Equity

An Open-ended Growth Scheme

DATE OF INCEPTION : 22/8/2005

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

14.42

Dividend

12.63

AUM

Jan 2007

2006

2005

1,079.18 Cr

20%

NA

NA

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide investors with opportunities for long-term growth in capital along with the liquidity of an open-ended scheme through an active management of investments in a diversified basket of equity stocks spanning the entire market capitalization spectrum and in debt and money market instruments.

The fund is predominantly invested in industrial manufacturing, construction,  automobile,  media and select pharma stocks.  The  stocks in the construction space have taken a beating on account of withdrawal of tax benefits in the budget. This has impacted our near term performance also. However we are positive on the engineering and construction companies which continue to be benefitted by increased  activity  in the infrastructure space.  The fund intends to maintain a judicious mix between large and mid cap equity stocks to capture the growth opportunities together with the stability of the performance.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE 100 YTD Fund Benchmark

-8.73% -6.63%

1m

3m

6m

1y

3y

-10.77% -9.52%

-7.92% -5.38%

7.85% 10.34%

16.20% 20.37%

N.A. N.A.

5y

S.Inc

N.A. N.A.

31.45% 34.28%

Date of 1st NAV - 10/14/2005

AUTOMOBILE - 9.91% CEMENT & CEMENT PRODUCTS - 2.59% 1%

10%

10%

10%

49%

3%

6% 2%

11%

10% 2% 2% 2%

40%

7% 2% 7% 7% 4% 15%

Large Cap

Small Cap

Mid Cap

CONSTRUCTION - 11.45% CONSUMER GOODS - 2.08% ENERGY - 7.05% FERTILISERS & PESTICIDES - 1.56% FINANCIAL SERVICES - 6.71% INDUSTRIAL MANUFACTURING - 15.39% IT - 3.71% MEDIA & ENTERTAINMENT - 7.21% METALS - 1.93% MISCELLANEOUS - 0.48% PAPER - 1.65% PHARMA - 10.06% TELECOM - 2.43% TEXTILES - 5.91% CASH - 9.88%

Other Current Assets

TOP HOLDINGS Zee Entertainment Enterprises Ltd Mahindra & Mahindra Limited Lupin Limited IVRCL Infrastructures & Projects Lt Reliance Industries Limited Crompton Greaves Limited Thermax Ltd Nagarjuna Construction Company Ltd. Bharat Heavy Electricals Limited Oil And Natural Gas Corporation Ltd Maruti Udyog Limited Wockhardt Limited Cipla Limited Raymond Limited Jaiprakash Associates Ltd. Total

4.86% 4.74% 4.47% 4.36% 4.07% 4.00% 3.83% 3.56% 3.30% 2.98% 2.96% 2.82% 2.76% 2.46% 2.45% 53.62%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 13,871 Rs 1,871

3 year Rs 36,000 NA NA

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees.

Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 5000

1

HHH (by Value Research)

An Open ended Growth Scheme

DATE OF INCEPTION : 2/1/1991

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

26.49

Dividend

26.49

AUM

Sept 2006

Dec 2003

Oct 2003

50%

20%

14%

274.47Cr.

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

This actively managed fund offers growth through investment in a portfolio of select blue chip stocks.

Global uncertainities on inflation and interest rates and uncertainity on the budget in India wieghed heavily on the market. Considering such uncertainities in the equity market, we have maintained higher level of cash. At the same time we continue to sharpen focus on stocks of our choice.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE 100 YTD Fund Benchmark

-3.67% -6.63%

1m

3m

6m

1y

-7.51% -9.52%

-2.61% -5.38%

15.71% 10.34%

3y

29.13% 20.37%

5y

36.04% 30.63%

S.Inc

36.33% 30.74%

16.26% N.A.

Date of 1st NAV - 1/02/1991

10%

10%

11%

2% 7% 10% 5% 3%

7%

7%

4% 1% 4%

90%

4% 6%

8%

AUTOMOBILE - 11.30% CEMENT & CEMENT PRODUCTS - 6.51% CONSTRUCTION - 4.77% CONSUMER GOODS - 3.29% ENERGY - 6.73% FERTILISERS & PESTICIDES - 4.04% FINANCIAL SERVICES - 8.04% INDUSTRIAL MANUFACTURING - 11.96% IT - 5.58% MEDIA & ENTERTAINMENT - 4.31% METALS - 0.72% MISCELLANEOUS - 3.76% PHARMA - 6.81% TELECOM - 9.59% TEXTILES - 2.18% CASH - 10.41%

12% Large Cap

Small Cap

Mid Cap

Other Current Assets

TOP HOLDINGS Kotak Mahindra Finance Limited Bharti Airtel Ltd Bharat Heavy Electricals Limited Infosys Technologies Limited Gujarat Ambuja Cements Limited Mahindra & Mahindra Limited United Phosphorus Limited Bajaj Auto Limited ITC Limited Jindal Steel & Power Limited Reliance Industries Limited Larsen & Toubro Limited Jaiprakash Associates Ltd. Siemens Limited Zee Entertainment Enterprises Ltd Total

7.73% 7.46% 5.96% 5.58% 5.49% 4.99% 4.04% 3.81% 3.76% 3.52% 3.21% 3.21% 3.09% 2.80% 2.78% 67.43%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 14,395 Rs 2,395

3 year Rs 36,000 Rs 63,372 Rs 27,372

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 1000

2

An Open-ended Index Scheme

HHH (by Value Research)

DATE OF INCEPTION : 4/2/2002

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

34.17

Dividend

16.91

AUM

Mar 2006

Mar 2005

Mar 2004

8.26 Cr

33%

37.5%

30%

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

The scheme will adopt a passive investment strategy. The scheme will invest in stocks comprising the S&P CNX Nifty index in the same proportion as in the index with the objective of achieving returns equivalent to the Total Returns Index of S&P CNX Nifty index by minimizing the performance difference between the benchmark index and the scheme. The Total Returns Index is an index that reflects the returns on the index from index gain/loss plus dividend payments by the constituent stocks.

