M O N T H L Y R E P O R T A P R I L

Transcription

1 TIMES M O N T H L Y R E P O R T A P R I L Get your share in a multi-cap fund TAURUS STARSHARE An open-end equity scheme with a focus on multi-cap stocks Why Taurus Starshare? Flexible investment strategy cycles which aims to align with the market Demonstrated Industry leaders as a part of core portfolio Multi-cap nature allows fund manager the flexibility to take calls on potential small and mid-caps which could help generate alpha Well diversified across sectors and market-caps Average AUM ` crs. for April, 2013 Benchmark: S&P BSE 200 TSS Toll free SMS TSS to Mutual Fund investments are subject to market risks, read all scheme related documents carefully

2 HOUSE OF TAURUS INDEX Page No TAURUS STARSHARE...3 AN OPEN-END EQUITY SCHEME WITH A FOCUS ON MULTI CAP STOCKS TAURUS INFRASTRUCTURE FUND...4 AN OPEN-END EQUITY THEMATIC SCHEME TAURUS ETHICAL FUND...5 AN OPEN-END EQUITY ORIENTED SCHEME TAURUS TAX SHIELD...6 AN OPEN-END EQUITY LINKED SAVING SCHEME (ELSS) TAURUS NIFTY INDEX FUND... 7 AN OPEN-ENDED INDEX LINKED EQUITY SCHEME TAURUS BONANZA FUND...8 AN OPEN-END EQUITY SCHEME WITH A LARGE CAP FOCUS TAURUS DISCOVERY FUND...9 AN OPEN-END EQUITY FUND WITH MID CAP AND SMALL CAP FOCUS TAURUS BANKING & FINANCIAL SERVICES FUND...10 AN OPEN-ENDED SECTORAL EQUITY SCHEME TAURUS ULTRA SHORT TERM BOND FUND...11 AN OPEN-END DEBT SCHEME TAURUS LIQUID FUND...12 AN OPEN-END LIQUID SCHEME TAURUS SHORT TERM INCOME FUND...13 AN OPEN-END BOND SCHEME * TAURUS MIP ADVANTAGE...14 AN OPEN - ENDED INCOME SCHEME TAURUS DYNAMIC INCOME FUND...15 AN OPEN ENDED INCOME SCHEME TAURUS GILT FUND...16 AN OPEN-END GILT SCHEME

3 TAURUS STARSHARE - AN OPEN-END EQUITY SCHEME WITH A FOCUS ON MULTI CAP STOCKS The basic objective of the Scheme is to provide long-term capital appreciation. Emphasis will be on sharing growth through appreciation as well as on distribution of income by way of dividend. ` 5 per unit dividend in July 2009 ` 3 per unit dividend in November 2009 ` 5 per unit dividend in March 2010 All dividends are on face value of `10 per unit. After payment of the dividend, the per unit NAV falls to the extent of the payout and statutory levy, if any for complete details of the dividend declared please log on to % to Net Assets Larsen & Toubro Ltd 5.18 ICICI Bank Ltd 5.02 Reliance Industries Ltd 4.75 Aditya Birla Nuvo Ltd 4.72 Oil India Ltd 4.41 Tata Motors Ltd 3.37 State Bank Of India 3.27 Hdfc Bank Ltd 3.16 ITC Ltd 3.04 Wipro Ltd 2.83 Total Total - Equity Clearing Corporation Of India Ltd 0.74 Total - Cash & Cash Receivables 1.86 Fund Manager's Comment: The results season has been divided into extremes of outperformers and underperformers and has lent credibility to our penchant for picking up absolute opportunities ahead of the curve in terms of growth and available alpha. We have a higher than benchmark weight in media, construction and financials. We have observed limited opportunities of outperformance in FMCG, pharmaceuticals and auto (with slowing and at times, negative growth) and have a negative bias on these sectors. Date of Allotment: Jan 29, Dividend Option introduced on Jan 1, Net Asset Value (NAV) Regular Plan: `41.98 (D), (G) per unit. Direct Plan: `41.99(D), (G) per unit. AAUM: ` Cr. Benchmark : S&P BSE 200 Sharpe Ratio: 0.11 Standard Deviation:15.94 Alpha: 0.16 Beta: 1.09 period from 30th April, 2012 to 30th April, 2013) Fund Manager: Mr. Sadanand Shetty Entry Load - NIL Exit Load - Up to any amount (Including SIP application): 1% if exited before 180 days Nil if exited after 180 days Switch: Equity to Equity-Exit Load Nil, Equity to ELSS exit load applicable as mentioned above, Equity to Debt exit load applicable as mentioned above. Banks Software Finance Consumer Non Durables Petroleum Products Construction Project Media & Entertainment Oil Services Power Auto Construction Pharmaceuticals Ferrous Metals Healthcare Services Fertilisers Trading Pesticides Industrial Capital Goods NAV Per Unit (`) as at March 28, 2013: `57.07 Period NAV Per Scheme Benchmark Additional Current Value of Standard Investment Unit (`)* Returns (%)^ Index Benchmark Index of ` in the (Returns)(%) (Returns)(%) Scheme Benchmark Additional S&P BSE 200 CNX Nifty (`) (`) Benchmark (`) S&P BSE 200 CNX Nifty Since inception till March 28, ,070 45,767 44,696 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option

