsen and Toubro 18. 27113,1362. 18 State Bank of India 17. 8577,5642. 13 Dr Reddys Laboratories 17. 81141,3172. 12 Ipca Laboratories 17. 43665,8402. 08 Bajaj Electricals 16. 77731,8502. 00

Rural Electrification Corporation 16. 75660,4062. 00 Tata Consultancy Services 16. 08210,1461. 92 Jindal Steel & Power 15. 18204,1821. 81 Crompton Greaves 14. 72558,7591. 76 Procter and Gamble Hygiene and Health Care 14. 5371,3321. 73 Bharat Heavy Electricals 14. 4658,0001. 72 Union Bank of India 14. 35461,3291. 71 Piramal Healthcare 13. 87260,0491. 65 Bombay Dyeing and Manufacturing Company 12. 46213,5001. 49 Oriental Bank of Commerce 11. 99338,9511. 43 NTPC 11. 59558,3301. 38 Gujarat State Petronet 11. 471,201,8001. 37 Nestle India 11. 4241,3411. 36 Exide Industries 11. 30920,9281. 35 Patni Computer Systems 11. 26209,7071. 4 Ahluwalia Contracts India 11. 10481,8881. 32 GlaxoSmithKline Consumer Healthcare 11. 0667,6181. 32 Cadila Healthcare 10. 78190,7861. 29 Mahindra and Mahindra 10. 72203,8361. 28 Zee Entertainment Enterprises 10. 41342,4491. 24 Chambal Fertilisers and Chemicals 10. 401,582,4921. 24 Vascon Engineers 10. 29639,8151. 23 Godrej Consumer Products 10. 21352,1031. 22 Credit Rating Information Services of India 10. 2018,4561. 22 Lupin 10. 0658,9401. 20 Biocon 9. 88326,5001. 18 Sterlite Industries (India) 9. 92119,7211. 18 Oil India 9. 4484,4601. 12 Brigade Enterprises 9. 42664,2921. 12 ITC 9. 21346,3771. 10 Kajaria Ceramics 8. 31,350,0001. 06 Cairn India 8. 88281,3811. 06 Axis Bank 8. 5767,5001. 02 Adhunik Metaliks 8. 56687,3301. 02 Jubilant Organosys 8. 29243,9450. 99 Pidilite Industries 8. 26700,0000. 98 Emami 8. 04123,4500. 96 Cipla 7. 91230,5370. 94 Hindustan Petroleum Corporation 7. 56239,6570. 90 Allied Digital Services 7. 41296,0440. 88 Bharat Electronics 7. 3740,5120. 88 Apollo Tyres 7. 361,056,8150. 88 Lloyd Electric and Engineering 7. 28915,8700. 87 Hindustan Zinc 7. 1257,1480. 85 Zuari Industries 6. 98104,7200. 83 CMC 6. 7649,2980. 81 Britannia Industries 6. 6240,0000. 79 CESC 6. 54160,8450. 78 Mahindra Holidays and Resorts India . 30124,0650. 75 BGR Energy Systems 6. 05100,0000. 72 JK Cement 5. 18277,9000. 62 Deep Industries 4. 74429,7470. 56 Great Eastern Shipping Company 4. 59138,8980. 55 Piramal Life Sciences 4. 30364,2760. 51 Max India 4. 08227,6820. 49 Mahindra Lifespace Developers 4. 0685,5000. 48 Blue Star 3. 5987,7350. 43 Mcleod Russel (India) 3. 32145,1380. 40 HeidelbergCement India 2. 92540,8000. 35 Sun TV Network 2. 6963,7300. 32 Geodesic 2. 47217,1130. 29 Mount Everest Mineral Water 2. 35273,7100. 28 OCL India 1. 37104,9290. 16 DebtValue (Rs in cr. )Rating% BONDS & NCDs 0. 690. 08 Britannia Industries 0. 69AAA0. 08