The fund is managed passively and tracks Nifty.

TRACKING ERROR (Vis-à-vis Total Return Index) Period

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : S & P NIFTY TRI

Fund Benchmark

Tracking Error

YTD

1m

3m

6m

1y

-5.94% -5.67%

-8.93% -9.19%

-5.28% -4.50%

8.10% 10.12%

23.55% 21.81%

1m

3m

6m

12m

1.244%

1.286%

1.269%

3.901%

3y

5y

27.24% 27.60%

S.Inc

27.14% 26.80%

28.20% 27.88%

Date of 1st NAV - 02/04/2002

7%

15%

14% 2%

3%

3%

4% 4% 6% 31%

1%

MISCELLANEOUS - 3.96% SERVICES - 0.47% TELECOM - 15.12% CASH - (-18.69%)

23%

84%

7% Large Cap

Small Cap

Mid Cap

AUTOMOBILE - 6.89% CEMENT & CEMENT PRODUCTS - 3.01% CHEMICALS - 0.47% CONSUMER GOODS - 2.83% ENERGY - 30.80% FINANCIAL SERVICES - 14.39% INDUSTRIAL MANUFACTURING - 6.93% IT - 23.41% MEDIA & ENTERTAINMENT - 0.63% METALS - 5.62% PHARMA - 4.14%

14%

Other Current Assets

TOP HOLDINGS Reliance Industries Limited Oil And Natural Gas Corporation Ltd Bharti Airtel Ltd Tata Consultancy Services Ltd. Infosys Technologies Limited Wipro Limited Reliance Communication Ltd ICICI Bank ITC Limited State Bank Of India Bharat Heavy Electricals Limited Housing Development Finance Corporation Limited Larsen & Toubro Limited Steel Authority Of India Ltd Hindustan Lever Limited Total

12.21% 11.13% 8.86% 7.57% 7.25% 5.34% 5.02% 4.61% 3.96% 3.91% 3.32% 2.59% 2.44% 2.37% 2.33% 82.92%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 14,176 Rs 2,176

3 year Rs 36,000 Rs 56,500 Rs 20,500

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load NIL Entry Load Investments below Rs.50 lakhs - 1.25% Investments of Rs.50 lakhs and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 5000

3

HHHH (by Value Research) An Open-ended Growth Scheme

DATE OF INCEPTION : 28/2/1993

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

50.61

Dividend

46.16

AUM 745.07 Cr.

May 2005

Jan 2004

Sep 2000

21%

20%

20%

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide investors long term capital appreciation along with the liquidity of an open-ended scheme. The scheme will invest in a diversified portfolio of equities of high growth companies.

Global uncertainities on inflation and interest rates and uncertainity on the budget in India wieghed heavily on the market. Considering such uncertainities in the equity market, we have maintained higher level of cash. At the same time we continue to sharpen focus on stocks of our choice.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE 100 YTD Fund Benchmark

-5.31% -6.63%

1m

3m

6m

1y

3y

5y

-8.88% -9.52%

-1.00% -5.38%

14.24% 10.34%

22.72% 20.37%

49.68% 30.63%

S.Inc

44.21% 30.74%

15.54% N.A.

Date of 1st NAV - 2/28/1993

9%

52%

3%

9%

14%

2% 4% 5% 8% 2% 3%

9%

2%

2%

36%

4%

AUTOMOBILE - 14.43% CEMENT & CEMENT PRODUCTS - 4.99% CONSTRUCTION - 8.95% CONSUMER GOODS - 2.40% FERTILISERS & PESTICIDES - 3.83% FINANCIAL SERVICES - 7.42% INDUSTRIAL MANUFACTURING - 28.10% IT - 2.31% METALS - 3.00% PHARMA - 7.64% SERVICES - 3.85% MISCELLANEOUS - 1.63% TEXTILES - 2.03% CASH - 9.43%

7% 28% Large Cap

Small Cap

Mid Cap

Other Current Assets

TOP HOLDINGS Crompton Greaves Limited Kotak Mahindra Finance Limited Thermax Ltd Mahindra & Mahindra Limited Bharat Heavy Electricals Limited Jaiprakash Associates Ltd. Cipla Limited Bajaj Auto Limited Blue Dart Express Limited United Phosphorus Limited Gujarat Ambuja Cements Limited Elecon Engineering Co. Ltd Nagarjuna Construction Company Ltd. Amtek Auto Ltd. Lupin Limited Total

8.33% 7.42% 7.36% 5.15% 4.92% 3.99% 3.91% 3.86% 3.85% 3.83% 3.82% 3.79% 3.51% 3.31% 3.11% 70.17%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 16,070 Rs 4,070

3 year Rs 36,000 Rs71,003 Rs 35,003

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 1000

4

An Open-ended Growth Scheme

DATE OF INCEPTION : 23/12/2005

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

10.72

Dividend

10.72

AUM 1,963.34 Cr.

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide investors with opportunities for long-term growth in capital through an active management of investments in a diversified basket of equity stocks of companies whose market capitalization is at least equal to or more than the least market capitalized stock of BSE 100 Index.

The fund is primarily invested in energy, financial services, IT and industrial manufacturing sectors. While the energy sector is attractively valued, IT sector continues to show good traction with improved pricing environment. We  are positive on the financial services on account of strong credit growth and their attractive valuation. The thrust on infrasturcture development is expected to benefit companies operating in engineering  & construction sector. We expect the large cap rally to be more broad based in 2007 than it was in 2006 and have alligned our portfolio accordingly.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS :

Benchmark : BSE 100

Fund Benchmark

YTD

1m

3m

6m

1y

3y

5y

-8.38% -6.63%

-10.37% -9.52%

-7.90% -5.38%

3.38% 10.34%

5.93% 20.37%

N.A. N.A.

