How to read the Factsheet?

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1 FUND FACTSHEET OCTOBER 2016

2 How to read the Factsheet? Fund Manager : An employee of the asset management company such as a mutual fund or life insurer, who manages investments of the scheme. He is usually part of a larger team of fund managers and research analysts. Application Amount for Fresh Subscription : This is the minimum investment amount for a new investor in a mutual fund scheme. Minimum Additional Amount : This is the minimum investment amount for an existing investor in a mutual fund scheme. Yield to Maturity : The Yield to Maturity or the YTM is the rate of return anticipated on a bond if held until maturity. YTM is expressed as an annual rate. The YTM factors in the bond s current market price, par value, coupon interest rate and time to maturity. SIP : SIP or systematic investment plan works on the principle of making periodic investments of a xed sum. It works similar to a recurring bank deposit. For instance, an investor may opt for an SIP that invests ` 500 every 15th of the month in an equity fund for a period of three years. NAV : The NAV or the net asset value is the total asset value per unit of the mutual fund after deducting all related and permissible expenses. The NAV is calculated at the end of every business day. It is the value at which the investor enters or exits the mutual fund. Benchmark : A group of securities, usually a market index, whose performance is used as a standard or benchmark to measure investment performance of mutual funds, among other investments. Some typical benchmarks include the Nifty, Sensex, BSE200, BSE500, 10-Year Gsec. Entry Load : A mutual fund may have a sales charge or load at the time of entry and/or exit to compensate the distributor/ agent. Entry load is charged at the time an investor purchases the units of a mutual fund. The entry load is added to the prevailing NAV at the time of investment. For instance, if the NAV is ` 100 and the entry load is 1%, the investor will enter the fund at ` 101. Exit Load : Exit load is charged at the time an investor redeems the units of a mutual fund. The exit load is deducted from the prevailing NAV at the time of redemption. For instance, if the NAV is ` 100 and the exit load is 1%, the redemption price would be ` 99 Per Unit. Modi ed Duration : Modi ed duration is the price sensitivity and the percentage change in price for a unit change in yield Standard Deviation : Standard deviation is a statistical measure of the range of an investment s performance. When a mutual fund has a high standard deviation, its means its range of performance is wide, implying greater volatility. Sharpe Ratio : The Sharpe Ratio, named after its founder, the Nobel Laureate William Sharpe, is a measure of risk-adjusted returns. It is calculated using standard deviation and excess return to determine reward per unit of risk. Beta : Beta is a measure of an investment s volatility vis-à-vis the market. Beta of less than 1 means that the security will be less volatile than the market. A beta of greater than 1 implies that the security s price will be more volatile than the market. AUM : AUM or assets under management refers to the recent / updated cumulative market value of investments managed by a mutual fund or any investment rm. Holdings : The holdings or the portfolio is a mutual fund s latest or updated reported statement of investments/securities. These are usually displayed in terms of percentage to net assets or the rupee value or both. The objective is to give investors an idea of where their money is being invested by the fund manager. Nature of Scheme : The investment objective and underlying investments determine the nature of the mutual fund scheme. For instance, a mutual fund that aims at generating capital appreciation by investing in stock markets is an equity fund or growth fund. Likewise, a mutual fund that aims at capital preservation by investing in debt markets is a debt fund or income fund. Each of these categories may have sub-categories. Pro le : Mutual funds invest in securities after evaluating their creditworthiness as disclosed by the ratings. A depiction of the mutual fund in various investments based on their ratings becomes the rating pro le of the fund. Typically, this is a feature of debt funds. 1

3 Debt Market Commentary 31st October Month Opening Intra Month High Intra Month Low Month Closing Overnight Rate (NSE MIBOR) year Gsec month CDs M CDs month CDs Currency Year US Treasury In ation Retail in ation as measured by CPI (consumer price index) for September 2016 witnessed a fall and came at 4.31% (year low) as compared to August number of 5.05%. Steep fall in food prices caused such a sharp fall in in ation. Food in ation fell by nearly 200 bps and came at 3.88% from 5.91%. Above average monsoon and active steps taken by government especially in removing the bottlenecks on the supply side should help rein in the food in ation in coming months, and consequently cool off cpi, however one of the major risk to this could be any unexpected uptick in oil prices. Wholesale price index (WPI)-based in ation rose a bit slowly by 3.57 % as compared to 3.74% in September, this is a minor reversal in seven month up-trend in WPI. Macros India's trade de cit narrowed to $8.33 billion in September Exports increased 4.6% to $22.8 billion in September Imports fell 2.5% to $31.2 billion, slower than 14.1% in August India's scal de cit came in at Rs 4.48 lakh crore for the sixmonth period ended September 2016, accounting for 83.9 the Rs 5.34 lakh crore budgeted for the entire year. Industrial growth as measured by the Index of Industrial Production (IIP) contracted for the second consecutive month. IIP was down 0.7% in August Liquidity and Rates The Reserve Bank of India's (RBI's) liquidity window witnessed net lending of approximately Rs 5,000 crore in October vis-à-vis net lending of approximately Rs 40,000 crore in the previous month. Rates were pretty stable with repo/reverse repo auctions being conducted by RBI at regular intervals. Interbank call money rates remained below the repo rate for most of the days. Additionally open market operations near to the end of the month added to the liquidity. Out ows pertaining to part repayment of FCNR (B) deposits, and telecom spectrum auction payments led to draining away of liquidity albeit temporarily, in addition to sporadic reverse repos. Money market instruments had a muted month with most papers and maturities in money markets witnessing no to at trajectory. Gilts advanced this month also. Dipping in ation in September 2016, weak US non-farm payrolls, and continued RBI's open market operation bond auction kept the demand and momentum continuing. However the gains were somewhat tempered by apprehensions on account of the result of US Presidential elections and regular pro t booking by participants. Outlook In ation will trend further downwards and will be at lower range of trajectory till December. Bond demand/supply dynamics will make sure that the momentum continues for markets. Add to this continued OMOs by RBI and the strength in prices will be continuing. However we might witness temporary liquidity tightness/rates volatility over next couple of months due to FCNR bond redemptions, and global events especially us president elections and anticipated us fed hike.. However that should not be a huge worry, since RBI won t let liquidity scarcity situation prevail-infact, more than before, RBI is more into liquidity management. Long duration investors are advised to stay invested albeit with part pro t booking and moving to accrual based funds. For new investors short term fund offers a wonderful vehicle to earn high constant accrual and a chance to participate in rate action led capital appreciation. Liquid and ultra short term fund, as always will be vehicles for smart utilisation of temporary surpluses. Malay Shah Head Fixed Income 2