4 TAURUS INFRASTRUCTURE FUND - AN OPEN-END EQUITY THEMATIC SCHEME To provide capital appreciation and income distribution to unitholders by investing pre-dominantly in equity and equity related securities of the companies belonging to infrastructure sector, it's related industries inclusive of suppliers of capital goods, raw materials and other supportive services to infrastructure companies and balance in debt and money market instruments. Sale and repurchase on all business days. ` 1 per unit dividend in Aug All dividends are on face value of `10 per unit. After payment of the dividend, the per unit NAV falls to the extent of the payout and statutory levy, if any for complete details of the dividend declared please log on to % to Net Assets ICICI Bank Ltd 5.08 Va Tech Wabag Ltd 4.96 Larsen & Toubro Ltd 4.96 Reliance Industries Ltd 4.91 Oil & Natural Gas Corporation Ltd 4.89 State Bank Of India 4.66 DLF Ltd 4.18 Power Finance Corporation Ltd 3.98 Tata Power Company Ltd 3.95 PTC India Ltd 3.64 Total Total - Equity Clearing Corporation Of India Ltd 2.56 Total - Cash & Cash Receivables 2.02 Fund Manager's Comment: Lowest GDP growth in a long time with impending elections has forced the Government to take corrective action in the last few months. As the rate cut cycle continues, albeit at a slower pace, there is increased activity in terms of project clearances and deal initiations. As the cycle chugs on, we believe that the operators (capital goods, utilities, construction and engineering) will gain from a position of reduced expectations and improved action on the street while banks and financial services will take their part to fuel this growth. Date of Allotment: Mar 5, Net Asset Value (NAV) Regular Plan: `10.68 (D), (G) per unit. Direct Plan: `10.69 (D), (G) per unit. AAUM: ` 9.63 Cr. Benchmark : S&P BSE 200 Sharpe Ratio: Standard Deviation: Alpha: Beta:1.16 period from 30th April, 2012 to 30th April, 2013.) Fund Manager: Mr. Sadanand Shetty Entry Load - NIL Exit Load - Up to any amount (Including SIP application): 1% if exited before 180 days Nil if exited after 180 days Switch: Equity to Equity-Exit Load Nil, Equity to ELSS exit load applicable as mentioned above, Equity to Debt exit load applicable as mentioned above. Banks Power Construction Petroleum Products Construction Project Finance Oil Engineering Services Transportation Non - Ferrous Metals Industrial Capital Goods Industrial Products Ferrous Metals Auto Auto Ancillaries Cement Telecom - Services Gas 0.51 NAV Per Unit (`) as at March 28, 2013: ` Period NAV Per Scheme Benchmark Additional Current Value of Standard Investment Unit (`)* Returns (%)^ Index Benchmark Index of ` in the (Returns)(%) (Returns)(%) Scheme Benchmark Additional S&P BSE 200 CNX Nifty (`) (`) Benchmark (`) S&P BSE 200 CNX Nifty Since inception till March 28, ,920 15,547 15,889 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option