S.Inc

N.A. N.A.

6.88% 23.33%

Date of 1st NAV - 02/17/2006

AUTOMOBILE - 6.59% CEMENT & CEMENT PRODUCTS - 1.41% 8%

8%

7%

2%

4%

5%

22%

CONSTRUCTION - 3.98% CONSUMER GOODS - 3.55% ENERGY - 12.87% FERTILISERS & PESTICIDES - 1.79% FINANCIAL SERVICES - 11.37%

1% 4%

2% 8%

13%

4% 2% 5% 70%

11%

4% 10%

Large Cap

Small Cap

Mid Cap

9%

INDUSTRIAL MANUFACTURING - 9.45% IT - 10.48% MEDIA & ENTERTAINMENT - 4.16% METALS - 4.85% MISCELLANEOUS - 4.11% PHARMA - 7.60% SERVICES - 2.38% TELECOM - 4.96% TEXTILES - 2.42% CASH - 8.03%

Other Current Assets

TOP HOLDINGS Thermax Ltd Oil And Natural Gas Corporation Ltd Reliance Industries Limited Tata Consultancy Services Ltd. Reliance Communication Ltd Mahindra & Mahindra Limited Punjab National Bank Ranbaxy Laboratories Limited Infosys Technologies Limited State Bank Of India Crompton Greaves Limited Maruti Udyog Limited Hindustan Lever Limited Zee Entertainment Enterprises Ltd Satyam Computers Services Limited Total

4.66% 4.51% 4.21% 3.88% 3.86% 3.42% 3.08% 3.02% 2.80% 2.67% 2.54% 2.54% 2.45% 2.40% 2.26% 48.31%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 13,318 Rs 1,318

3 year Rs 36,000 NA NA

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 5000

5

CPR1 (by Crisil) (*) Gold ICRA 2007 (3y) CNBC TV 18-CRISIL 2007 HHHHH (by Value Research)

An Open-ended Equity Linked Savings Scheme

OPEN-ENDED EQUITY FUND - ELSS REPORT AS ON : 28-2-2007

Option

DATE OF INCEPTION : 31/3/1993

NAV (Rs.)

AUM

Feb 2007

Mar 2006

Jun 2005

53.97

1,480.29 Cr.

110%

150%

102%

Dividend

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

The prime objective of this scheme is to deliver the benefit of investment in a portfolio of equity shares, while offering tax rebate on such investments made in the scheme under section 80 C of the Income-tax Act, 1961. It also seeks to distribute income periodically depending on distributable surplus.

The fund was ranked no.1 amongst all the tax saving schemes in CY06. The fund continues to bet on the services sector, capex cycle and the infrastructure development and we are bullish on them. The fund has a healthy mix of large cap stocks and midcap growth stocks

PERFORMANCE REPORT & PORTFOLIO ANALYSIS :

Benchmark : BSE 100

Fund Benchmark

YTD

1m

3m

6m

1y

3y

5y

-2.33% -6.63%

-7.46% -9.52%

-0.15% -5.38%

19.61% 10.34%

29.12% 20.37%

64.51% 30.63%

S.Inc

57.10% 30.74%

21.72% 14.25%

Date of 1st NAV - 03/31/1993

2% 28%

10%

32%

1% 4%

28%

2%

7% 2%

3% 3% 1% 3% 1%

37%

3%

12%

6% 3% Large Cap

Small Cap

Mid Cap

10%

Other Current Assets

AUTOMOBILE - 1.66% CEMENT & CEMENT PRODUCTS - 10.22% CHEMICALS - 1.12% CONSTRUCTION - 4.43% CONSUMER GOODS - 2.48% ENERGY - 6.78% FERTILISERS & PESTICIDES - 2.23% FINANCIAL SERVICES - 2.81% INDUSTRIAL MANUFACTURING - 12.29% IT - 10.31% MEDIA & ENTERTAINMENT - 3.19% METALS - 5.54% MISCELLANEOUS - 0.56% PAPER - 0.45% PHARMA - 3.28% SERVICES - 0.69% TELECOM - 3.34% TEXTILES - 0.27% CASH - 28.35%

TOP HOLDINGS Crompton Greaves Limited Infosys Technologies Limited Jaiprakash Associates Ltd. Reliance Communication Ltd Shree Cement Limited Havells India Ltd United Phosphorus Limited KEC International Ltd India Cements Limited Satyam Computers Services Limited Kpit Cummins Infosystens Ltd. Thermax Ltd Welspun Gujarat Stahl Rohen Limited Reliance Industries Limited Praj Industries Limited Total

2.80% 2.79% 2.63% 2.60% 2.57% 2.44% 2.23% 2.19% 2.01% 1.95% 1.88% 1.85% 1.80% 1.78% 1.77% 33.30%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 18,133 Rs 6,133

3 year Rs 36,000 Rs 79,325 Rs 43,325

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 500

6

CPR1 (by Crisil) (*) CNBC TV 18-CRISIL 2007 HHHHH (by Value Research)

An Open-ended Growth Scheme

DATE OF INCEPTION : 14/7/1999

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

35.69

Dividend

26.90

AUM

Apr 2006

May 2005

Nov 2004

1,448.78 Cr.

40%

21%

21%

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide the investors maximum growth opportunity through equity investments in stocks of growth-oriented sectors. There are four sub-funds dedicated to specific sectors viz. IT, Pharmaceuticals, FMCG, and a Contrasubfund for investment in stocks currently out of favour.