Money MarketValue (Rs in cr. )Rating% CBLO / Reverse Repo Investments54. 986. 56 Others / UnlistedValue (Rs in cr. )Rating% Emami Infrastructure # 0. 490. 06 Net Receivable / PayableValue (Rs in cr. )Rating% Net Receivable/Payable 0. 680. 07 Sector Weightages: Asset Allocation: DSPBR Opportunities About the Scheme: An Open Ended growth Scheme, seeking to generate long term capital appreciation and whose secondary objective is income generation and the distribution of dividend from a portfolio constituted of equity and equity related securities concentrating on the investment focus of the Scheme. Fund Objective:

The scheme seeks to achieve long-term capital appreciation by responding to the dynamically changing Indian economy by moving across sectors such as the lifestyle, pharma, cyclical and technology. Portfolio Holding: Top Holdings EquityValue (Rs in cr. )Qty% Reliance Industries 36. 88356,7944. 30 Infosys Technologies 36. 62133,7434. 27 Karur Vysya Bank 32. 33665,3523. 77 Oracle Financial Services Software 27. 53127,0283. 21 Zee Entertainment Enterprises 25. 21829,1492. 94 State Bank of India 24. 61106,9852. 87 Piramal Healthcare 24. 44458,1122. 85 Oil and Natural Gas Corporation 22. 38212,2132. 61 Dr Reddys Laboratories 2. 04174,9372. 57 Voltas 21. 611,194,3842. 52 HDFC Bank 21. 10105,4652. 46 Bharat Electronics 18. 1099,4752. 11 Housing Development Finance Corporation 17. 3261,5652. 02 Bharat Heavy Electricals 17. 3269,5122. 02 ICICI Bank 16. 47172,9771. 92 GlaxoSmithKline Pharmaceuticals 16. 0483,8381. 87 Indian Oil Corporation 15. 87538,2941. 85 Crompton Greaves 15. 61592,3691. 82 Axis Bank 15. 52122,2301. 81 ITC 14. 49545,1951. 69 United Phosphorous 14. 41846,5481. 68 Larsen and Toubro 14. 1587,6191. 65 Tata Consultancy Services 12. 86168,0761. 50 Cipla 12. 69369,8961. 48 Lupin 12. 4472,8791. 45 Bharat Petroleum Corporation 12. 5238,6461. 44 United Breweries 11. 49573,1821. 34 Nestle India 10. 7238,7991. 25 Bharti Airtel 9. 78327,4841. 14 Allied Digital Services 9. 69387,0311. 13 Mphasis 9. 18134,8031. 07 Emami 9. 01138,3391. 05 Jindal Steel & Power 9. 01121,1271. 05 Dishman Pharmaceuticals & Chemicals 8. 23373,8150. 96 Deccan Chronicle Holdings 8. 23545,6120. 96 United Spirits 7. 8962,7450. 92 Jubilant Organosys 7. 80229,6110. 91 Pipavav Shipyard 7. 80903,8180. 91 TVS Motor Company 7. 72800,2800. 90 GAIL India 7. 46173,8850. 87 Cairn India 7. 46236,3450. 87 Jindal Saw 7. 38337,7130. 86 Bank Of Baroda 7. 29105,3150. 85 KEC International 7. 0128,1530. 84 Hathway Cable and Datacom 6. 69318,8530. 78 Mahindra Holidays and Resorts India 6. 43126,6940. 75 Century Textiles and Industries 6. 18117,8200. 72 Britannia Industries 6. 1837,3140. 72 Dish TV 6. 091,696,1560. 71 NTPC 5. 92285,1200. 69 Divis Laboratories 5. 7585,3110. 67 Hindustan Construction Company 5. 75437,1360. 67 BL Kashyap & Sons 5. 23138,0180. 61 NIIT Technologies 5. 15275,0300. 60 Punjab National Bank 5. 0648,6780. 59 Central Bank of India 4. 89302,9760. 57 Hindustan Zinc 4. 7237,8370. 55 Colgate Palmolive (India) 4. 5561,2600. 53 Sobha Developers 4. 55143,9120. 53 DB Corp 4. 37173,7070. 51