4 Equity Market Commentary Key Domestic News The government has allowed 100% foreign direct investment (FDI) in other nancial services carried out by non-banking nance companies (NBFCs), continuing with the liberalization of the overseas investments regime. To tackle the issue of stressed assets in power, steel and shipyards, the central government has now decided to allow banks to take over some stressed assets and hand these over to established public sector undertakings for an interim period. The Centre has proposed four slabs for the goods and services tax (GST) in addition to a cess on sin and luxury goods that will help it mop up close to Rs500bn to compensate states for any possible revenue loss under the new tax regime. At a meeting of the GST Council, the Union nance ministry proposed slabs of 5%, 12%, 18% and 28%. Pushing ahead on its ambitious waterways project, the government augmented the process of development for 36 waterways in the rst phase and will soon oat tenders to invite bids for the project. Key Domestic Economic Data India s manufacturing PMI rose to 54.4 in October, a 22 month high, from 52.1 reading in September. This was led by stronger rise in new orders and output in consumer goods space. India s services PMI jumped to 54.5 in October from a reading of 52 in September, led by strong jump in new orders. India s CPI for September dropped to 4.3%, below consensus expectation of 4.6%, attributed largely to sharply lower food in ation. On mom basis, in ation contracted by 20bps, highest in the last seven months. India s industrial production contracted by 0.7% in August, due to fall in mining and manufacturing sector production and a steep decline in capital goods. The IIP contracted by 0.3% in the April-August period this year, in contrast to 4.1% growth last year. Key Global Events US government s rst estimate of Q3 GDP growth came in at a very strong 2.9% vs. 2.5% expected. This is the strongest quarterly growth in last 10 quarters. This strong print increases the probability of December rate hike by US Fed. China's of cial manufacturing PMI came in at 51.2 for October, snapping two months of at readings. The government's of cial services PMI also soared to 54.0, strengthening the hopes of stabilization in economy. In line with expectations, ECB didn t make any policy changes in its October meeting. Surprisingly, Mario Draghi stated that there was no discussion on extending the QE beyond the nest year. Thus raising speculation that even ECB was getting ready for some QE taper. Outlook Over short term, we expect markets to turn volatile on concerns on US elections, Italy s referendum & US fed rate hike in December. Our core investment thesis of India being one of the best plays in the world remains intact and continues to strengthen further. We believe that ongoing structural reforms are creating bedrock for stable, higher economic growth trajectory. We remain positive on the Indian equities over medium to long term. Over short term, valuations do appear a bit rich. However, expected demand pick up due to normal, well distributed rains, bene ts of 7th Pay Commission & OROP, focused government spending on infrastructure, expected pick up in corporate capex over next few quarters & benign global liquidity should continue to support the current valuation premiums. Any negative surprise in US elections is a key near term risk. Sumit Bhatnagar, CFA Fund Manager - Equity 3