5 TAURUS ETHICAL FUND - AN OPEN-END EQUITY ORIENTED SCHEME To provide capital appreciation and income distribution to unitholders through investment in a diversified portfolio of equities, which are based on the principles of Shariah. ` 1.80 per unit dividend in Dec. 2010, ` 2 per unit dividend in Feb. 2010, ` 1 per unit dividend in September 2009, ` 1.5 per unit dividend in July All dividends are on face value of `10 per unit. After payment of the dividend, the per unit NAV falls to the extent of the payout and statutory levy, if any for complete details of the dividend declared please log on to % to Net Assets Reliance Industries Ltd 8.65 Infosys Ltd 6.52 Oil & Natural Gas Corporation Ltd 6.03 Cairn India Ltd 5.40 Dr. Reddy's Laboratories Ltd 5.21 Maruti Suzuki India Ltd 4.65 Cadila Healthcare Ltd 3.57 Gail (India) Ltd 3.56 Ambuja Cements Ltd 3.37 Hindustan Unilever Ltd 3.16 Total Total - Equity Cash & Cash Receivables 3.47 Fund Manager's Comment: We have managed to create a concentrated portfolio over time with large investments in oil & gas, pharmaceuticals and technology. We have over time reduced the weight of FMCG where we see issues in the medium term on growth and margins. We have maintained an overweight position on energy and oil & gas where there are positive tailwinds on pricing and better visibility of growth. Date of Allotment: April 6, 2009 Net Asset Value (NAV) Regular Plan: `15.22(D), (G), (B) per unit. Direct Plan: `15.25(D), (G) per unit. AAUM: ` Cr. Benchmark : CNX 500 Shariah Index Sharpe Ratio: Standard Deviation: Alpha: Beta: 0.76 period from 30th April, 2012 to 30 April, 2013.) Fund Manager: Mr. Abhinav Sharma Entry Load- NIL Exit Load - Up to any amount (Including SIP application): 1% if exited before 180 days Nil if exited after 180 days Switch: Equity to Equity-Exit Load Nil, Equity to ELSS exit load applicable as mentioned above, Equity to Debt exit load applicable as mentioned above. Pharmaceuticals Software Oil Consumer Non Durables Petroleum Products Auto Industrial Capital Goods Gas Minerals/mining Cement Construction Project Media & Entertainment Healthcare Services Ferrous Metals Transportation Industrial Products Pesticides NAV Per Unit (`) as at March 28, 2013: `21.7 Period NAV Per Scheme Benchmark Additional Current Value of Standard Investment Unit (`)* Returns (%)^ Index Benchmark Index of ` in the (Returns)(%) S&P (Returns)(%) Scheme Benchmark Additional CNX NIFTY CNX Nifty (`) (`) S&P CNX Benchmark (`) Shariah 500 Shariah 500 Returns (%) Since inception till March 28, ,700 17,779 17,449 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option.

