Equity Market Overview

Transcription

1 December 2017 Equity Market Overview November was another spectacular month for the Indian equity markets as they continued setting new life time highs but ended the month lower on profit booking. Strong earnings reported by corporates along with record inflows pushed Nifty and Sensex to new highs of 10,490 and 33,866 respectively; however they closed lower by 1.1% and 0.2%. Indian benchmark indices underperformed other major global indices such as Nasdaq, DJIA and Nikkei.Amongst sectors, Consumer Goods and Realty were the key outperformers whereas Metals and Oil & gas underperformed after last month s outperformance. Real GDP for 2QFY18 grew 6.3%YoY, after the sequential decline in growth rates for five quarters since 1QFY17. Gross capital formation (34% share; 8.6%YoY), and private consumption (54% share; 6.5%YoY) drove overall growth. By economic activity, industrial sector (5.8%YoY; share 31%) helped in the revival of 2QFY18 GVA growth on back of strong manufacturing growth. IIP growth decelerated to 3.8% YoY in September from 4.5% YoY in August, but remained higher than average growth of 2.2% over the first five months of the fiscal. Manufacturing growth came in at 3.4% YoY in September 2017, unchanged from the previous month, but higher than average 1.6% growth over April-August Growth was not broad-based as many as 12 of the 23 industry groups within manufacturing reported a contraction in output. Manufacturing PMI for Nov 17 rose to 52.6 (vs 50.3 in Sep 17) indicating fastest growth in manufacturing output since Oct 16. GST collections for Oct 17 stood at INR 833bn, lower than the monthly average of INR 923bn since its implementation. CPI inflation inched up to 3.6% YoY in October 2017 which was the highest level of inflation in seven months. The rise was largely driven by a surge in vegetable inflation to a 15-month high of 7.5% in October Food inflation increased to 1.9% from 1.3% in September Core inflation remained unchanged versus the preceding month at 4.6% in October Nifty Although housing inflation surged to 6.7%, it was offset by a decline in inflation in the transport & communication group. Inflation in core services declined to a record low of 3.4% in October Similarly, WPI hit a six month high of %, again due to vegetable prices. Global commodities remained buoyant during the month with Brent Crude gaining 3.2% to close the month at $62.63/bbl. The rupee showed a mild appreciation of 0.45% during the month against the dollar to close at 64.46/USD largely on the back of capital inflows into the country Oct 7-Nov 14-Nov 21-Nov 28-Nov 30-Nov BSE Consumer Durables BSE Communication Technology BSE FMCG BSE Cap Goods BSE Oil & Gas BSE Power BSE Healthcare BSE Auto BSE IT BSE Bank BSE Metal BSE Realty -5.6% Source: Bloomberg/Internal Research Major Indices Change (%) -3.8% -1.2% -2.0% -0.8% 1.8% 0.6% 0.2% 3.6% 1.2% 6.3% 16.2% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Global Indices Nasdaq 2.17% Dow Jones 3.83% Shanghai -2.24% Nikkei 3.24% Hang Seng 3.30% Sensex -0.19% NIFTY -1.05% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%

2 Fixed Income Overview MACRO Economic Data for the month: As on 31/10/2017 As on 30/11/ year Gsec 6.86% 7.06% 5year Corp bonds 7.26% 7.45% 3 months Tbill 6.10% 6.12% 3 month Cd 6.20% 6.22% Brent Crude $ Inflation CPI 3.28% 3.58% Rupee = USD Highlights of RBI policy on December 06, 2017 : The Monetary Policy Committee (MPC) kept the policy repo rate unchanged at 6.00%. The committee, however, maintained its Neutral stance on monetary policy. The RBI upped its inflation target range by 10bps to 4.3%-4.7% in Q3 and Q4 of FY18. RBI cautioned on fiscal slippage on account of various factors like farm loan waivers, partial roll back of excise duty and VAT on petroleum products and decrease in revenue on account of reduction in GST rates. The major macro events during the month: Inflation and IIP: CPI inflation in October increased to 3.58% YoY (September: 3.28%), Core (ex. food & fuel) inflation remained flattish at 4.41% YoY (September: 4.47 %). October WPI inflation jumped to 3.59% YoY (September: 2.60%). Acceleration in food and fuel prices heavily contributed to this uptick. September IIP came down to 3.8% YoY from 4.5% in August. Electricity was major disappointment. Manufacturing, Mining and Electricity were at 3.4%, 7.9% and 3.4% respectively. GDP: GDP for 2QFY18 rose to 6.3% after declining to 3 years low of 5.7%in 1QFY18. The negative effects of the demonetization shock and supply disruptions on account of GST slowly seem to be fading. The rebound was led by industry, particularly in the manufacturing and the mining sectors. Service sector growth, on the other hand, moderated due to a decline in activity in financial, real estate and professional services, trade, hotel and transport and lower government expenditure in Q Year Gsec movement for the past 3 months Rupee movement for the past 3 months Sep-2017 Oct-2017 Nov Sep-2017 Oct-2017 Nov-2017 The content of the articles in Equity Market Overview & Fixed Income Overview represent the opinions of our Fund Management/Research team. Nothing contained herein is intended as investment advice or recommendations for specific investment decisions, and you should not rely on it as such. Information and analysis above are derived from various sources and using methods believed to be reliable, but we do not assume responsibility and liability for any consequence of the investment decision taken by you based on this analysis. Investment decision taken by readers to this article will be at their sole discretion. The purpose of this article is intended to be used as an educational discussion of the issues involved. This is not to be construed as a solicitation to buy or sell securities. Source: Internal Research 2

3 HOW TO READ FACTSHEET? 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 of systematic investment plan works on the principle of making periodic investments of a fixed sum. It works similar to a recurring bank deposits. For instance, an investor may opt for an SIP that invest Rs. 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. 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 G-Sec. 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 Rs. 100 and the entry load is 1%, the investor will enter the fund at Rs Note: SEBI, vide circular dated June 30, 2009 has abolished entry load and mandated that the upfront commission to distributors will be paid by the investor directly to the distributor, based on his assessment of various factors including the service rendered by the distributor. 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 Rs. 100 and the exit load is 1%, the redemption price would be Rs. 99 per unit. Modified Duration: Modified 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. 3 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 Ratio: Beta is a measure of an investment's volatility vis-a-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 firm. 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. Rating Profile: 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 profile of the fund. Typically, this is a feature of debt funds. Total Expense Ratio: The Expenses of a mutual fund include management fees and all the fees associated with the fund's daily operations. Expense Ratio refers to the annual percentage of fund's assets that is paid out in expenses. Average Maturity: The average time of maturity of all the debt securities held in a portfolio. It states the weighted average maturity of the assets in the portfolio. Portfolio Yield: The income return on an investment. This refers to the interest or dividends received from a security and are usually expressed annually as a percentage based on the investment's cost, its current market value or its face value. Risk Free Return: The theoretical rate of return attributed to an investment with zero risk. The risk-free rate represents the interest on an investor's money that he or she would expect from an absolutely risk-free investment over a specified period of time. Tracking Error: The divergence between the price behavior of a position or portfolio and the price behavior of a benchmark. Portfolio Turnover Ratio: This is a measure of the fund's trading activity, which is computed by taking the lesser of purchases or sales (excluding all securities with maturities of less than one year) and dividing by average monthly net assets.