5 Indiabulls Liquid Fund (An Open-Ended Liquid Scheme) INVESTMENT OBJECTIVE To provide a high level of liquidity with returns commensurate with low risk through a portfolio of money market and debt securities with maturity of upto 91 days. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah DATE OF ALLOTMENT 25 October 2011 AVG. AUM MONTHLY ` Crores LATEST AUM (as on month-end) ` Crores LATEST NAV PER UNIT Direct Plan Daily Dividend Option Weekly Dividend Option Regular Plan Daily Dividend Option Weekly Dividend Option LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO Regular FUND STYLE 0.21% Direct 0.11% Credit Quality ` ` ` ` ` ` ` ` PORTFOLIO CERTIFICATE OF DEPOSITS Punjab & Sind Bank Axis Bank Limited Indian Bank Oriental Bank of Commerce UCO Bank Andhra Bank IDBI Bank Limited IDFC Bank Ltd State Bank of Patiala Corporation Bank Dena Bank Allahabad Bank Development Credit Bank Yes Bank Limited Indusind Bank Limited The South Indian Bank Ltd Vijaya Bank State Bank of Hyderabad Canara Bank FIXED DEPOSIT Abu Dhabi Commercial Bank Lakshmi Vilas Bank Ltd HDFC Bank Ltd 5.42% 5.17% 4.66% 4.65% 3.09% 2.70% 2.32% 2.24% 1.94% 1.93% 1.63% 1.55% 1.55% 1.55% 1.54% 1.16% 0.94% 0.77% 0.39% Sub-Total 45.20% TREASURY BILLS Treasury Bills SOV 8.39% Sub-Total 8.39% 1.56% 1.56% 0.95% Sub-Total 4.07% COMMERCIAL PAPERS National Bank for Agriculture and Rural Development MATURITY AND YIELD Average Maturity Modi ed Duration Gross YTM RATING PROFILE /SOV/FD 94.10% 7.98% Days Days 7.00% COMMERCIAL PAPERS Small Industries Development Bank of India HDFC Ltd Rural Electri cation Corporation Limited Edelweiss Commodities Services Ltd ONGC Mangalore Petrochemicals Limited India Infoline Housing Limited Gujarat State Fertilizers & Chemicals Limited National Housing Bank Power Corporation Limited Dewan Housing Corp. Ltd Housing and Urban Development Corporation Ltd Afcons Infrastructure Ltd Bajaj Limited Gujarat Narmada Valley Fert & Chem Ltd S D Corporation Private Ltd. 5.80% 4.26% 3.49% 2.32% 1.93% 1.55% 1.54% 1.54% 1.16% 1.01% 0.78% 0.77% 0.77% 0.77% 0.77% Sub-Total 36.44% FIXED RATES BONDS - CORPORATE Capital First Ltd AA+ 0.17% Sub-Total 0.17% ZERO COUPON BONDS - CORPORATE ICICI Bank Ltd 0.37% Sub-Total 0.37% CBLO/Reverse Repo /Net Current 5.36% GRAND TOTAL % THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING High level of liquidity with commensurate returns over short term. Through investment in money market & debt securities with maturity of upto 91 days. Low Risk Interest Rate Sensitivity 0.37% AA+ 0.17% Note : CBLO/Reverse Repo/Net Current of 5.36% 4

6 Indiabulls Ultra Short Term Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE To provide liquidity with return commensurate with low risk through a portfolio of money market and debt securities. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah DATE OF ALLOTMENT 6 January 2012 AVG. AUM MONTHLY ` Crores LATEST AUM (as on Month-end) ` Crores LATEST NAV PER UNIT Direct Plan Daily Dividend Option Weekly Dividend Option Fortnightly Dividend Option Regular Plan Daily Dividend Option Weekly Dividend Option LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO Regular 0.52% Direct 0.02% FUND STYLE Credit Quality ` ` ` ` ` ` ` ` ` PORTFOLIO CERTIFICATE OF DEPOSITS ICICI Bank Ltd Axis Bank Limited National Bank for Agriculture and Rural Development State Bank of Hyderabad Canara Bank Vijaya Bank IDBI Bank Limited Development Credit Bank Sub-Total 40.42% COMMERCIAL PAPERS Shapoorji Pallonji & Company Pvt Ltd. India Infoline Ltd Aspire Home Corporation Ltd Dalmia Bharat Ltd. Welspun Corp Limited Welspun India Ltd HDFC Ltd MATURITY AND YIELD Average Maturity Modi ed Duration Gross YTM RATING PROFILE /SOV/FD 75.69% 7.65% 6.99% 5.18% 5.18% 5.17% 5.11% 2.60% 2.54% 9.13% 5.26% 5.25% 5.22% 2.63% 2.63% 2.46% Sub-Total 32.58% Days Days 7.55% FIXED RATE BONDS - CORPORATE Dewan Housing Corp. Ltd LIC Housing Ltd Adani Ports & Special AA+ Economic Zone Piramal Enterprises Limited AA HDFC Ltd Housing and Urban Development Corporation Ltd CBLO/Reverse Repo /Net Current THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING 5.31% 2.65% 1.60% 1.48% 1.08% 0.85% Sub-Total 12.97% ZERO COUPON BONDS - CORPORATE LIC Housing Ltd National Bank for Agriculture and Rural Development 2.65% 0.98% Sub-Total 3.63% FIXED RATES BONDS - GOVERNMENT 8.21% Rajasthan SDL UDAY 31-Mar-2018 SOV 2.69% Sub-Total 2.69% 7.71% GRAND TOTAL % Liquidity with commensurate returns over short term. Through investment in money market and debt securities. Moderately Low Risk Interest Rate Sensitivity AA+ AA 13.52% 1.60% 1.48% Note : CBLO/Reverse Repo/Net Current of 7.71% 5