The Magnum Contra fund was adjudged one of the best funds in the Equity Diversified Category at the CNBC-Crisil Mutual Fund Awards earlier this month. This comes as further vindication of the unique contrarian strategy being followed by your fund to sustain performance under changing market conditions. Among other developments, certain proposals in the Union Budget-07 has adversely affected investor confidence in cement and construction stocks, while providing further impetus to infrastructure development. Controlling inflation and enhancing agriculture led rural growth were other key themes in this year's budget. We will realign our portfolio to pursue suitable contrarian strategies under this changed macroeconomic environment.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE 100

Fund Benchmark

YTD

1m

3m

6m

1y

3y

5y

-4.37% -6.63%

-9.30% -9.52%

-3.80% -5.38%

13.05% 10.34%

25.54% 20.37%

59.57% 30.63%

S.Inc

54.85% 30.74%

31.78% 16.53%

Date of 1st NAV - 14/07/1999

11%

11%

54%

1%

AUTOMOBILE - 9.38% CEMENT & CEMENT PRODUCTS - 6.39% CHEMICALS - 1.70%

9%

1% 2% 2%

6% 2%

7% 7% 1% 2% 10%

34%

13% 4% 0% 6% 16% Large Cap

Small Cap

Mid Cap

CONSTRUCTION - 7.23% CONSUMER GOODS - 2.03% ENERGY - 12.58% FINANCIAL SERVICES - 5.87% INDUSTRIAL MANUFACTURING - 16.02% IT - 0.38% MEDIA & ENTERTAINMENT - 4.46% METALS - 10.46% PAPER - 0.71% PHARMA - 7.24% SERVICES - 1.87% TELECOM - 1.78% TEXTILES - 0.65% CASH - 11.26%

Other Current Assets

TOP HOLDINGS Praj Industries Limited Reliance Industries Limited Hindustan Zinc Mahindra & Mahindra Limited Jaiprakash Associates Ltd. Tata Steel Ltd Bharat Heavy Electricals Limited Crompton Greaves Limited State Bank Of India Cipla Limited Gujarat Ambuja Cements Limited Shree Cement Limited Hindustan Petroleum Corporationoration Limited Gail (india) Ltd Amtek Auto Ltd. Total

4.97% 4.89% 3.78% 3.73% 3.49% 3.43% 3.40% 3.40% 3.40% 3.20% 3.02% 2.70% 2.60% 2.55% 2.55% 51.11%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total Amount Invested Market Value Capital Gain

1 year Rs 12,000 Rs 17,377 Rs 5,377

3 year Rs 36,000 Rs 72,561 Rs 36,561

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 2000

7

An Open-ended Growth Scheme

DATE OF INCEPTION : 11/10/2004

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

28.35

Dividend

17.42

AUM

Oct 2005

Apr 2005

2004

51%

21%

N/A

267.94 Cr

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

The investment objective of the Emerging Business Fund would be to participate in the growth potential presented by various companies that are considered emergent and have export orientation/outsourcing opportunities or are globally competitive by investing in the stocks representing such companies. The fund may also evaluate emerging business with growth potential and domestic focus.

The fund continues to focus on companies with strong growth visibility available at reasonable valuations. The market, after factoring in budget measures, is currently moving on negative cues arising on the back of global risk premia expansion, and would react to surprises in the forthcoming quarterly results. Indian equities continue to provide a strong investment avenue to global investors willing to take exposure to one of the most consistent growth stories and exciting business prospects. As a result, institutional flows to India are expected to remain strong during the year. Companies with the requisite capabilities and financial strength to achieve their growth targets and deliver consistent growth in core earnings will outperform, and EBF's portfolio is constructed to benefit from these developments. 

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE 500

Fund Benchmark

YTD

1m

3m

6m

1y

3y

5y

-6.09% -6.25%

-10.48% -9.55%

-2.91% -4.98%

15.20% 11.65%

11.83% 19.56%

N.A. N.A.

S.Inc

N.A. N.A.

53.43% 36.51%

Date of 1st NAV - 11/10/2004

2% 12%

2%

14%

AUTOMOBILE - 6.74% CEMENT & CEMENT PRODUCTS - 4.80% CHEMICALS - 0.71% CONSTRUCTION - 6.89% CONSUMER GOODS - 2.30% ENERGY - 5.82% FINANCIAL SERVICES - 0.52%

7% 5% 1%

32%

7% 11%

2% 6%

3%

1% 2%

4% 7% 52% 18% 10% 4% Large Cap

Small Cap

Mid Cap

HEALTHCARE SERVICES - 2.00% INDUSTRIAL MANUFACTURING - 18.20% IT - 3.87% MEDIA & ENTERTAINMENT - 10.41% METALS - 6.69% MISCELLANEOUS - 3.61% PHARMA - 2.79% SERVICES - 11.16% TELECOM - 0.25% TEXTILES - 11.67% CASH - 1.55%

Other Current Assets

TOP HOLDINGS Adlabs Films Limited Crompton Greaves Limited Jaiprakash Associates Ltd. Kec International Ltd Balmer Lawrie & Co. Ltd. Lakshmi Machine Works Ltd Bharati Shipyard Ltd Sterlite Industries (india) Limited Carborundum Universal Ltd. Tata Elxsi Ltd. Blue Dart Express Limited Madras Cements Ltd Havells India Ltd Jubilant Organosys Limited Alok Industries Ltd. Total

7.80% 7.16% 6.85% 5.82% 5.26% 5.15% 4.94% 4.83% 4.41% 3.87% 3.64% 3.60% 3.40% 2.79% 2.72% 72.27%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total Amount Invested Market Value Capital Gain

1 year Rs 12,000 Rs 14,131 Rs 2,131

3 year Rs 36,000 N/A N/A

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 2000

8

An Open-ended Growth Scheme

DATE OF INCEPTION : 14/7/1999

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Dividend

AUM

12.97

9.07 Cr.

Mar 2006

2005

2004

60%

N/A

N/A

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide the investors maximum growth opportunity through equity investments in stocks of growth oriented sectors. There are four sub-funds dedicated to specific sectors viz. IT, Pharmaceuticals, FMCG, and a Contrasubfund for investment in stocks currently out of favour.