4 IDBI Equity Advantage Fund (IEAF) (An open-ended Equity Linked Savings scheme (ELSS) offering Income Tax benefits under Section 80C of the IT Act, 1961) The Scheme will seek to invest predominantly in a diversified portfolio of equity and equity related instruments with the objective to provide investors with opportunities for capital appreciation and income along with the benefit of income-tax deduction (under section 80C of the Income-tax Act, 1961) on their investments. Investments in this scheme would be subject to a statutory lock-in of 3 years from the date of allotment to be eligible for income-tax benefits under Section 80C. There can be no assurance that the investment objective under the scheme will be realized. Mr. V. Balasubramanian 10th September, 2013 S&P BSE 200 Index Total Experience: Over 36 Years (Managing the Scheme since inception) Growth Dividend % to Net DEBENTURES 0.01 Blue Dart Express Ltd EQUITY & EQUITY RELATED TVS Motor Co. Ltd Cholamandalam Investment and Finance Co. Ltd Eicher Motors Ltd Page Industries Ltd MRF Ltd Gruh Finance Ltd VST Industries Ltd Pidilite Industries Ltd Wabco India Ltd ABB India Ltd Kotak Mahindra Bank Ltd Sundaram Finance Ltd Asian Paints Ltd Industry Classification Petroleum Products 2.38% % to Net United Breweries Ltd Thermax Ltd Nestle India Ltd Colgate Palmolive (India) Ltd Bosch Ltd The Great Eastern Shipping Co. Ltd Cummins India Ltd GlaxoSmithkline Consumer Healthcare Ltd CRISIL Ltd Bata India Ltd Castrol India Ltd Blue Dart Express Ltd CBLO 0.62 Cash & Cash Receivables TOTAL ` Crs. Consumer Durables Industrial Products 2.51% 2.70% ` Crs. Banks Chemicals 4.02% 4.38% : % : % Transportation Textile Products Industrial Capital Goods Auto Ancillaries 4.77% 5.66% 7.36% 12.61% Standard Deviation : % Beta : Sharpe Ratio : Portfolio Turnover Ratio^^ : 0.27 Risk free rate: Overnight MIBOR (6.00% as on 30/11/17). Source: FIMMDA. Ratios calculated on monthly 3 years data point. ^^ Lower of Purchase or Sale for one year/average AUM for one year. Auto 15.22% Finance 17.54% Consumer Non Durables 20.50% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% Entry Load : Not Applicable Exit Load (for Lumpsum & SIP) : Nil. Investment under the scheme is subject to a lock-in period of 3 Years. Dividend History Record Date Individual / HUF Others (Face Value: ` 10/- Per Unit) Cum Dividend NAV* (in `) Ex Dividend NAV (in `) IDBI Equity Advantage Fund - Dividend ( Plan) 25th September, th September, th September, IDBI Equity Advantage Fund - Dividend ( Plan) 25th September, th September, th September, Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV of the Dividend option of the Scheme will fall to the extent of the dividend payout and statutory levy, if any. All dividend distribution is subject to availability of distributable surplus on the record date and will be at the discretion of IDBI Asset Management Ltd. and IDBI MF Trustee Company Ltd. For complete dividend history including daily dividend history, please refer to our website. * NAV of the record date. 4 Long term capital growth An Equity Linked Savings Scheme (ELSS) investing in equity and equity related instruments with the objective to provide investors with opportunities for capital appreciation and income along with the benefit of income-tax deduction (under section 80C of the Income-tax Act, 1961) on their investments, subject to a statutory lock-in of three years Investors understand that their principal will be at Moderately High risk

5 IDBI India Top 100 Equity Fund (IIT100EF) (An open-ended growth scheme) To provide investors with opportunities for long-term growth in capital through active management of a diversified basket of equity stocks, debt and money market instruments. The investment universe of the scheme will be restricted to equity stocks and equity related instruments of companies that are constituents of the Nifty 50 Index and the Nifty Next 50 Index comprising a total of 100 stocks. These two indices are collectively referred to as the Nifty100 Index. The equity portfolio will be well-diversified and actively managed to realize the scheme objective. Total Experience: Over 15 Years Mrs. Uma Venkatraman (Managing the Scheme since 5th September 2017) 15th May, 2012 Nifty 100 Index Growth Dividend ` Crs. % to Net EQUITY & EQUITY RELATED IndusInd Bank Ltd Maruti Suzuki India Ltd HDFC Bank Ltd Indian Oil Corpn. Ltd Indiabulls Housing Finance Ltd Eicher Motors Ltd Kotak Mahindra Bank Ltd ICICI Bank Ltd Housing Development Finance Corpn. Ltd UltraTech Cement Ltd ITC Ltd Titan Co. Ltd Piramal Enterprises Ltd Procter & Gamble Hygiene and Health Care Ltd Larsen & Toubro Ltd Bajaj Finance Ltd ABB India Ltd Bharat Electronics Ltd Hindustan Zinc Ltd Hindustan Petroleum Corpn. Ltd Asian Paints Ltd Cummins India Ltd % to Net Container Corpn. of India Ltd Shree Cements Ltd Hero Motocorp Ltd Yes Bank Ltd 1.76 Aurobindo Pharma Ltd Bosch Ltd Sun TV Network Ltd Bajaj Finserv Ltd Tata Steel Ltd Pidilite Industries Ltd Oil & Natural Gas Corpn. Ltd UPL Ltd Godrej Consumer Products Ltd Dabur India Ltd Britannia Industries Ltd Bharat Petroleum Ltd Zee Entertainment Enterprises Ltd Motherson Sumi Systems Ltd HCL Technologies Ltd Shriram