7 Indiabulls Short Term Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE The Scheme will endeavor to generate stable returns over short term with a low risk strategy while maintaining liquidity through a portfolio comprising debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah DATE OF ALLOTMENT 13 September 2013 AVG. AUM MONTHLY ` Crores LATEST AUM (as on Month-end) ` Crores LATEST NAV PER UNIT Direct Plan Weekly Dividend Option Fortnightly Dividend Option ` ` ` ` PORTFOLIO CERTIFICATE OF DEPOSITS Axis Bank Limited 2.16% Sub-Total 2.16% COMMERCIAL PAPERS Adani Enterprises Limited HCL Infosystems Ltd S D Corporation Private Ltd. Religare Enterprises Ltd Welspun Corp Limited Welspun India Ltd National Bank for Agriculture and Rural Development India Infoline Ltd Shapoorji Pallonji & Company Pvt Ltd. A1 7.02% 6.49% 4.25% 3.54% 3.54% 3.54% 3.50% 1.77% 0.70% Sub-Total 34.35% FIXED RATE BONDS - CORPORATE HDFC Ltd Reliance Jio Infocomm Ltd Indiabulls Real Est. Ltd Power Corporation Limited LIC Housing Ltd Janalakshmi Financial Services Ltd Piramal Enterprises Limited Dewan Housing Corp. Ltd Reliance Broadcast Network Limited Aadhar Housing Limited. AA- A+ AA AA+ 5.46% 5.42% 5.00% 4.72% 3.77% 3.37% 3.36% 2.11% 1.56% 1.43% FIXED RATE BONDS - CORPORATE Reliance Big Entertainment Private Limited Power Grid Corporation of India Limited Tanglin Developments Limited Fortis Healthcare Holdings Pvt Ltd Punjab & Sind Bank Steel Authority Of India National Bank for Agriculture and Rural Development Nuclear Power Corporation of India Limited Petronet LNG Limited Dalmia Cement (Bharat) Ltd Edelweiss Commodities Services Ltd AA+ A- A AA AA AA+ AA AA 1.15% 1.11% 0.90% 0.59% 0.55% 0.51% 0.37% 0.37% 0.36% 0.13% 0.11% Sub-Total 42.35% ZERO COUPON BONDS - CORPORATE Dewan Housing Corp. Ltd North Karnataka Expressway LIC Housing Ltd Hero Wind Energy A 4.88% 1.82% 1.78% 0.11% Sub-Total 8.59% CBLO/Reverse Repo /Net Current 12.55% GRAND TOTAL % Regular Plan Weekly Dividend Option ` ` ` LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK CRISIL Short-Term Bond Fund Index EXPENSE RATIO Regular 1.50% Direct 0.50% MATURITY AND YIELD Average Maturity Modi ed Duration Gross YTM 1.22 Years 1.03 Years 8.71% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING Stable returns over short term while maintaining liquidity. Through investment in debt and money market instruments. Moderate Risk FUND STYLE Credit Quality Interest Rate Sensitivity RATING PROFILE /SOV AA+ AA AA- A % 33.37% 2.94% 4.66% 5.00% 3.37% A 0.70% A- 0.90% A1 6.49% 6

8 Indiabulls Income Fund (An Open-Ended Debt Scheme) INVESTMENT OBJECTIVE To generate a steady stream of income and/ or medium to long term capital appreciation/ gain through investment in xed income securities. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years DATE OF ALLOTMENT 4 March 2013 AVG. AUM MONTHLY ` Crores LATEST AUM (as on Month-end) ` Crores LATEST NAV PER UNIT Direct Plan Quarterly Dividend Option Half Yearly Dividend Option ` ` ` ` PORTFOLIO FIXED RATE BONDS - CORPORATE LIC Housing Ltd Power Grid Corporation of India Limited Power Corporation Limited NTPC Ltd ONGC Mangalore Petrochemicals Limited Reliance Jio Infocomm Ltd Dewan Housing Corp. Ltd NHPC Ltd Rural Electri cation Corporation Limited Tata Sons Ltd Reliance Capital Ltd HDFC Ltd Piramal Enterprises Limited Sub-Total 87.88% FIXED RATE BONDS - GOVERNMENT 7.59% GOI - 11-Jan % GOI 09-May % Haryana SDL Special 15-Jun-2024 AA SOV SOV SOV 9.73% 8.93% 8.89% 8.85% 8.77% 8.77% 7.22% 7.11% 5.33% 5.26% 5.20% 3.48% 0.34% 0.72% 0.36% 5.39% Sub-Total 6.47% CBLO/Reverse Repo/ Net Current 5.65% GRAND TOTAL % Regular Plan Quarterly Dividend Option Half Yearly Dividend Option LOAD INFORMATION Entry Load : Not Applicable Exit Load : Nil BENCHMARK CRISIL Composite Bond Fund Index EXPENSE RATIO Regular 0.75% Direct 0.25% FUND STYLE Credit Quality ` ` ` ` MATURITY AND YIELD Average Maturity Modi ed Duration Gross YTM RATING PROFILE SOV 6.47% 3.83 Years 2.91 Years 7.67% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING Regular income and/or capital appreciation over medium to long term. Through investment in xed income securities. Moderate Risk Interest Rate Sensitivity 87.54% AA 0.34% Note : CBLO/Reverse Repo/Net Current of 5.65% 7

9 Indiabulls Gilt Fund (An Open-Ended Gilt Scheme) INVESTMENT OBJECTIVE The scheme seeks to generate income and capital appreciation by investing predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by State Government, without any restriction on the maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will berealized and the scheme does not assure or guarantee any returns. FUND MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years DATE OF ALLOTMENT 10 January 2013 AVG. AUM MONTHLY ` Crores LATEST AUM (as on Month-end) ` Crores LATEST NAV PER UNIT Direct Plan ` Fortnightly Dividend Option ` Regular Plan Weekly Dividend Option Fortnightly Dividend Option BENCHMARK I-Sec Composite Index EXPENSE RATIO Regular 1.25% Direct 0.43% FUND STYLE Credit Quality ` ` ` ` ` LOAD INFORMATION Entry Load : Not Applicable Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. PORTFOLIO FIXED RATE BONDS - GOVERNMENT 7.88% GOI 19-Mar % GOI - 11-Jan % GOI - 20-Mar-2029 SOV SOV SOV 46.52% 25.24% 25.23% Sub-Total 96.99% CBLO/Reverse Repo/Net Current 3.01% GRAND TOTAL % MATURITY AND YIELD Average Maturity Modi ed Duration Gross YTM RATING PROFILE 96.99% Years 7.53 Years 6.99% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING Income and capital appreciation over medium to long term. Through investment in sovereign securities issued by Central Government (including Treasury Bills) and/ or by State Government, without any restriction on the maturity of the portfolio. Moderate Risk Interest Rate Sensitivity SOV Note : CBLO/Reverse Repo/Net Current of 3.01% 8