Tata Motors 4. 2048,1600. 49 Bajaj Auto 3. 8618,4360. 45 Mahindra and Mahindra 3. 8673,3510. 45 United Bank of India 3. 69441,3910. 43 3M India 3. 6915,9450. 43 Sun Pharmaceutical Industries 3. 6923,4710. 43 Hindustan Petroleum Corporation 3. 60114,2060. 42 Bajaj Auto Finance 3. 5282,0030. 41 DCM Shriram Consolidated 3. 52589,4880. 41 MIC Electronics 3. 17759,1500. 37 eClerx Services 3. 1758,1660. 37 Sterlite Industries (India) 3. 0937,2750. 36 Television Eighteen 2. 92351,7440. 34 Pantaloon Retail 0. 5112,3360. 06 DebtValue (Rs in cr. )Rating% BONDS & NCDs 0. 690. 08 Britannia Industries 0. 69AAA0. 08 Money MarketValue Rs in cr. )Rating% CBLO / Reverse Repo Investments21. 182. 47 Others / UnlistedValue (Rs in cr. )Rating% Rural Electrification Corporation May 2010 -Derivatives 15. 611. 82 Tata Motors May 2010 -Derivatives 12. 351. 44 State Bank of India May 2010 -Derivatives 7. 460. 87 Kotak Mahindra Bank May 2010 -Derivatives 4. 290. 50 LIC Housing Finance May 2010 -Derivatives 3. 950. 46 Emami Infrastructure # 0. 600. 07 Index Derivatives -Derivatives -21. 10-2. 46 Net Receivable / PayableValue (Rs in cr. )Rating% Net Receivable/Payable 4. 890. 57 Sector Weightages: Asset Allocation: 2. 3. 3 TATA Tata Mid Cap About the Scheme:

Tata Mid Cap Fund is positioned to invest predominantly in equity / equity related instruments of mid cap companies. Mid Cap companies for the purpose of this scheme information document are generally those companies that are either included in the CNX Midcap index or one that fall within market cap requirement of CNX Midcap index. Fund Objective: The scheme aims to invest in companies that are either included in the CNX Midcap 200 Index or the ones that fall within market cap requirement of this index. Portfolio Holding: Top HoldingsApr-30-2010 EquityValue (Rs in cr. )Qty% Oracle Financial Services Software 3. 9118,0003. 2 Crompton Greaves 3. 85146,2503. 66 Bank Of Baroda 3. 7354,0003. 55 Castrol India 3. 72101,0603. 54 Exide Industries 3. 61295,0043. 43 Sterlite Technologies 3. 51342,0003. 33 Nava Bharat Ventures 3. 3980,0193. 23 CESC 3. 3382,0003. 17 Gujarat State Petronet 3. 29345,0053. 13 KEC International 3. 1255,5402. 97 Jindal Steel & Power 2. 9039,0002. 76 Unichem Laboratories 2. 8770,0012. 73 LIC Housing Finance 2. 7829,0002. 64 Polaris Software Lab 2. 77150,0032. 63 Jain Irrigation Systems 2. 7425,0002. 60 Torrent Pharmaceuticals 2. 7150,6812. 58 Pantaloon Retail 2. 6263,0002. 49 Sun TV Network 2. 5360,0002. 40 Asian Paints 2. 912,0002. 37 Ratnamani Metals and Tubes 2. 42190,0002. 30 AIA Engineering 2. 3660,0002. 24 Oriental Bank of Commerce 2. 3466,0002. 22 Firstsource Solutions 2. 31750,0162. 20 Tulip Telecom 2. 1926,0002. 08 Shiv Vani Oil & Gas Exploration Services 2. 1150,0012. 01 Tamil Nadu Newsprint and Papers 2. 07209,0051. 97 Voltas 1. 99110,0001. 89 Divis Laboratories 1. 9228,5001. 83 Hindustan Zinc 1. 8615,0001. 77 Allahabad Bank 1. 65100,0001. 57 Piramal Healthcare 1. 6030,0011. 52 Texmaco 1. 32100,0001. 26 Century Textiles and Industries 1. 3125,0001. 25 Rain Commodities 1. 3072,9501. 24 Mphasis 1. 2418,2041. 18 Biocon 1. 2140,0001. 5 Mcleod Russel (India) 1. 1951,8991. 13 Central Bank of India 1. 1370,0031. 07 Dishman Pharmaceuticals & Chemicals 1. 1050,0001. 04 ESS DEE Aluminium 1. 0421,0000. 98 Bata India 0. 9635,0010. 92 Prakash Industries 0. 5424,0000. 52 Cadila Healthcare 0. 417,1990. 39 WABCO-TVS (INDIA) 0. 034000. 03 Cash / CallValue (Rs in cr. )Rating% Cash, Others 7. 727. 31 Sector Weightages: Asset Allocation: Tata Equity Opportunities About the Scheme: From time to time, equity markets present opportunities for investors to profit from. The Tata Equity Opportunities Fund aims at proactively taking advantage of those opportunities.