Transport Finance Co. Ltd CBLO 0.40 Cash & Cash Receivables Total ` Crs. : % : % Standard Deviation : % Beta : Sharpe Ratio : Portfolio Turnover Ratio^^ : 0.75 Risk free rate: Overnight MIBOR (6.00% as on 30/11/17). Source: FIMMDA. Ratios calculated on monthly 3 years data point. ^^ Lower of Purchase or Sale for one year/average AUM for one year. Entry Load : Not Applicable Exit Load : for Lumpsum - 1% for exit (Redemption Switch-out/Transfer/SWP) within 12 months from the date of allotment. for SIP - 1% for exit (Redemption/Switch-out/Transfer/SWP) within 12 months from the date of allotment of each installment. Dividend History Record Date Individual / HUF Others (Face Value: ` 10/- Per Unit) Cum Dividend NAV* (in `) Ex Dividend NAV (in `) IDBI India Top 100 Equity Fund - Dividend ( Plan) 31st May, th May, th May, IDBI India Top 100 Equity Fund - Dividend ( Plan) 31st May, th May, th May, Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV of the Dividend option of the Scheme will fall to the extent of the dividend payout and statutory levy, if any. All dividend distribution is subject to availability of distributable surplus on the record date and will be at the discretion of IDBI Asset Management Ltd. and IDBI MF Trustee Company Ltd. For complete dividend history including daily dividend history, please refer to our website. * NAV of the record date. Industry Classification Software Pesticides Oil Chemicals Ferrous Metals Transportation Industrial Products Auto Ancillaries Non - Ferrous Metals Media & Entertainment Construction Project Consumer Durables Pharmaceuticals Cement Industrial Capital Goods Petroleum Products Auto Consumer Non Durables Finance Banks 0.71% 1.17% 1.25% 1.38% 1.43% 1.94% 2.09% 2.42% 2.46% 2.49% 2.63% 2.91% 4.53% 4.91% 5.12% 7.93% 10.88% 11.20% 12.43% 19.89% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% Disclaimer of IISL: The IDBI India Top 100 Equity Fund offered by IDBI Mutual Fund or its affiliates is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of IDBI India Top 100 Equity Fund or any member of the public regarding the advisability of investing in securities generally or in the IDBI India Top 100 Equity Fund linked to Nifty 100 Index or particularly in the ability of the Nifty 100 Index to track general stock market performance in India. Please read the full Disclaimers in relation to the Nifty100 Index in the Scheme Information Document. Long term capital growth Investments in equity stocks and equity related instruments of companies that are constituents of Nifty100 Index Investors understand that their principal will be at Moderately High risk

6 IDBI Diversified Equity Fund (IDEF) (An open-ended growth scheme) To provide investors with opportunities for long-term growth in capital through investment in a diversified basket of equity stocks, debt and money market instruments. The equity portfolio will be well-diversified and actively managed to realize the Scheme objective. However, there can be no assurance that the investment objective of the scheme will be realized. Total Experience: Over 11 Years Mr. Ashish Mishra (Managing the Scheme since 5th September 2017) 28th March, 2014 S&P BSE 500 Index Growth Dividend ` Crs. ` Crs. : % : % % to Net DEBENTURES 0.01 Blue Dart Express Ltd EQUITY & EQUITY RELATED Hindustan Unilever Ltd Kotak Mahindra Bank Ltd Eicher Motors Ltd Mahindra & Mahindra Ltd Gillette India Ltd Wabco India Ltd Bharat Forge Ltd PVR Ltd Cholamandalam Investment and Finance Co. Ltd Shree Cements Ltd Abbott India Ltd Britannia Industries Ltd BASF India Ltd Hero Motocorp Ltd Thermax Ltd Pidilite Industries Ltd Exide Industries Ltd TVS Motor Co. Ltd MRF Ltd The Great Eastern Shipping Co. Ltd Cummins India Ltd Indian Oil Corpn. Ltd Bosch Ltd Industry Classification % to Net VST Industries Ltd Grindwell Norton Ltd Schaeffler India Ltd Procter & Gamble Hygiene and Health Care Ltd SKF India Ltd ABB India Ltd General Insurance Corpn. of India 1.34 Phillips Carbon Black Ltd Sundaram Finance Ltd Elantas Beck India Ltd Bajaj Finance Ltd Goodyear India Ltd Hawkins Cookers Ltd Castrol India Ltd Kansai Nerolac Paints Ltd Camlin Fine Sciences Ltd IndusInd Bank Ltd GNA Axles Ltd Indian Energy Exchange Ltd Bayer Cropscience Ltd Berger Paints India Ltd Orient Refractories Ltd CBLO 1.87 Cash & Cash Receivables 1.21 TOTAL Standard Deviation : % Beta : Sharpe Ratio : Portfolio Turnover Ratio^^ : 0.36 Risk free rate: Overnight MIBOR (6.00% as on 30/11/17). Source: FIMMDA. Ratios calculated on monthly 3 years data point. ^^ Lower of Purchase or Sale for one year/average AUM for one year. Entry Load : Not Applicable Exit Load : For Lumpsum - 1% for exit (Redemption/Switch-out/Transfer/SWP) within 12 months from the date of allotment. For SIP - 1% for exit (Redemption/Switch-out/Transfer/SWP) within 12 months from the date of allotment of each installment. Dividend History Record Date Individual / HUF Others (Face Value: ` 10/- Per Unit) Cum Dividend NAV* (in `) Ex Dividend NAV (in `) IDBI Diversified Equity Fund - Dividend ( Plan) 25th September, th September, th May, IDBI Diversified Equity Fund - Dividend ( Plan) 25th September, th September, th May, Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV of the Dividend option of the Scheme will fall to the extent of the dividend payout and statutory levy, if any. All dividend distribution is subject to availability of distributable surplus on the record date and will be at the discretion of IDBI Asset Management Ltd. and IDBI MF Trustee Company Ltd. For complete dividend history including daily dividend history, please refer to our website. * NAV of the record date. Pesticides Consumer Durables Transportation Petroleum Products Pharmaceuticals Cement Media & Entertainment Industrial Capital Goods Banks Finance Chemicals Industrial Products Auto Ancillaries Auto Consumer Non Durables 0.26% 1.01% 2.28% 2.98% 3.21% 3.27% 3.50% 4.15% 5.09% Long term capital growth Investments predominantly in equity & equity related instruments 7.60% 7.99% 11.97% 12.65% 13.85% Investors understand that their principal will be at Moderately High risk 17.11% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00%

7 IDBI Nifty Index Fund (INIF) (An open-ended passively managed equity scheme tracking the Nifty 50 Index [Total Returns Index]) The investment objective of the scheme is to invest only in and all the stocks comprising the Nifty 50 Index in the same weights of these stocks as in the Index with the objective to replicate the performance of the Total Returns Index of Nifty 50 Index. The scheme may also invest in derivatives instruments such as Futures and Options linked to stocks comprising the Index or linked to the Nifty 50 Index. The scheme will adopt a passive investment strategy and will seek to achieve the investment objective by minimizing the tracking error between the Nifty 50 Index (Total Returns Index) and the Scheme. Total Experience: Over 15 Years Mrs. Uma Venkatraman (Managing the Scheme since 5th September 2017) 25th June, 2010 Nifty 50 Index-TRI (Total Returns Index) Growth Dividend ` Crs. ` Crs. : % : % Portfolio Turnover Ratio^^ : 0.63 Tracking Error : % Annualised tracking error for last 12 month's period. ^^ Lower of Purchase or Sale for one year/average AUM for one year. Entry Load : Not Applicable Exit Load (for Lumpsum & SIP) : Nil Dividend History Record Date Individual / HUF Others (Face Value: ` 10/- Per Unit) Cum Dividend NAV* (in `) Ex Dividend NAV (in `) IDBI Nifty Index Fund - Dividend ( Plan) 14th October, st August, Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV of the Dividend option of the Scheme will fall to the extent of the dividend payout and statutory levy, if any. All dividend distribution is subject to availability of distributable surplus on the record date and will be at the discretion of IDBI Asset Management Ltd. and IDBI MF Trustee Company Ltd. For complete dividend history including daily dividend history, please refer to our website. * NAV of the record date. % to Net EQUITY & EQUITY RELATED HDFC Bank Ltd Reliance Industries Ltd Housing Development Finance Corpn. Ltd ITC Ltd ICICI Bank Ltd Infosys Ltd Larsen & Toubro Ltd Kotak Mahindra Bank Ltd Tata Consultancy Services Ltd State Bank of India Ltd Maruti Suzuki India Ltd Hindustan Unilever Ltd Axis Bank Ltd IndusInd Bank Ltd Tata Motors Ltd Bharti Airtel Ltd Mahindra & Mahindra Ltd Sun Pharmaceuticals Industries Ltd Yes Bank Ltd NTPC Ltd Vedanta Ltd Oil & Natural Gas Corpn Ltd Asian Paints Ltd Hero Motocorp Ltd HCL Technologies Ltd Tata Steel Ltd Industry Classification Auto Ancillaries Pesticides Telecom - Equipment & Accessories Gas Media & Entertainment Transportation Minerals/Mining Ferrous Metals Oil Cement Telecom - Services Non - Ferrous Metals Power Construction Project Pharmaceuticals Finance Consumer Non Durables Auto Petroleum Products Software Banks 0.47% 0.68% 0.69% 0.76% 0.78% 0.79% 0.91% 1.18% 1.30% 1.60% 1.66% 2.30% 2.55% 3.80% 3.98% % to Net Power Grid Corpn. of India Ltd Bajaj Auto Ltd UltraTech Cement Ltd Bajaj Finance Ltd Indian Oil Corpn. Ltd Eicher Motors Ltd Bharat Petroleum Ltd Indiabulls Housing Finance Ltd Wipro Ltd Coal India Ltd Hindalco Industries Ltd Adani Ports and Special Economic Zone Ltd Zee Entertainment Enterprises Ltd Cipla Ltd Tech Mahindra Ltd Gail (India) Ltd Hindustan Petroleum Corpn. Ltd Dr. Reddys Laboratories Ltd Bharti Infratel Ltd UPL Ltd Lupin Ltd Aurobindo Pharma Ltd Ambuja Cements Ltd Bosch Ltd CBLO 0.15 Cash & Cash Receivables 0.06 Total % 9.14% 9.84% 10.55% 11.18% 26.85% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% Disclaimer of IISL : The IDBI Nifty Index Fund offered by IDBI Mutual Fund or its affiliates is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of IDBI Nifty Index Fund or any member of the public regarding the advisability of investing in securities generally or in the IDBI Nifty Index Fund linked to Nifty 50 Index or particularly in the ability of the Nifty 50 Index to track general stock market performance in India. Please read the full Disclaimers in relation to the Nifty 50 Index in the Scheme Information Document. Long Term growth in a passively managed scheme tracking Nifty 50 Index (TRI) Investments only in and all stocks comprising Nifty 50 Index in the same weight of these stocks as in Index with objective to replicate performance of Nifty 50 Index (TRI) 7 Investors understand that their principal will be at Moderately High risk