10 Indiabulls Monthly Income Plan (An Open-ended Debt Scheme) (Monthly Income is not assured and is subject to availability of distributable surplus) INVESTMENT OBJECTIVE The primary objective of the Scheme is to generate regular monthly returns through investment primarily in debt securities. The secondary objective of the Scheme is to generate long-term capital appreciation by investing a portion of the Scheme's assets in equity securities. Monthly Income is not assured and is subject to availability of distributable surplus. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Malay Shah Mr. Kunal M. Jain (Co-Fund Manager) Total Work Experience: 8 years Mr. Sumit Bhatnagar DATE OF ALLOTMENT 2 December 2015 AVG. AUM MONTHLY ` Crores LATEST AUM (as on Month-end) ` Crores LATEST NAV PER UNIT Direct Plan Dividend Option Regular Plan Dividend Option LOAD INFORMATION Entry Load : Not Applicable Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. BENCHMARK CRISIL MIP Blended Index EXPENSE RATIO Regular 1.75% Direct 0.25% FUND STYLE Investment Style Growth Blend Value ` ` ` ` PORTFOLIO ZERO COUPON BONDS Dewan Housing Corp. Ltd Janalakshmi Financial Services Ltd SECTORAL ALLOCATION Industry/ A+ 5.95% 4.17% Sub-Total 10.12% EQUITY SHARES Indian Oil Corporation Limited Gail (India) Limited Insecticides (India) Limited SML Isuzu Limited Dishman and Chemicals Limited Kirloskar Oil Engines Ltd Sano India Limited Eicher Motors Ltd. HDFC Bank Ltd ACC Ltd Capital First Limited Bayer Cropscience Ltd Navkar Corporation Limited State Bank of India Aurobindo Pharma Limited Pesticides Gas 1.00% Industrial Products 0.74% Cement 0.61% 0.59% Transportation 0.57% Consumer Non-Durables 0.43% MATURITY AND YIELD Average Maturity Modi ed Duration Gross YTM RATING PROFILE SOV Gas Pesticides Industrial Products Cement Pesticides Transportation QUANTITATIVE/VOLATILITY MEASURES Standard Deviation Beta Sharpe Ratio Portfolio Turnover GOVERNMENT SECURITIES 7.61% GOI 09-May-2030 SOV 7.59% GOI - 20-MAR-2029 SOV 7.59% GOI - 11-Jan-2026 SOV 7.88% GOI - 19-MAR-2030 SOV Industry/ Sub-Total 12.63% Sub-Total 65.36% 0.00% 1.00% 2.00% 65.36% 1.18% 1.00% 0.86% 0.83% 0.77% 0.74% 0.72% 0.68% 0.63% 0.61% 0.59% 0.57% 0.57% 0.52% 0.51% 9.55 Years 6.10 Years 7.52% EQUITY SHARES COLLATERALIZED BORROWING AND LENDING 1.64% 1.59% 1.51% 1.44% 23.38% 23.26% 13.96% 4.76% 24.52% Cash & Cash Equivalents Net Receivable/Payable 11.89% Sub-Total 11.89% GRAND TOTAL % 2.50% 3.00% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING Capital appreciation and provide regular income over a long period of time. Investment primarily in debt securities to generate regular returns and investment of a portion of the Scheme's assets in equity securities to generate long-term capital appreciation. Moderate Risk Sun Industries Ltd Reliance Industries Limited Indusind Bank Ltd Asian Paints Ltd Consumer Non-Durables 0.50% 0.46% 0.45% 0.44% Large Medium Small Capitalisation A+ 4.17% 5.95% Note : CBLO/Reverse Repo/Net Current of 24.52% 9

11 Indiabulls Arbitrage Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE To generate income by predominantly investing in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. There is no assurance or guarantee that the investment objective of the scheme will be realized. FUND MANAGER Mr. Sumit Bhatnagar Mr. Malay Shah DATE OF ALLOTMENT 19 December 2014 AVG. AUM MONTHLY ` Crores LATEST AUM (as on Month-end) ` Crores LATEST NAV PER UNIT Direct Plan Dividend Option ` ` PORTFOLIO Company Name HDFC Bank Ltd Reliance Industries Limited Housing Development Corporation Limited Infosys Ltd Zee Entertainment Enterprises Limited Maruti Suzuki India Limited Axis Bank Ltd Grasim Industries Limited Lupin Ltd LIC Housing Limited Kotak Mahindra Bank Ltd IDFC Ltd Ashok Leyland Limited ICICI Bank Ltd Sun Industries Ltd Tata Motors Ltd JSW Steel Limited Yes Bank Ltd Aurobindo Pharma Limited Indusind Bank Ltd DLF Ltd MARGIN FIXED DEPOSITS DEBT SECURITIES Satin Credicare Network Ltd. Capital First Limited Reliance Big Entertainment Pvt Ltd Industry/ Software Media & Entertainment Cement Ferrous Metals Construction 8.78% 7.04% 4.87% 4.42% 4.39% 4.13% 4.05% 3.91% 3.30% 3.26% 2.76% 2.56% 2.35% 2.29% 2.23% 2.16% 2.08% 1.85% 1.57% 0.79% 0.39% Sub-Total 69.18% Sub-Total Cash & Cash Equivalents/CBLO Grand Total AA+ AA % 7.12% 5.62% 1.30% 14.04% 5.92% % Regular Plan Dividend Option LOAD INFORMATION Entry Load : Not Applicable Exit Load : 0.25%, if redeemed/ switched out within one month from the date of allotment; Nil, if redeemed/ switched out after one month from the date of allotment. BENCHMARK CRISIL Liquid Fund Index EXPENSE RATIO Regular 1.25% Direct 0.65% QUANTITATIVE/VOLATILITY MEASURES Standard Deviation Beta Sharpe Ratio Portfolio Turnover ` ` SECTORAL ALLOCATION Software 4.42% Media & Entertainment 4.39% Cement 3.91% Ferrous Metals 2.07% Construction 0.39% THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING To generate reasonable returns over short to medium term. Investment predominantly in arbitrage opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in debt and money market instruments. Moderately Low Risk % 8.65% 7.10% 7.04% 20.51%