Consumer stocks remained under pressure due to investor uncertainty concerning implementation of VAT in cigarettes, lower than expected Dec-'06 revenue growth for the sector leader, and margin concerns due to input cost inflation for the sector as a whole. Increase in dividend distribution tax in the Union Budget-07 has also come as a dampner to investor sentiments as consumer companies are among the highest dividend payers in the industry. However, at current price levels, these stocks are trading at valuations that fully reflect these adverse factors. With industry growth rate expected to revert to nominal growth rate of the economy in the coming months, these companies are expected to see superior stock returns in the coming quarters.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE FMCG YTD Fund Benchmark

-10.12% -8.54%

1m

3m

-10.80% -6.72%

-10.61% -10.06%

6m -9.30% -10.07%

1y

3y

-18.51% -9.33%

21.14% 20.25%

5y

S.Inc

22.51% 12.15%

6.46% N.A.

Date of 1st NAV - 7/14/1999

6%

5%

CONSUMER GOODS - 67.00% INDUSTRIAL MANUFACTURING - 6.41% MISCELLANEUS - 15.93% TEXTILES - 5.16% CASH - 5.50%

6% 46%

5%

16%

6% 67%

43%

Large Cap

Small Cap

Mid Cap

Other Current Assets

TOP HOLDINGS Hindustan Lever Limited ITC Limited Pantaloon Retail India Limited Tata Tea Limited Colgate Palmolive India Limited Nestle (I) Limited Essel Propack Limited Raymond Limited Crew B.O.S. Products Ltd. Asian Paints Limited Dabur India Limited Piramyd Retail Ltd Total

18.47% 15.93% 9.26% 8.90% 8.79% 7.65% 6.41% 5.16% 4.79% 4.37% 4.35% 0.43% 94.50%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total Amount Invested Market Value Capital Gain

1 year Rs 12,000 Rs 14,679 Rs 2,679

3 year Rs 36,000 Rs 42,832 Rs 6,832

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 2000

9

Gold ICRA 2007 (3y) CNBC TV 18-CRISIL 2007

An Open-ended Growth Scheme

DATE OF INCEPTION : 14/7/1999

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Dividend

AUM

27.87

102.02 Cr

Mar 2000

N/A

N/A

40%

N/A

N/A

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide the investors maximum growth opportunity through equity investments in stocks of growth oriented sectors. There are four sub-funds dedicated to specific sectors viz. IT, Pharmaceuticals,FMCG, and a Contrasubfund for investment in stocks currently out of favour.

Global uncertainities on inflation and interest rates and uncertainity on the budget in India wieghed heavily on the market. Considering such uncertainities in the equity market, we have maintained higher level of cash. At the same time we continue to sharpen focus on stocks of our choice.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE IT

Fund Benchmark

YTD

1m

3m

6m

1y

3.72% -7.83%

-7.93% -8.38%

11.61% -3.46%

37.43% 14.95%

3y

59.81% 31.40%

53.42% 38.95%

5y

S.Inc

35.04% 25.69%

20.50% 18.08%

Date of 1st NAV - 7/14/1999

CONSUMER GOODS - 1.55% IT - 59.84%

2% 22%

22%

MISCELLANEOUS - 3.74% PHARMA - 0.77% SERVICES - 6.99% TELECOM - 4.70% CASH - 22.41%

22%

5% 7% 7%

Large Cap

Small Cap

Mid Cap

60%

1% 4%

49%

Other Current Assets

TOP HOLDINGS Infotech Enterprises Limited Infosys Technologies Limited Kpit Cummins Infosystens Ltd. 3 I Infotech Limited Subex Systems Ltd. Tulip It Services Limited Tata Consultancy Services Ltd. Allsec Technologies Sasken Communication Technologies L Geodesic Information Systems Ltd. Hcl Technologies Limited Megasoft Ltd Satyam Computers Services Limited Zicom Electronic Security Systems L Geometric Software Solutions Co.ltd Total

15.32% 11.38% 7.00% 6.99% 5.87% 4.51% 4.51% 3.74% 3.41% 2.96% 2.75% 2.13% 2.09% 1.55% 1.34% 75.53%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total Amount Invested Market Value Capital Gain

1 year Rs 12,000 Rs 14,813 Rs 2,813

3 year Rs 36,000 Rs 77,214 Rs 41,214

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 2000

10

An Open-ended Growth Scheme

DATE OF INCEPTION : 14/7/1999

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

32.94

Dividend

27.12

AUM

Dec 2004

Sep. 2004

Sep. 2003

39%

30%

12%

49.39Cr.

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide the investors maximum growth opportunity through equity investments in stocks of growth oriented sectors. There are four sub-funds dedicated to specific sectors viz. IT, Pharmaceuticals, FMCG, and a Contrasubfund for investment in stocks currently out of favour.

Industry conditions continue to remain challenging for global generic players in the regulated markets. Most generic companies have been relying on inorganic growth engines as well as supernormal profits from exclusive launches to maintain their profitability during this phase. Stock performance within the sector has tracked those companies that have been successful in monetising a part of their research pipeline to generate milestone payments. Our portfolio of pharmaceutical stocks consists primarily of contract manufacturers and domestic market oriented MNC pharmaceutical companies as there is greater visibility on earnings growth for these companies. We expect these to generate sustainable returns in the coming quarters.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE Healthcare

Fund Benchmark

YTD

1m

3m

6m

1y

3y

-8.85% -7.65%

-8.83% -8.32%

-6.61% -5.86%

-0.81% -0.15%

-4.38% -1.54%

32.21% 13.99%

5y

S.Inc

36.82% 21.44%

19.45% N.A.