8 IDBI Nifty Junior Index Fund (INJIF) (An open-ended passively managed equity scheme tracking the Nifty Next 50 Index (Total Returns Index) The investment objective of the scheme is to invest only in and all the stocks comprising the Nifty Next 50 Index in the same weights of these stocks as in the Index with the objective to replicate the performance of the Total Returns Index of Nifty Next 50 Index. The scheme may also invest in derivatives instruments such as Futures and Options linked to stocks comprising the Index or linked to the Nifty Next 50 Index as and when the derivative products on the same are made available. The scheme will adopt a passive investment strategy and will seek to achieve the investment objective by minimizing the tracking error between the Nifty Next 50 Index (Total Returns Index) and the Scheme. Total Experience: Over 15 Years Mrs. Uma Venkatraman (Managing the Scheme since 5th September 2017) 20th September, 2010 Nifty Next 50 Index-TRI (Total Returns Index) Growth Dividend ` Crs. % To Net EQUITY & EQUITY RELATED Titan Co. Ltd Bajaj Finserv Ltd Motherson Sumi Systems Ltd Britannia Industries Ltd JSW Steel Ltd Godrej Consumer Products Ltd Piramal Enterprises Ltd Shree Cements Ltd Dabur India Ltd Shriram Transport Finance Co. Ltd Petronet LNG Ltd LIC Housing Finance Ltd Tata Power Co. Ltd MRF Ltd Ashok Leyland Ltd United Spirits Ltd Bank of Baroda Ltd Marico Ltd Bharat Electronics Ltd Container Corpn. of India Ltd ACC Ltd Colgate Palmolive (India) Ltd Punjab National Bank Ltd Pidilite Industries Ltd Idea Cellular Ltd Bharat Heavy Electricals Ltd Industry Classification % To Net Rural Electrification Corpn. Ltd Havells India Ltd Cummins India Ltd Cadila Healthcare Ltd Power Finance Corpn. Ltd Siemens Ltd DLF Ltd ICICI Prudential Life Insurance Co. Ltd NMDC Ltd Procter & Gamble Hygiene and Health Care Ltd Sun TV Network Ltd Glenmark Pharmaceuticals Ltd Oracle Financial Services Software Ltd Emami Ltd Avenue Supermarts Ltd Steel Authority of India Ltd Hindustan Zinc Ltd ABB India Ltd GlaxoSmithkline Consumer Healthcare Ltd Oil India Ltd Torrent Pharmaceuticals Ltd NHPC Ltd Interglobe Aviation Ltd Glaxosmithkline Pharmaceuticals Ltd CBLO 1.43 Cash & Cash Receivables 0.56 Total ` Crs. : % : % Portfolio Turnover Ratio^^ : 0.53 Tracking Error : % Annualised tracking error for last 12 month's period. ^^ Lower of Purchase or Sale for one year/average AUM for one year. Entry Load : Not Applicable Exit Load (for Lumpsum & SIP) : Nil Oil 0.91% Non - Ferrous Metals 1.05% Retailing 1.08% Software 1.13% Media & Entertainment 1.18% Minerals/Mining 1.40% Construction 1.44% Industrial Products 1.63% Telecom - Services 1.79% Chemicals 1.79% Auto 2.32% Gas 2.61% Transportation 2.70% Power 3.24% Banks 4.05% Ferrous Metals 4.73% Cement 4.88% Industrial Capital Goods 6.25% Auto Ancillaries 6.31% Consumer Durables 6.39% Pharmaceuticals 7.34% Finance 14.10% Consumer Non Durables 19.70% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% Disclaimer of IISL: The IDBI Nifty Junior Index Fund offered by IDBI Mutual Fund or its affiliates is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL) and its affiliates. IISL and its affiliates do not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of IDBI Nifty Junior Index Fund or any member of the public regarding the advisability of investing in securities generally or in the IDBI Nifty Junior Index Fund linked to Nifty Next 50 Index or particularly in the ability of the Nifty Next 50 Index to track general stock market performance in India. Please read the full Disclaimers in relation to the Nifty Next 50 Index in the Scheme Information Document. Long Term growth in a passively managed scheme tracking Nifty Next 50 Index (TRI) Investments only in and all stocks comprising Nifty Next 50 Index in the same weight of these stocks as in Index with objective to replicate performance of Nifty Next 50 Index (TRI) 8 Investors understand that their principal will be at Moderately High risk

9 IDBI Midcap Fund (IMF) (An open-ended equity scheme) The objective of the scheme is to provide investors with the opportunities for longterm capital appreciation by investing predominantly in Equity and Equity related instruments of Midcap Companies. However there can be no assurance that the investment objective under the scheme will be realized. Total Experience: Over 11 Years Mr. Ashish Mishra (Managing the Scheme since 5th September 2017) 25th January 2017 Nifty Free Float Midcap 100 Growth Dividend ` Crs. ` Crs. : % : % Entry Load : Not Applicable Exit Load : 1% for exit within 12 months from the date of allotment. % To Net EQUITY & EQUITY RELATED Minda Industries Ltd Procter & Gamble Hygiene and Health Care Ltd Bajaj Finance Ltd TATA Elxsi Ltd Shree Cements Ltd Vedanta Ltd Finolex Industries Ltd Motherson Sumi Systems Ltd Sterlite Technologies Ltd RBL Bank Ltd Indiabulls Housing Finance Ltd Grasim Industries Ltd Dalmia Bharat Ltd Akzo Nobel India Ltd Mahindra & Mahindra Financial Services Ltd AIA Engineering Ltd General Insurance Corpn. of India 1.86 Endurance Technologies Ltd Trent Ltd Aurobindo Pharma Ltd Supreme Industries Ltd Hindustan Copper Ltd National Aluminium Co. Ltd