12 Indiabulls Value Discovery Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE The primary objective of the Scheme is to seek to generate capital appreciation by investing in a portfolio of Equity and Equity related securities of companies that meet the relative value criteria and fall within top 500 by market cap. A company is considered as showing high relative value if it has a combination of higher RoCE and higher earnings yield. However, there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Sumit Bhatnagar Mr. Malay Shah DATE OF ALLOTMENT 8 September 2015 AVG. AUM MONTHLY ` Crores LATEST AUM (as on Month-end) ` Crores LATEST NAV PER UNIT Direct Plan Dividend Option Regular Plan Dividend Option LOAD INFORMATION Entry Load : Not Applicable Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. BENCHMARK BSE 500 ` ` ` ` EXPENSE RATIO Regular 2.70% Direct 0.24% PORTFOLIO Company Name EQUITY SHARES Nilkamal Ltd U ex Ltd GHCL Ltd Cadila Healthcare Ltd Maruti Suzuki India Limited Arvind Limited Century Plyboards (India) Ltd KPIT Technologies Limited Allcargo Logistics Ltd Indo Count Industries Ltd K P R Mill Ltd Ashok Leyland Limited Bajaj Corp Ltd Sun TV Network Limited TVS Srichakra Limited CCL Products (India) Ltd. Ahluwalia Contracts (India) Ltd Adani Power Limited Supreme Petrochem Limited Greaves Cotton Ltd Alembic Ltd. SECTORAL ALLOCATION Industrial Products Consumer Non-Durables Ancillaries Software Chemicals Textile Products Industrial Capital Goods Consumer Durables Textiles - Cotton Transportation Media & Entertainment Construction Power Industry Industrial Products Industrial Products Chemicals Textile Products Consumer Durables Software Transportation Textiles - Cotton Textile Products Consumer Non-Durables Media & Entertainment Ancillaries Consumer Non-Durables Construction Power Chemicals Industrial Products 3.85% 3.36% 3.29% 3.28% 3.23% 3.03% 2.96% 2.92% 2.88% 2.88% 2.81% 2.80% 2.79% 2.77% 2.76% 2.74% 2.73% 2.72% 2.67% 2.67% 2.66% Company Name EQUITY SHARES Finolex Industries Ltd Geometric Limited Heritage Foods Ltd MRF Ltd Castrol India Ltd JK Tyre & Industries Ltd Triveni Turbine Ltd. Time Technoplast Torrent Ltd Apar Industries Ltd Industry Sub-Total 86.82% COLLATERALIZED BORROWING AND LENDING CBLO 02/11/16- MAT % Sub-Total 6.97% Cash & Cash Equivalents Net Receivable/Payable 6.21% Sub-Total 6.21% 3.93% 2.96% 2.88% 2.88% 2.77% 2.73% 2.72% 2.51 Eclerx Services Ltd GRAND TOTAL % 8.16% 8.05% 7.70% 6.88% 6.03% 5.96% 5.84% Industrial Products Software Consumer Non-Durables Ancillaries Ancillaries Industrial Capital Goods Industrial Products Industrial Capital Goods Software 2.54% 2.52% 2.51% 2.51% 2.51% 2.44% 2.41% 2.39% 2.22% 1.52% 1.45% 14.82% FUND STYLE Investment Style Growth Blend Value Large Medium Small Capitalisation THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING Capital appreciation and provide longterm Capital growth. Investment primarily in companies that offer high relative value vis a-vis other companies and fall within top 500 by market capitalization. Moderately High Risk 11