Date of 1st NAV - 7/14/1999

1%

1%

HEALTHCARE SERVICES - 11.03% 11% 12%

25%

18%

PHARMA - 87.70% CASH - 1.27%

56% 96% 88% Large Cap

Small Cap

Mid Cap

Other Current Assets

TOP HOLDINGS Dishman Pharmaceuticals & Chemicals Vimta Laboratories Ltd. Glaxo Smithkline Pharmaceuticals Limited Cipla Limited Orchid Chemicals & Pharmaceutical L Aventis Pharma Limited Indoco Remedies Limited Pfizer Limited Wockhardt Limited Ranbaxy Laboratories Limited Lupin Limited Alembic Limited Matrix Laboratories Ltd Fdc Ltd. Total

16.30% 11.03% 10.26% 9.56% 8.89% 7.79% 7.04% 5.94% 5.79% 5.65% 5.30% 2.42% 1.66% 1.12% 98.73%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total Amount Invested Market Value Capital Gain

1 year Rs 12,000 Rs 14,299 Rs 2,299

3 year Rs 36,000 Rs 49,635 Rs 13,635

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 2000

11

An Open-ended Equity Scheme Investing In Stocks Of Commodity Based Companies

DATE OF INCEPTION : 24/8/2005

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

14.65

Dividend

13.30

AUM 457.58Cr

Nov 2006

NA

NA

15%

NA

NA

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To generate opportunities for growth along with possibility of consistent returns by investing predominantly in a portfolio of stocks of companies engaged in the commodity business within the following sectors - Oil & Gas, Metals, Materials & Agriculture and in debt & money market instruments.

The Government's decision to cut import duty on cement from 12.5% to 0% and imposing a two tier excise duty on it, on non-ferrous and various other commodities by around 2.5% to curb the rising inflation has impacted the sentiment heavily on majority of commodity stocks. Overseas acquisitions by metal companies have been taken negatively by the market which led to a sharp fall in stock prices. The commodity prices in the crude oil, Aluminum, Lead and copper remained higher than the previous month . Steel prices are expected to remain firm. We feel that with a judicious exposure to commodity linked stocks, we can generate a sustainable performance in the fund.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE 200

Fund Bechmark

YTD

1m

3m

6m

1y

3y

-8.78% -6.69%

-11.43% -9.49%

-8.72% -5.60%

6.16% 10.66%

17.29% 19.32%

N.A. N.A.

5y

S.Inc

N.A. N.A.

28.07% 34.91%

Date of 1st NAV - 8/24/2005

7%

7%

7%

3%

4%

3%

41%

18%

METALS - 17.32%

17%

6%

CASH - 7.41%

2% 10%

Large Cap

MISCELLANEOUS - 2.96% PAPER - 3.15%

5%

7%

48%

AUTOMOBILE - 6.98% CEMENT & CEMENT PRODUCTS - 17.60% CHEMICALS - 5.83% CONSTRUCTION - 5.42% CONSUMER GOODS - 1.60% ENERGY - 14.43% FERTILISERS & PESTICIDES - 10.36% INDUSTRIAL MANUFACTURING - 6.93%

Small Cap

Mid Cap

14%

Other Current Assets

TOP HOLDINGS Jindal Saw Ltd. Kesoram Industries Limited Shree Cement Limited Jaiprakash Associates Ltd. Gujarat Mineral Devlopment Corporation United Phosphorus Limited India Cements Limited Reliance Industries Limited Gujarat Narmada Valley Fertilizers Co Limited Hindustan Zinc Grasim Industries Limited Tata Steel Ltd Jsw Steel Limited Gujarat Ambuja Cements Limited Bharat Petroleum Corporation Ltd Total

6.93% 5.98% 5.89% 5.42% 5.38% 5.31% 4.32% 4.29% 4.23% 4.10% 4.09% 3.63% 3.59% 3.30% 3.29% 69.75%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 13,763 Rs 1,763

3 year Rs 36,000 NA NA

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 5000

12

CPR1 (by Crisil) (*) Gold ICRA 2007 (3y) CNBC TV 18-CRISIL 2007 HHHHH (by Value Research)

An Open-ended Growth Scheme

DATE OF INCEPTION : 30/9/1994

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

42.10

Dividend

32.90

AUM

Jun 2005

Nov 2004

Jan 2004

1,230.21 Cr.

42%

24%

25%

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide the investors an opportunity to earn, in accordance with their requirements, through capital gains or through regular dividends, returns that would be higher than the returns offered by comparable investment avenues through investment in Indian equities, PCDs & FCDs from selected industries.

Fund has been been adjudged as the best in its category for its superior performance both by CRISIL and ICRA .Fund has outperformed the benchmark due to its bottom up stock picking within judicilously selected sectors . We continue to remain bullish on Infrastructure space . Fund endeavours to give superior risk adjusted returns by diligently casting a portfolio of attractive stocks with disciplined levels of entry and exit.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : BSE 100