6 TAURUS TAX SHIELD - AN OPEN-END EQUITY LINKED SAVING SCHEME (ELSS) To provide long term capital appreciation over the life of the scheme through investment pre-dominantly in equity shares, besides tax benefits. Sale on all business days. As per Income Tax Laws, the redemption facility is available after a lock-in period of 3 years from the date of investment. Growth plan: ` 3.5 per unit in Dec. 2005, ` 1.6 per unit in Feb. 2004, ` 1.1 per unit in Sept. 2003, Dividend plan: ` 1.25 per unit in Mar. 2011, ` 1.25 per unit in Feb. 2011, ` 2 per unit in Dec. 2010, ` 2.25 per unit in Mar. 2010, ` 2 per unit in Feb. 2010, ` 1.5 per unit in Jan. 2010, ` 1 per unit in Nov. 2009, `1 per unit in Mar. 2009, ` 1 per unit in Jan. 2009, ` 1 per unit in Dec All dividends are on face value of `10 per unit. After payment of the dividend, the per unit NAV falls to the extent of the payout and statutory levy, if any for complete details of the dividend declared please log on to ICICI Bank Ltd 5.09 Larsen & Toubro Ltd 4.79 Reliance Industries Ltd 4.79 Maruti Suzuki India Ltd 4.51 Oil & Natural Gas Corporation Ltd 4.08 Housing Development Finance Corporation Ltd 3.82 Tata Motors Ltd 3.74 HCL Technologies Ltd 3.48 Infosys Ltd 3.32 Bharat Petroleum Corporation Ltd 3.28 Total Total - Equity Clearing Corporation Of India Ltd 0.91 Total - Cash & Cash Receivables 1.06 Fund Manager's Comment: We have a positive bias in the medium term and we have retained a combination portfolio that should participate in the upside but will have protection on the downside. We currently have an overweight position in media, engineering and construction, where the stocks present substantial alpha opportunities. On the other hand, we remain negative on FMCG and metals, where there is limited visibility of sustained earnings growth. Date of Allotment: Mar 31, Dividend Option introduced on July 6, Net Asset Value (NAV) Regular Plan: `17.08 (D), (G) per unit. Direct Plan: `17.12 (D), 36.47(G) per unit. AAUM: ` Cr. Benchmark : S&P BSE 200 Minimum Application Amount: ` 500/- & multiples of ` 500/ thereafter. Sharpe Ratio: 0.08 Standard Deviation: Alpha: Beta: 0.95 period from 30th April, 2012 to 30th April, 2013.) Fund Manager: Mr. Sadanand Shetty Entry Load - Nil Exit Load - Up to any amount (Including SIP application): NA (lock - in period of 3 years) Switch to any other schemes (Debt/Equity) after 3 years exit load Nil. Banks Software Finance Auto Petroleum Products Consumer Non Durables Construction Project Media & Entertainment Pharmaceuticals Construction Oil Power Engineering Services Transportation Telecom - Services Ferrous Metals NAV Per Unit (`) as at March 28, 2013: `34.98 Period NAV Per Scheme Benchmark Additional Current Value of Standard Investment Unit (`)* Returns (%)^ Index Benchmark Index of ` in the (Returns)(%) (Returns)(%) Scheme Benchmark Additional S&P BSE 200 CNX Nifty (`) (`) S&P Benchmark (`) BSE 200 CNX Nifty Since inception till March 28, ,121 66,241 57,673 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option. 6

7 TAURUS NIFTY INDEX FUND - AN OPEN-ENDED INDEX LINKED EQUITY SCHEME The investment objective of the scheme is to replicate the S&P CNX Nifty Index by investing in securities of the CNX Nifty Index in the same proportion/ weightage. % to Net Assets ITC Ltd 9.33 ICICI Bank Ltd 6.95 Housing Development Finance Corporation Ltd 6.79 Reliance Industries Ltd 6.70 Hdfc Bank Ltd 6.48 Infosys Ltd 5.57 Larsen & Toubro Ltd 4.23 Tata Consultancy Services Ltd 3.65 Hindustan Unilever Ltd 3.11 State Bank Of India 3.03 Total Total - Equity Cash & Cash Receivables 1.57 Fund Manager's Comment: The index fund continues to track the performance of its benchmark indices Nifty. The fund portfolio consists of the stocks in the same weight as they are in the Nifty Index. The strategy of the investment is to mirror the index return by minimizing the tracking error with its benchmark. Date of Allotment: June 19, 2010 Net Asset Value (NAV) Regular Plan: ` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. AAUM: ` 0.81 Cr. Benchmark : CNX Nifty Index Minimum Application Amount: ` 5000/- & in multiples of ` 1/- thereafter. Sharpe Ratio: 0.12 Standard Deviation: Alpha: 0.25 Beta: 0.99 period from 30th April, 2012 to 30th April, 2013) Fund Manager: Mr. Sadanand Shetty Entry Load - Up to any amount including SIP - Nil Exit Load - Up to any amount (Including SIP application) 0.5% if exited before 30 days. Nil if exited after 30 days Switch: Existing Equity schemes to Taurus Nifty Index Fund - Relevant exit load applicable. Banks Consumer Non Durables Software Auto Finance Petroleum Products Pharmaceuticals Construction Project Oil Cement Power Telecom - Services Minerals/mining Ferrous Metals Gas Industrial Capital Goods Non - Ferrous Metals Construction NAV Per Unit (`) as at March 28, 2013: ` Period NAV Per Scheme Benchmark Index Additional Benchmark Unit (`)* Returns (%)^ (Returns)(%) (Returns)(%) S&P CNX NIFTY S&P CNX Nifty * NAV at the beginning of the period ^. Returns are of growth option. 7 Since inception till March 28, March 30, 2012 to March 28, March 31, 2011 to March 30, March 31, 2010 to March 31, 2011 NA NA NA NA