Positioned as a “stock picker’s delight”, it is a diversified equity fund which undertakes rigorous research to identify opportunities in equity markets that could be for instance, turnaround companies or stocks being re-rated by the market, companies benefitting from changing economic fundamentals, etc. Being a multi-cap fund, it invests in small, medium and large cap stocks wherever the fund manager spots an opportunity. It is hence very actively managed and dynamic in nature, although stock picking is based on a sound bottom-up approach. Fund Objective:

The scheme aims to provide capital appreciation by investing in equity and equity related instruments of well researched value and growth oriented companies. Portfolio Holding: Top HoldingsApr-30-2010 EquityValue (Rs in cr. )Qty% KEC International 17. 29307,5093. 78 Rallis India 14. 99102,5783. 28 Infosys Technologies 14. 5653,2313. 19 Oracle Financial Services Software 14. 5266,8653. 18 Mcleod Russel (India) 14. 34627,1783. 14 ICICI Bank 14. 26150,0003. 12 Reliance Industries 14. 00135,5543. 06 Lupin 13. 9381,5443. 05 Nava Bharat Ventures 13. 24312,3622. 90 Wipro 12. 93192,0002. 83 Consolidated Construction Consortium 12. 661,512,0722. 77

Jain Irrigation Systems 12. 52114,4812. 74 Exide Industries 12. 231,000,0002. 68 Pantaloon Retail 12. 06290,0002. 64 Usha Martin 11. 471,200,0002. 51 Nestle India 11. 0540,0002. 42 Castrol India 10. 65289,4172. 33 Sun TV Network 10. 33245,0012. 26 IDBI Bank 10. 08800,0002. 20 Tata Motors 9. 86113,0002. 16 Jaiprakash Associates 9. 76662,2732. 14 Mahindra and Mahindra 9. 63182,9992. 11 Rural Electrification Corporation 9. 66381,1012. 11 Federal Bank 9. 20314,9992. 01 Shree Cements 9. 0942,0501. 99 Bharat Heavy Electricals 8. 6034,5001. 88 Shiv Vani Oil ; Gas Exploration Services 8. 46200,0001. 85 Zee Entertainment Enterprises 8. 09266,5001. 7 Bajaj Auto 7. 3335,0001. 60 Prakash Industries 7. 32323,5311. 60 Larsen and Toubro 7. 2445,0001. 58 Hindalco Industries 7. 12400,0001. 56 Eveready Industries India 6. 46993,5431. 41 Oil and Natural Gas Corporation 6. 3860,5001. 40 Sterlite Industries (India) 6. 3877,0001. 40 Mphasis 6. 1390,0011. 34 Divis Laboratories 5. 9388,0861. 30 Great Eastern Shipping Company 5. 79175,0011. 27 Firstsource Solutions 5. 551,800,0001. 22 Motilal Oswal Financial Services 5. 41324,6011. 18 Patni Computer Systems 5. 37100,0001. 18 Sadbhav Engineering 5. 2439,8151. 15 Gujarat Mineral Development Corporation 5. 07370,3941. 11 Balrampur Chini Mills