Fund Benchmark

YTD

1m

3m

6m

1y

3y

-4.38% -6.63%

-8.62% -9.52%

-2.25% -5.38%

22.35% 10.34%

33.06% 20.37%

65.42% 30.63%

5y

S.Inc

54.27% 30.74%

16.38% 9.82%

Date of 1st NAV - 9/30/1994

AUTOMOBILE - 2.47% CEMENT & CEMENT PRODUCTS - 5.80% 7%

2%

CONSTRUCTION - 9.42% CONSUMER GOODS - 4.34% ENERGY - 3.34% FERTILISERS & PESTICIDES - 2.30% FINANCIAL SERVICES - 1.77%

6%

31% 9% 31% 4% 3% 2% 2% 10%

2% 3%

52%

15%

3% 7% Large Cap

Small Cap

Mid Cap

5% 1% 2% 1%

Other Current Assets

INDUSTRIAL MANUFACTURING - 14.67% IT - 5.28% MEDIA & ENTERTAINMENT - 1.23% METALS - 2.08% MISCELLANEOUS - 0.65% PAPER - 1.26% PHARMA - 6.89% SERVICES - 3.06% TELECOM - 2.75% TEXTILES - 2.08% CASH - 30.62%

TOP HOLDINGS Infotech Enterprises Limited Shree Cement Limited Havells India Ltd Thermax Ltd Jaiprakash Associates Ltd. Dishman Pharmaceuticals & Chemicals United Phosphorus Limited Crompton Greaves Limited India Cements Limited Ansal Properties & Insfrastructure Tulip It Services Limited Usha Martin Limited Bharat Earth Movers Ltd IVRCL Infrastructures & Projects Lt Lupin Limited Total

4.71% 3.69% 3.59% 2.84% 2.82% 2.74% 2.30% 2.25% 2.11% 2.03% 1.86% 1.83% 1.79% 1.77% 1.68% 38.01%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 17,847 Rs 5,847

3 year Rs 36,000 Rs 79,404 Rs 43,404

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 2000

13

An Open-ended Growth Scheme

DATE OF INCEPTION : 15/4/2005

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

21.40

Dividend

18.39

AUM 427.81Cr.

Aug 06

NA

NA

25%

NA

NA

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide investors with opportunities for long term growth in capital along with the liquidity of an open-ended scheme by investing predominantly in a well-diversified basket of equity stocks of companies whose market capitalization is between Rs. 200 crores to Rs.2000 crores and in debt and money market instruments.

Currently,mid cap stocks are at attractive valuations relative to large caps. CNX midcap index underperformed Sensex by 18.84% in CY06. Given the strong growth in economy of over 9% and Union budget focusing more on infrastructure development, we expect the mid cap stocks to perform better.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : CNX MIDCAP

Fund Benchmark

YTD

1m

3m

6m

1y

3y

5y

-2.77% -2.79%

-10.20% -8.42%

-1.11% -3.17%

20.70% 12.49%

25.37% 10.95%

N.A. N.A.

S.Inc

N.A. N.A.

50.32% 31.40%

Date of 1st NAV - 4/15/2005

3%

6%

26%

4% 1%

26%

6% 4%

7% 5%

13%

5%

58%

10% 2% 4%

4% 9%

Large Cap

Small Cap

Mid Cap

AUTOMOBILE - 6.19% CEMENT & CEMENT PRODUCTS - 4.30% CHEMICALS - 0.93% CONSTRUCTION - 6.09% CONSUMER GOODS - 4.46% ENERGY - 6.85% INDUSTRIAL MANUFACTURING - 9.81% IT - 4.33% MEDIA & ENTERTAINMENT - 5.32% METALS - 9.49% MISCELLANEOUS - 3.71% PHARMA - 2.49% SERVICES - 5.33% TELECOM - 0.17% TEXTILES - 4.57% CASH - 25.95%

5%

Other Current Assets

TOP HOLDINGS Maharashtra Seamless Limited Infotech Enterprises Limited Kesoram Industries Limited Gitanjali Gems Ltd Kec International Ltd Nagarjuna Construction Company Ltd. Thermax Ltd Pantaloon Retail India Limited Eastern Silk Industries Limited 3 I Infotech Limited Welspun Gujarat Stahl Rohen Limited Crompton Greaves Limited Hotel Leelaventure Limited Adlabs Films Limited Mangalam Cement Ltd Total

4.61% 4.33% 4.02% 3.18% 3.08% 3.06% 3.02% 2.89% 2.81% 2.68% 2.65% 2.65% 2.51% 2.23% 2.19% 45.91%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 14,904 Rs 2,904

3 year Rs 36,000 NA NA

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 5000

14

DATE OF INCEPTION : 8/11/2006

OPEN-ENDED SCHEME REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

10.36

Dividend

10.36

AUM 214.38 Cr.

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide capital appreciation and regular income for unit holders by identifying profitable arbitrage opportunities between the spot and derivative market segments as also through investment of surplus cash in debt and money market instruments.

Arbitrage opportunities continue to abound in the markets, as turnover and volatality in the derivates markets have remained high. These opportunities are likely to persist going ahead, and the fund offers investors the possibility of benefiting from a relatively high return through a virtually risk-free mechanism.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : Crisil Liquid Fund Index

Fund Benchmark

YTD

1m

3m

6m

1y

3y

2.05% 1.10%

1.11% 0.47%

2.89% 1.55%

N.A. N.A.

N.A. N.A.

N.A. N.A.

5y

S.Inc

N.A. N.A.