8 TAURUS BONANZA FUND - AN OPEN-END EQUITY SCHEME WITH A LARGE CAP FOCUS Taurus Bonanza Fund is an open-end growth scheme. The investment objective is to provide investors long-term capital appreciation. Investments shall be primarily in Equity and Equity related instruments that offer scope for long-term capital appreciation. The Fund will also be invested in debt and money market instruments. % to Net Assets Reliance Industries Ltd 7.54 Bharti Airtel Ltd 6.93 Infosys Ltd 6.70 Larsen & Toubro Ltd 6.06 ICICI Bank Ltd 4.92 State Bank Of India 4.09 NTPC Ltd 3.51 Tata Motors Ltd 3.45 Housing Development Finance Corporation Ltd 3.26 Wipro Ltd 3.19 Total Total - Equity Clearing Corporation Of India Ltd 0.86 Total - Cash & Cash Receivables 1.07 Fund Manager's Comment: In the midst of a very volatile stock-specific environment, we remain positive on the market in the medium term. We have positive positions in capital goods (with a better investment climate or heightened expectations of the same), telecom (improving tariffs) and cement (coming out from a very negative couple of quarters with reduced expectations). We maintain a negative stance in FMCG where valuations have run ahead of fundamental factors. Date of Allotment: Feb 28, Dividend Option introduced on July 6, Net Asset Value (NAV) Regular Plan: `41.58 (D), (G) per unit. Direct Plan: `41.6 (D), (G) per unit. AAUM: ` Cr. Benchmark : S&P BSE 100 Sharpe Ratio: Standard Deviation: Alpha: Beta: 1.08 period from 30th April, 2012 to 30th April, 2013) Fund Manager: Mr. Abhinav Sharma Entry Load - NIL Exit Load - Up to any amount (Including SIP application): 1% if exited before 180 days Nil if exited after 180 days Switch: Equity to Equity-Exit Load Nil, Equity to ELSS exit load applicable as mentioned above, Equity to Debt exit load applicable as mentioned above. Banks Software Finance Construction Project Petroleum Products Telecom - Services Cement Pharmaceuticals Auto Power Industrial Capital Goods Oil Ferrous Metals Auto Ancillaries Services Minerals/mining Gas Consumer Non Durables Industrial Products NAV Per Unit (`) as at March 28, 2013: `39.97 Period NAV Per Scheme Benchmark Additional Current Value of Standard Investment Unit (`)* Returns (%)^ Index Benchmark Index of ` in the (Returns)(%) (Returns)(%) Scheme Benchmark Additional S&P BSE 100 CNX Nifty (`) (`) Benchmark (`) BSE 100 CNX Nifty Since inception till March 28, ,937 59,017 56,001 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option