Bharat Financial Inclusion Ltd Sanofi India Ltd Cummins India Ltd Escorts Ltd The Ramco Cements Ltd BEML Ltd Finolex Cables Ltd PNB Housing Finance Ltd Amara Raja Batteries Ltd CCL Products (India) Ltd Industry Classification Engineering Services Power Industrial Capital Goods Retailing Textile Products Pesticides Chemicals Gas Consumer Durables Auto Software Banks Non - Ferrous Metals Pharmaceuticals Cement Consumer Non Durables Auro Ancillaries Finance Industrial Products 1.17% 1.35% 1.47% 1.83% 1.90% 1.98% 2.12% 2.18% 2.44% 2.69% 2.98% 3.34% % To Net Torrent Pharmaceuticals Ltd CESC Ltd Gujarat State Petronet Ltd Johnson Controls-Hitachi Air Conditioning 1.25 India Ltd. PI Industries Ltd Force Motors Ltd VA Tech Wabag Ltd IDFC Bank Ltd Navin Fluorine International Ltd Trident Ltd Elgi Equipment Ltd Bosch Ltd Carborundum Universal Ltd Cadila Healthcare Ltd Heritage Foods Ltd JK Tyre and Industries Ltd Vinati Organics Ltd Gujarat Gas Ltd Strides Shasun Ltd Himatsingka Seide Ltd Century Plyboards (India) Ltd UPL Ltd Timken India Ltd Kirloskar Oil Engines Ltd Zydus Wellness Ltd Aditya Birla Capital Ltd Bajaj Electricals Ltd Housing & Urban Development Corpn. Ltd % Vendanta Redeemable Preference Shares 0.06 CBLO 6.75 Cash & Cash Receivables Total % 6.63% 7.98% 8.05% 12.01% 12.74% 14.59% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% Disclaimer of IISL: The IDBI Midcap Fund offered by IDBI Mutual Fund is not sponsored, endorsed, sold or promoted by India Index Services & Products Limited (IISL). IISL does not make any representation or warranty, express or implied (including warranties of merchantability or fitness for particular purpose or use) and disclaims all liability to the owners of IDBI Midcap Fund or any member of the public regarding the advisability of investing in securities generally or in the IDBI Midcap Fund linked to Nifty Free Float Midcap 100 Index or particularly in the ability of the Nifty Free Float Midcap 100 Index to track general stock market performance in India. Please read the full Disclaimers in relation to the Nifty Free Float Midcap 100 Index in the Scheme Information Document. Long term capital growth Investment predominantly in equity & equity related instruments of Midcap companies 9 Investors understand that their principal will be at Moderately High risk

10 IDBI Small Cap Fund (ISF) (An open-ended equity scheme) The objective of the scheme is to provide investors with the opportunities for longterm capital appreciation by investing predominantly in Equity and Equity related instruments of Small Cap companies. However there can be no assurance that the investment objective under the Scheme will be realized. Total Experience: Over 15 Years Mrs. Uma Venkatraman (Managing the Scheme since 5th September 2017) 21st June 2017 Nifty Smallcap 250 Index Growth Dividend ` Crs. ` Crs. : % : % Entry Load : Not Applicable Exit Load : 1% for exit within 12 months from the date of allotment. % To Net EQUITY & EQUITY RELATED General Insurance Corporation of India 6.53 Camlin Fine Sciences Ltd M India Ltd ABB India Ltd Cholamandalam Investment and Finance Co. Ltd Voltas Ltd Mahindra & Mahindra Financial Services Ltd Vijaya Bank 2.45 Timken India Ltd Cochin Shipyard Ltd Cera Sanitaryware Ltd Kansai Nerolac Paints Ltd AIA Engineering Ltd Ahluwalia Contracts (India) Ltd Somany Ceramics Ltd V S T Tillers Tractors Ltd Hatsun Agro Product Ltd JK Cement Ltd Bajaj Finance Ltd GNA Axles Ltd INEOS Styrolution India Ltd Gravita India Ltd NRB Bearing Ltd City Union Bank Ltd Industry Classification Textile Products Consumer Durables Transportation Minerals/Mining Cement Pharmaceuticals Trading Chemicals Auto Construction Project Banks Consumer Non Durables Auto Ancillaries Industrial Capital Goods Construction Industrial Products Finance 0.68% 0.82% 0.92% 1.67% 1.83% 1.86% 3.37% 3.40% 4.12% 4.35% 4.47% 5.09% 6.12% 7.05% 7.26% % To Net NCC Ltd Honeywell Automation India Ltd Bajaj Auto Ltd Dishman Carbogen Amcis Ltd Muthoot Capital Services Ltd Goodyear India Ltd Exide Industries Ltd Wabco India Ltd Tata Global Beverages Ltd Sundaram Clayton Ltd MM Forgings Ltd Capacite Infraprojects Ltd Transport Corpn. of India Ltd Indian Energy Exchange Ltd Sintex Plastics Technology Ltd Greenply Industries Ltd Force Motors Ltd Rajapalayam Mills Ltd Caplin Point Laboratories Ltd Dena Bank 0.38 Mold-Tek Packaging Ltd Garware Wall Ropes Ltd CBLO Cash & Cash Receivables 0.65 Total % 15.92% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% Long term capital growth Investment predominantly in equity & equity related instruments of Small Cap companies 10 Investors understand that their principal will be at Moderately High risk