3.24% 1.89%

Date of 1st NAV - 11/8/2006

AUTOMOBILE - 0.04% CEMENT & CEMENT PRODUCTS - 11.53% CHEMICALS - 2.78%

12% 37%

39% 3% 3% 2%

37%

4%

15% 24% 6% 2% Large Cap

Small Cap

Mid Cap

10%

1% 5% 1%

CONSTRUCTION - 2.60% CONSUMER GOODS - 1.81% ENERGY - 3.80% FINANCIAL SERVICES - 14.52% INDUSTRIAL MANUFACTURING - 5.33% IT - 0.99% MEDIA & ENTERTAINMENT - 0.68% METALS - 9.89% MISCELLANEOUS - 0.11% PHARMA - 2.33% SERVICES - 0.03% TELECOM - 6.27% TEXTILES - 0.40% CASH - 36.89%

Debt/Other Current Assets

TOP HOLDINGS Tata Steel Ltd State Bank Of India India Cements Limited Mahanagar Telephone Nigam Limited Century Textiles And Industries Limited Union Bank Of India Indian Petrochemical Corporationoration Limited Reliance Industries Limited Hindalco Industries Limited Ranbaxy Laboratories Limited Reliance Communication Ltd Gujarat Ambuja Cements Limited Bharat Forge Limited Bank Of Baroda IVRCL Infrastructures & Projects Lt Total

6.53% 6.18% 5.80% 4.33% 2.78% 2.65% 2.63% 2.51% 2.42% 2.13% 1.94% 1.91% 1.91% 1.75% 1.49% 46.97%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total Amount Invested Market Value Capital Gain

1 year Rs 12,000 NA NA

3 year Rs 36,000 NA NA

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load For Investments below Rs.50 lakhs 0.25% for exit up to and including 20th April 2007, For Investments Rs.50 lakhs and above - NIL Entry Load NIL

Options Growth Dividend

MINIMUM INVESTMENT UNDER SIP - Rs. 30,000 Every month for 6 months (subject to a minimum of Rs. 5000 and in multiples of Rs. 500) Every month for 1 year (subject to a minimum of Rs. 2500 and in multiples of Rs. 500) Every quarter for at least 1 year (subject to minimum of Rs. 7500 and in multiples of Rs. 500) Min. Inv Rs. 25000

15

CPR1 (by Crisil) (*) CNBC TV 18-CRISIL 2007 Lipper fund awards 2006 HHHHH (by Value Research)

An Open-ended Balanced Scheme

DATE OF INCEPTION : 5/1/1996

OPEN-ENDED EQUITY FUND REPORT AS ON : 28-2-2007

Option

NAV (Rs.)

Growth

33.88

Dividend

24.73

AUM 263.77 Cr.

Jan 2005

Jan 2004

Oct 2003

20%

20%

14%

INVESTMENT OBJECTIVE:

PORTFOLIO MANAGER COMMENTS:

To provide investors long term capital appreciation along with the liquidity of an open-ended scheme by investing in a mix of debt and equity. The scheme will invest in a diversified portfolio of equities of high growth companies and balance the risk through investing the rest in a relatively safe portfolio of debt.

The fund  is primarily invested in  IT, energy,   industrial manufacturing and telecom  sectors. The fund  is maintaining an  equity exposure of 65%  and is well diversified across sectors and has a healthy mix of large and mid/small cap stocks.  We believe that the balance fund provides a great opportunity for the investors to participate in the growth of diversified portfolio of high growth companies and at the same time balance the risk through investing the rest in a relatively safe portfolio of debt. We are glad to share that Magnum Balanced Fund has recieved the CNBC TV 18 CRISIL Award 2006  as well as the ICRA award for the best performing scheme in the balance fund category.

PERFORMANCE REPORT & PORTFOLIO ANALYSIS : Benchmark : Crisil Balanced Index

Fund Benchmark

YTD

1m

3m

6m

1y

3y

5y

-4.05% -3.86%

-6.56% -6.51%

-3.70% -3.12%

9.75% 6.39%

18.67% 14.67%

36.74% 17.18%

S.Inc

34.32% N.A.

20.06% N.A.

Date of 1st NAV - 1/5/1996

AUTOMOBILE - 0.95% CEMENT & CEMENT PRODUCTS - 5.54% 1% 6%

33%

36%

CONSTRUCTION - 6.00% CONSUMER GOODS - 4.10% ENERGY - 9.12%

6% 4%

FINANCIAL SERVICES - 3.38%

37% 9%

3% 7%

24%

8% 1% 5% 1% 2% 2% 3%

Large Cap

Small Cap

Mid Cap

INDUSTRIAL MANUFACTURING - 7.60% IT - 11.44% MEDIA & ENTERTAINMENT - 3.05% MISCELLANEOUS - 1.82% PHARMA - 1.85% SERVICES - 1.30% TELECOM - 5.38% TEXTILES - 1.44% CASH - 37.03%

11%

Debt/Other Current Assets

TOP HOLDINGS Reliance Industries Limited Shree Cement Limited Bharat Heavy Electricals Limited Bharti Airtel Ltd Tata Consultancy Services Ltd. State Bank Of India SKF India Limited Oil And Natural Gas Corporation Ltd IVRCL Infrastructures & Projects Lt Infotech Enterprises Limited Infosys Technologies Limited B.l.Kashyap And Sons Limited Adlabs Films Limited Cipla Limited ITC Limited Total

4.88% 3.26% 3.21% 3.15% 3.07% 3.01% 2.71% 2.70% 2.64% 2.42% 2.41% 2.27% 1.87% 1.85% 1.82% 41.26%

BENEFITS OF SYSTEMATIC INVESTMENT PLAN (SIP) SIP Investments Total amount invested Market value Capital Gain

1 year Rs 12,000 Rs 15,002 Rs 3,002

3 year Rs 36,000 Rs 57,938 Rs 21,938

The simulation is only for illustrative purposes and based on regular investment of Rs 1,000 every first business day of the month (load is not taken into consideration and returns are of growth plan). Please note that SIP does not ensure any capital or returns guarantees. Exit Load Investments below Rs.5 crores < = 6 months - 1.00% and NIL thereafter Investments of Rs.5 crores and above - NIL Entry Load Investments below Rs.5 crores - 2.25% Investments of Rs.5 crores and above - NIL

Options Growth Dividend

SIP Rs. 500/month - 12 months Rs. 1000/month - 6 months Rs. 1500/quarter - 12 months Min. Inv Rs. 1000

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