13 Indiabulls Blue Chip Fund (An Open-ended Equity Scheme) INVESTMENT OBJECTIVE To provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. However there can be no assurance that the investment objective of the scheme will be achieved. FUND MANAGER Mr. Sumit Bhatnagar DATE OF ALLOTMENT 10 February 2012 AVG. AUM MONTHLY ` Crores LATEST AUM (as on Month-end) ` Crores LATEST NAV PER UNIT Direct Plan Dividend Option Regular Plan Dividend Option LOAD INFORMATION Entry Load : Not Applicable Exit Load : 1%, if redeemed/ switched out within 1 year from the date of allotment; Nil, if redeemed/ switched out after 1 year from the date of allotment. BENCHMARK Nifty 50 Index EXPENSE RATIO Regular 2.50% Direct 0.73% FUND STYLE Investment Style Growth Blend Value ` ` ` ` PORTFOLIO Company Name EQUITY SHARES Tata Motors Limited -DVR HDFC Bank Ltd Reliance Industries Limited Maruti Suzuki India Limited Larsen & Toubro Limited State Bank Of India ICICI Bank Ltd Gail (India) Limited Sano India Limited Fortis Healthcare Ltd. Indian Oil Corporation Limited Asian Paints Ltd Kansai Nerolac Paints Limited Indusind Bank Ltd Ultratech Cement Ltd Srikalahasthi Pipes Ltd Eicher Motors Ltd. Housing Development Corporation Limited Hero Motocorp Ltd Dishman and Chemicals Limited Sun Industries Ltd The Ramco Cements Ltd. SECTORAL ALLOCATION Consumer Non Durables Cement Construction Project Gas Healthcare Services Pesticides Ferrous Metals Industrial Capital Goods Transportation Power Textile Products Industry Construction Project Gas Healthcare Services Consumer Non-Durables Consumer Non-Durables Cement Ferrous Metals Cement QUANTITATIVE/VOLATILITY MEASURES Standard Deviation Beta 4.52% 3.40% 3.21% 2.90% 2.53% 1.80% 1.75% 1.50% 0.24% % 5.23% 4.97% 4.88% 4.52% 3.57% 3.53% 3.40% 3.25% 3.21% 3.14% 2.74% 2.73% 2.66% 2.65% 2.53% 2.50% 2.34% 2.31% 2.23% 2.21% 1.97% Company Name EQUITY SHARES Arman Financial Services Limited Britannia Industries Limited Bharat Electronics Limited ACC Ltd Navkar Corporation Limited Dewan Housing Corp. Ltd Insecticides (India) Limited Capital First Limited ITC Limited Syngene International Ltd Power Grid Corporation of India Ltd Hindustan Unilever Limited Bayer Cropscience Ltd Arvind Limited Sub-Total Cash & Cash Equivalents Net Receivable/Payable Sub-Total GRAND TOTAL 10.41% 9.18% 8.11% 7.67% 6.41% Sharpe Ratio Portfolio Turnover Industry Consumer Non-Durables Industrial Capital Goods Cement Transportation Pesticides Consumer Non-Durables Power Consumer Non-Durables Pesticides Textile Products % 1.90% 1.80% 1.80% 1.75% 1.73% 1.72% 1.67% 1.60% 1.50% 1.50% 1.43% 1.17% 0.23% 93.66% 6.34% 6.34% % 15.04% 14.99% Large Medium Small Capitalisation THIS PRODUCT IS SUITABLE FOR INVESTORS WHO ARE SEEKING Capital appreciation over long-term A portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. High Risk 12

14 SCHEME PERFORMANCE Period Last 7 days till 31st Oct 2016 Last 15 days till 31st Oct 2016 Last 30 days till 31st Oct st Oct 2015 till 31st Oct st Oct 2013 till 31st Oct 2016 Since Inception (CAGR) Since Inception (Value #) INR NAV/Index Value (As of 31st Oct 2016) Funds Managed by Mr. Malay Shah Indiabulls Liquid Fund(G) , , Indiabulls Liquid Fund(G)-Direct Plan , , Crisil Liquid Fund Index , , Crisil 1 Yr T-Bill Index , , Indiabulls Ultra Short Term Fund(G) , , Indiabulls Ultra Short Term Fund(G)-Direct Plan , , Crisil 1 Yr T-Bill Index , , Crisil Liquid Fund Index , , Indiabulls ST Fund(G) Indiabulls ST Fund(G)-Direct Plan Crisil Short Term Bond Fund Index Crisil 1 Yr T-Bill Index Funds Managed by Mr. Malay Shah & Mr. Kunal M. Jain Indiabulls Income Fund-Reg(G) Indiabulls Income Fund(G)-Direct Plan Crisil Composite Bond Fund Index Indiabulls Gilt(G) Indiabulls Gilt(G)-Direct Plan I-Sec Composite Gilt Index Crisil 1 Yr T-Bill Index Funds Managed by Mr. Sumit Bhatnagar & Mr. Malay Shah Indiabulls Arbitrage Fund-Reg(G) Indiabulls Arbitrage Fund(G)-Direct Plan Crisil Liquid Fund Index Crisil 1 Yr T-Bill Index Indiabulls Value Discovery Fund-Reg(G) Indiabulls Value Discovery Fund(G)-Direct Plan S&P BSE NIFTY Funds Managed by Mr. Malay Shah, Mr. Kunal M. Jain & Mr. Sumit Bhatnagar Indiabulls Monthly Income Plan^ Funds Managed by Mr. Sumit Bhatnagar Indiabulls Blue Chip Fund(G) Indiabulls Blue Chip Fund(G)-Direct Plan NIFTY S&P BSE SENSEX , , , , , , , , , , , , , , , , , , , ,730 17,680 14,495 14,264 1, , , , , , , , , , , , , Notes: NA - Not Applicable Returns shown for 7 days, 15 days and 30 days are computed only for Indiabulls Liquid Scheme on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded Annualised Returns (CAGR). Past performance may or may not be sustained in future. # Based on investment of Rs. 10,000 made at inception. All returns are for only. Since inception returns have been calculated from the date of allotment till 31st. ^Since Indiabulls Monthly Income Plan has been in existence for less than 1 year as on 31st, past performance has not been provided. 13