11 IDBI Prudence Fund (IPF) (An open-ended balanced scheme) The investment objective of the scheme would be to generate opportunities for capital appreciation along with income by investing in a diversified basket of equity and equity related instruments, debt and money market instruments. However, there can be no assurance that the investment objective of the scheme will be realized. Fund Managers: V. Balasubramanian (Equity Portion) Mr. Raju Sharma (Debt Portion) Total Experience: Over 36 Years (Managing the Scheme since inception) Over 25 Years (Managing the Scheme since 3rd May, 2017) 24th October % S&P BSE 500 Index + 50% CRISIL Composite Bond Fund Index Growth Dividend ` Crs. ` Crs. : % : % YTM : 7.35% Average Maturity : 5.77 Years Modified Duration : 4.08 Years Portfolio Turnover Ratio^^ : 3.42 ^^ Lower of Purchase or Sale for one year/average AUM for one year. Entry Load : Not Applicable Exit Load : 1% for exit within 12 months from the date of allotment. (for Lumpsum & SIP) No load on exit after the aforementioned period. Dividend History Record Date Individual / HUF Others (Face Value: ` 1000/- Per Unit) Cum Dividend NAV* (in `) Ex Dividend NAV (in `) IDBI Prudence Fund - Monthly Dividend ( Plan) 30th October, st August, IDBI Prudence Fund - Monthly Dividend ( Plan) 30th October, st August, Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV of the Dividend option of the Scheme will fall to the extent of the dividend payout and statutory levy, if any. All dividend distribution is subject to availability of distributable surplus on the record date and will be at the discretion of IDBI Asset Management Ltd. and IDBI MF Trustee Company Ltd. For complete dividend history including daily dividend history, please refer to our website. * NAV of the record date. Issuer / Rating % To Net FIXED COUPON BONDS Punjab National Bank Ltd. IND AA LIC Housing Finance Ltd. CRISIL AAA 2.42 Bank of Baroda Ltd. CRISIL AA Rural Electrification Corpn. Ltd. CRISIL AAA 2.38 ICICI Bank Ltd. CARE AA Fullerton India Credit Co. Ltd. CARE AAA 1.21 EQUITY & EQUITY RELATED HDFC Bank Ltd. N.A 3.57 Godrej Consumer Products Ltd. N.A 3.54 Pidilite Industries Ltd. N.A 3.04 Yes Bank N.A 2.96 TVS Motor Co. Ltd. N.A 2.59 Dewan Housing Finance Corpn. Ltd. N.A 2.45 JSW Steel Ltd. N.A 2.40 Bharat Forge Ltd. N.A 2.34 Nestle India Ltd. N.A 2.22 IndusInd Bank Ltd. N.A 2.00 CESC Ltd. N.A 2.00 Hindustan Unilever Ltd. N.A 1.84 Larsen and Toubro Ltd. N.A 1.76 Hero MotoCorp Ltd. N.A 1.75 Hindalco Industries Ltd. N.A 1.74 Aarti Industries Ltd. N.A 1.71 Jain Irrigation Systems Ltd. N.A 1.59 Godrej Industries Ltd. N.A 1.53 Finolex Cables Ltd. N.A 1.47 Eicher Motors Ltd. N.A 1.44 Birla Corpn. Ltd. N.A 1.41 UPL Ltd. N.A 1.35 Exide Industries Ltd. N.A 1.33 Kansai Nerolac Paints Ltd. N.A 1.31 Sundram Fasteners Ltd. N.A 1.20 Heidelberg Cement India Ltd. N.A 1.17 Sun TV Network Ltd. N.A 1.09 Tata Consultancy Services Ltd. N.A 1.08 Fixed Deposits placed for margin purpose for Derivative Exposure Total Outstanding exposure in Derivative Instruments as on November 30, 2017: Rs (Market Value in Lakhs) Industry Classification (for equity & equity related) Healthcare Services Transportation Fertilisers Textile Products Pharmaceuticals Industrial Capital Goods Telecom - Services Software Pesticides Media & Entertainment Ferrous Metals Construction Project Non - Ferrous Metals Auto Ancillaries Power Cement Finance Chemicals Auto Industrial Products Banks Consumer Non Durables 0.14% 0.19% 0.21% 0.28% 0.47% 0.58% 0.58% 1.27% 1.35% 1.93% 2.40% 2.61% 3.25% 3.40% 4.07% 4.09% 4.58% 4.76% Issuer / Rating % To Net IDFC Bank N.A 1.07 Vedanta Ltd. N.A 1.07 Reliance Infrastructure Ltd. N.A 1.06 JSW Energy Ltd. N.A 1.01 ITC Ltd. N.A 0.93 Timken India Ltd. N.A 0.90 Sintex Plastics Technology Ltd. N.A 0.88 NCC Ltd. N.A 0.85 Century Textiles and Industries Ltd. N.A 0.85 Inox Leisure Ltd. N.A 0.84 TI Financial Holdings Ltd. N.A 0.82 Indiabulls Housing Finance Ltd. N.A 0.67 Shree Cements Ltd. N.A 0.65 Tata Communications Ltd. N.A 0.58 Siemens Ltd. N.A 0.58 TVS Srichakra Ltd. N.A 0.49 Wockhardt Ltd. N.A 0.47 Infrastucture Development Finance Co. Ltd. N.A 0.46 Hindustan Zinc Ltd. N.A 0.44 Force Motors Ltd. N.A 0.40 Tube Investments Of India Ltd. N.A 0.37 Raymond Ltd. N.A 0.28 Gujarat State Fertilizers and Chemicals Ltd. N.A 0.21 Interglobe Aviation Ltd. N.A 0.19 MindTree Ltd. N.A 0.19 LIC Housing Finance Ltd. N.A 0.19 Fortis Healthcare Ltd. N.A 0.14 FIXED DEPOSITS 3.94 IDBI Bank Ltd HDFC Bank Ltd GOV'T SECURITIES GOI 2027 SOV GOI 2031 SOV 2.78 CBLO 3.33 Cash & Cash Receivables 0.45 TOTAL % 7.18% 9.61% 11.36% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% This product is suitable for investors who are seeking*: Long term capital appreciation with income Investments in equity & equity related instruments as well as debt and money market instruments Investors understand that their principal will be at Moderately High risk 11 Asset Profile 80.00% Fixed Coupon Bonds 70.49% 70.00% Equity & Equity Related Fixed Deposits 60.00% Gov t Securities 50.00% CBLO 40.00% Cash & Cash Receivables 30.00% 20.00% 12.27% 10.00% 3.94% 9.53% 3.33% 0.45% 0.00%

12 IDBI Focused 30 Equity Fund (IF30EF) (An open-ended equity scheme investing in maximum 30 stocks (predominantly large cap)) The investment objective of the Scheme is to provide long term capital appreciation by investing in concentrated portfolio of large cap focused equity and equity related instruments of up to 30 companies and balance in debt and money market Instruments. However there can be no assurance that the investment objective of the Scheme will be realized. Mr. V. Balasubramanian 17th November, 2017 Nifty 100 Index Total Experience: Over 36 Years (Managing the Scheme since inception) Growth Dividend ` Crs. ` Crs. : % : % Entry Load : Not Applicable Exit Load : 1% for exit within 12 months from the date of allotment. Issuer Name Rating % To Net COMMERCIAL PAPERS Cholamandalam Investment & Finance Co. Ltd. ICRA A Tata Motors Finance Ltd. CARE A Aditya Birla Finance Ltd. ICRA A EQUITY & EQUITY RELATED HDFC Bank Ltd. N.A 2.38 Reliance Industries Ltd. N.A 1.78 ITC Ltd. N.A 1.32 Tata Motors Ltd. N.A 1.30 Larsen & Toubro Ltd. N.A 1.18 Tata Steel Ltd. N.A 1.11 Shree Cements Ltd. N.A 1.10 Hindustan Unilever Ltd. N.A 1.02 Indiabulls Housing Finance Ltd. N.A 0.97 CIPLA Ltd. N.A 0.96 Power Grid Corpn. of India Ltd. N.A 0.83 Yes Bank Ltd. N.A 0.79 Bharat Forge Ltd. N.A 0.67 Motherson Sumi Systems Ltd. N.A 0.59 CBLO Cash & Cash Receivables Total Industry Classification Auto Ancillaries 0.59% Industrial Products 0.67% Power 0.83% Pharmaceuticals 0.96% Finance 0.97% Cement 1.10% Ferrous Metals 1.11% Construction Project 1.18% Auto 1.30% Petroleum Products 1.78% Consumer Non Durables 2.34% Banks 3.17% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% 3.50% Asset Profile 70.00% 64.13% Commercial Papers 60.00% 50.00% Equity & Equity Related CBLO Cash & Cash Receivables 40.00% 30.00% 23.79% 20.00% 16.00% 10.00% 0.00% % -3.91% Long term capital growth Investment predominantly in large cap focused equity & equity related instruments of upto 30 companies and balance in debt & money market instruments 12 Investors understand that their principal will be at Moderately High risk

13 IDBI Monthly Income Plan (IMIP) (An open ended Income Scheme. Monthly Income is not assured and is subject to availability of distributable surplus) 13 The investment objective of the scheme would be to provide regular income along with opportunities for capital appreciation through investments in a diversified basket of debt instruments, equity and money market instruments. Mr. Raju Sharma (Debt Portion) Mrs. Uma Venkatraman (Equity Portion) 7th March, 2011 CRISIL MIP Blended Index Total Experience: Over 25 Years (Managing the Scheme since 3rd May, 2017) Over 15 Years (Managing the Scheme since 5th September, 2017) Growth Monthly Dividend Quarterly Dividend ` Crs. ` Crs. : % : % YTM : 7.74% Average Maturity : 4.59 Years Modified Duration : 2.45 Years Portfolio Turnover Ratio^^ : 2.39 ^^ Lower of Purchase or Sale for one year/average AUM for one year. Entry Load : Not Applicable Exit Load : for Lumpsum - 1% for exit (New/Additional Purchase/Switch-out/Transfer/SWP) within 12 months from the date of allotment. for SIP - 1% for exit (New/Additional Purchase/Switch-out/Transfer/SWP) within 12 months from the date of allotment of each installment. Dividend History Record Date Individual / HUF Others (Face Value: ` 10/- Per Unit) Cum Dividend NAV* (in `) Ex Dividend NAV (in `) IDBI Monthly Income Plan - Monthly Dividend ( Plan) 26th December, th November, th July, IDBI Monthly Income Plan - Monthly Dividend ( Plan) 25th October, th September, th August, IDBI Monthly Income Plan - Quarterly Dividend ( Plan) 20th April, th July, th March, IDBI Monthly Income Plan - Quarterly Dividend ( Plan) 29th September, th April, rd April, Past performance may or may not be sustained in the future. After the payment of dividend, the per unit NAV of the Dividend option of the Scheme will fall to the extent of the dividend payout and statutory levy, if any. All dividend distribution is subject to availability of distributable surplus on the record date and will be at the discretion of IDBI Asset Management Ltd. and IDBI MF Trustee Company Ltd. For complete dividend history including daily dividend history, please refer to our website. * NAV of the record date. Issuer / Rating % To Net FIXED COUPON BONDS Piramal Enterprises Ltd. ICRA AA Bank of Baroda Ltd. CRISIL AA J K Cement Ltd CARE AA ICICI Bank Ltd. CARE AA Ujjivan Financial Services ICRA A NTPC Ltd. CRISIL AAA 0.42 EQUITY & EQUITY RELATED IndusInd Bank Ltd. N.A Procter & Gamble Hygiene and Health Care Ltd. N.A Bharat Electronics Ltd. N.A Hindustan Zinc Ltd. N.A HDFC Bank Ltd. N.A Eicher Motors Ltd. N.A Industry Classification (for equity & equity related) Petroleum Products 0.60% Pharmaceuticals 1.08% Finance 1.12% Construction Project 1.24% Cement 1.39% Consumer Non Durables 1.69% Auto 2.55% Non - Ferrous Metals 2.61% Industrial Capital Goods 2.83% Banks 4.64% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Asset Profile Rating Profile CBLO 13.40% Gov't Securities 25.84% Equity & Equity Related 19.75% CBLO and Cash & Cash Receivables 13.46% Gov't Securities 25.84% Equity and Equity Related 19.75% Medium term regular income and capital appreciation Investments in fixed income securities (debt and money market) as well as equity and equity related instruments Issuer / Rating % To Net Shree Cements Ltd. N.A ABB India Ltd. N.A Larsen and Toubro Ltd. N.A Housing Development Finance Corpn. Ltd. N.A Hero MotoCorp Ltd. N.A Vedanta Ltd. N.A Aurobindo Pharma Ltd. N.A Indian Oil Corpn. Ltd. N.A GOV'T SECURITIES GOI 2027 SOV CBLO Cash & Cash Receivables 0.06 Total Cash & Cash Receivables 0.06% Fixed Coupon Bonds 40.95% AA 11.02% AA % A+ 4.80% AA- 9.00% AAA 0.42% Investors understand that their principal will be at Moderate risk