15 SCHEME PERFORMANCE SIP RETURNS - Indiabulls Blue Chip Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested (`) 1,20,000 3,60,000 6,00,000 8,40,000 1,200,000 5,60,000 Total Value as on Oct 31, 2016 (`) 1,35,658 4,41,968 7,76,623 Returns (In %) Total Value of S&P BSE Sensex 1,28,756 4,03,445 6,96,388 S&P BSE Sensex Returns (In %) Total Value of Nifty 50 1,27,381 3,93,936 7,12,934 Nifty 50 Returns (In %) SIP Returns - Indiabulls Arbitrage Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested (`) 1,20,000 3,60,000 6,00,000 8,40,000 1,200,000 2,20,000 Total Value as on Oct 31, 2016 (`) 1,24,620 2,35,269 Returns (In %) Total Value of Crisil Liquid Fund Index 1,24,751 2,36,269 Crisil Liquid Fund Index Returns (In %) SIP Returns - Indiabulls Value Discovery Fund - Regular Plan () Period 1-year 3-year 5-year 7-year 10-year Since Inception Total Amount Invested (`) 1,20,000 3,60,000 6,00,000 8,40,000 1,200,000 1,30,000 Total Value as on Oct 31, 2016 (`) 1,24,620 1,35,363 Returns (In %) Total Value of S&P BSE 500 1,32,641 1,43,915 S&P BSE 500 Returns (In %) Total Value of Nifty 50 1,28,756 1,39,620 Nifty 50 Returns (In %) Not Applicable The above table indicates the results for the scenario of an investor who would have invested ` 10,000 every month in Indiabulls Blue Chip Fund - Regular Plan (), Indiabulls Arbitrage Fund - Regular Plan () & Indiabulls Value Discovery Fund - Regular Plan (). Note: Past performance may or may not be sustained in future. Returns greater than 1 year period are compounded annualized. Dividends assumed to be reinvested. Load is not taken into consideration. On account of difference in the type/category, asset allocation or investment strategy, inception dates, performances of these funds are not strictly comparable. 14

16 DIVIDEND HISTORY Record Date Face Value (in `) INDIABULLS LIQUID FUND - MONTHLY OPTION NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct ,000 1, , ,000 1, , ,000 1, , INDIABULLS ULTRA SHORT-TERM FUND - MONTHLY OPTION Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct ,000 1, , ,000 1, , ,000 1, , INDIABULLS SHORT TERM FUND - MONTHLY OPTION Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct ,000 1, , ,000 1, , ,000 1, , INDIABULLS INCOME FUND - MONTHLY OPTION Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS INCOME FUND - QUARTERLY OPTION Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS INCOME FUND - HALF YEARLY OPTION Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS GILT FUND - MONTHLY OPTION Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct ,000 1, , ,000 1, , ,000 1, , INDIABULLS MONTHLY INCOME PLAN - MONTHLY OPTION Record Date No Dividend has been declared in this scheme INDIABULLS BLUE CHIP FUND - DIVIDEND HISTORY Record Date Face Value (in `) NAV (in `) Dividend/Unit (in `) Regular Direct Regular Direct INDIABULLS VALUE DISCOVERY FUND - MONTHLY OPTION INDIABULLS ARBITRAGE FUND - DIVIDEND HISTORY NAV (in `) Dividend/Unit (in `) Face Value (in `) Regular Direct Regular Direct No Dividend has been declared in this scheme For all above, Pursuant to payment of dividend, the NAV of the scheme will fall to the extent of dividend distribution and statutory levy (if any). Past performance may or may not be sustained in future. 15

17 Indiabulls Asset Management Company Limited CIN: U65991DL2008PLC Registered Of ce: M - 62 & 63, 1st Floor, Connaught Place, New Delhi Tel: (011) ; Fax: (011) Corporate Of ce: Indiabulls Centre Tower - 1, 11th Floor, Senapati Bapat Marg, Elphinstone West, Mumbai Tel: (022) ; Fax: (022) Call: SMS: IBAMC to customercare@indiabullsamc.com Website: AMC Branches: Ahmedabad: Radhika House, 1st Floor, C/o. Indiabulls Housing Co Ltd., Opp. Mayor Banglow, Law Garden, Navrangpura, Ahmedabad Tel: (079) Bangalore: No. 103, 2nd Floor, Samskruthi Chambers, K. H. Road, Bangalore Tel: (080) Chennai: No. 20, Apex Chambers, 3rd Floor, Sir Theyagaraya Road, Pondy Bazaar, T Nagar, Chennai Tel: (044) Hyderabad: Park City Plaza, 3rd Floor, Road No. 1, Banjara Hills, Hyderabad Tel: (040) Kolkata: Constantia Building, Ground Floor, 11, Dr. U. N. Brahmchari Street I, Kolkata Tel: (033) Mumbai: Indiabulls Centre, Tower 1, 11th Floor, Senapati Bapat Marg, Elphinstone (West), Mumbai Tel: : (022) New Delhi: M - 62 & 63, 1st Floor, Connaught Place, New Delhi Tel: (011) Pune: No. 115, City Mall, 1st Floor, University Road, Opp. Pride House, Shivajinagar, Pune Tel: (020) Disclaimer: The NAVs of the schemes may go up or down depending upon the factors and forces affecting the securities market including the uctuations in the interest rates. The past performance of the mutual funds managed by the Indiabulls Asset Management Company is not necessarily indicative of future performance of the scheme/s. The Mutual Fund is not guaranteeing or assuring any dividend under any of the schemes and the same is subject to the availability of distributable surplus and at the sole discretion of trustees. The views expressed herein represents general market outlook and purely represent the views of the author. This document shall not be deemed to constitute any offer to sell the schemes of Indiabulls Asset Management Company. Investors are requested to review the prospectus carefully and obtain expert professional advice with regard to speci c legal, tax and nancial implications of the investment/ participation in the scheme. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

18 INVEST WISELY INVESTIN MUTUALFUNDS TODAYFORASECURETOMORROW ANINVESTOREDUCATION ANDAWARENESSINITIATIVE Cal: SMS: IBAMC to56161 Website: MutualFundInvestmentsaresubjecttomarketrisks,readalschemerelateddocumentscarefuly.