9 TAURUS DISCOVERY FUND - AN OPEN-END EQUITY FUND WITH MID CAP AND SMALL CAP FOCUS The primary objective of the Scheme is to identify and select low priced stocks through price discovery mechanism, which would broadly include: To capitalise on available opportunity on growth potential offered by undervalued penny stocks. Such stocks being low priced and if dividend paying, decent dividend yield will give desired cushion in the volatile capital market. Lower side risk is minimum in such investments. Many of such cases where investment will be made, may be turnaround cases, therefore, greater potential for improvement in NAV. % to Net Assets Aditya Birla Nuvo Ltd 5.18 The Jammu & Kashmir Bank Ltd 4.45 Max India Ltd 4.20 Oil India Ltd 4.02 Tech Mahindra Ltd 3.97 Entertainment Network (india) Ltd 3.94 Dish TV India Ltd 3.72 Jyothy Laboratories Ltd 3.66 Power Finance Corporation Ltd 3.48 HCL Technologies Ltd 3.40 Total Top 10 Holdigns Total - Equity Clearing Corporation Of India Ltd 2.08 Total - Cash & Cash Receivables 1.98 Date of Allotment: Sep 5, Net Asset Value (NAV) Regular Plan: `16.15 (D), (G) per unit. Direct Plan: `16.17 (D), (G) per unit. AAUM: ` Cr. Benchmark : CNX Midcap Index Sharpe Ratio: 0.69 Standard Deviation: Alpha: 9.78 Beta: 0.96 period from 30th April, 2012 to 30th April, 2013.) Fund Manager: Mr. Sadanand Shetty Entry Load - NIL Exit Load - Up to any amount (Including SIP application): 1% if exited before 180 days Nil if exited after 180 days Switch: Equity to Equity- Exit Load Nil, Equity to ELSS exit load applicable as mentioned above, Equity to Debt exit load applicable as mentioned above. Media & Entertainment Finance Banks Software Power Services Consumer Non Durables Construction Fund Manager's Comment: In a less volatile month for the market, the mid cap segment outperformed the broader market and has recovered from the abysmally low levels of last month. We took advantage of the fall to build absolute alpha opportunities in the portfolio. We have created sizeable positions in financials, technology and media. We have lower weights in pharmaceuticals and FMCG, where the larger players hold too much of an advantage over smaller players in terms of pricing, volume and reach. Petroleum Products Construction Project Oil Transportation Engineering Services Pharmaceuticals Trading 0.78 Fertilisers 0.66 Auto Ancillaries 0.52 Gas NAV Per Unit (`) as at March28, 2013: `15.71 Period NAV Per Scheme Benchmark Additional Current Value of Standard Investment Unit (`)* Returns Index Benchmark Index of ` in the (%)^ (Returns)(%) (Returns)(%) Scheme Benchmark (`) Additional CNX MIDCAP CNX Nifty (`) CNX MIDCAP Benchmark (`) Index Index CNX Nifty Since inception till March 28, ,710 33,574 41,983 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option

10 TAURUS BANKING & FINANCIAL SERVICES FUND - AN OPEN-ENDED SECTORAL EQUITY SCHEME The primary objective of the Scheme is to generate capital appreciation through a portfolio that invests predominantly in equity and equity related instruments of Banking, Financial and Non Banking Financial Companies that form a part of the BFSI Sector. However, there is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. Regular Plan : `1.25 per unit dividend in March 2013 Date of Allotment: July 22, 2012 Net Asset Value (NAV) Regular Plan: `11.51 (D), (G) per unit. Direct Plan: `12.88 (D), (G) per unit. AAUM: ` Cr. Benchmark : S&P BSE Bankex Minimum Investment Amount: ` 5000/- & multiples of ` 1/- thereafter Fund Manager: Mr. Sadanand Shetty All dividends are on face value of `10 per unit. After payment of the dividend, the per unit NAV falls to the extent of the payout and statutory levy, if any for complete details of the dividend declared please log on to Load Structure: Banks Investment Value: Upto any amount Entry Load : NIL Finance Exit Load : Up to any amount (Including SIP application) 1.00% if exited before180 days Nil if exited after 180 days Switch: Equity to Equity-Exit Load Nil, Equity to ELSS exit load applicable as mentioned above, Equity to Debt exit load applicable as mentioned above. % to Net Assets ICICI Bank Ltd State Bank Of India Housing Development Finance Corporation Ltd 6.14 Kotak Mahindra Bank Ltd 5.20 Hdfc Bank Ltd 4.74 Max India Ltd 3.84 Shriram Transport Finance Company Ltd 3.20 The Jammu & Kashmir Bank Ltd 3.18 The Federal Bank Ltd 3.04 Mahindra & Mahindra Financial Services Ltd 2.96 Total Total - Equity Clearing Corporation Of India Ltd 1.15 Total - Cash & Cash Receivables Fund Manager's Comment: The composition of this fund reflects investment themes built around economic and investment climate revival and beneficiary impact of reforms on specific sectors. The portfolio has exposure to a number of leading NBFCs which offer attractive valuation. Recently it has cautiously added some high beta stocks to take advantage of market recovery and valuation. 10

11 TAURUS ULTRA SHORT TERM BOND FUND - AN OPEN-END DEBT SCHEME To generate returns with higher liquidity and low volatility from a portfolio of money market and debt instruments. However, there is no assurance that the investment objective of the scheme will be realised. Industry / Rating % to Net Assets CP/CD Indusind Bank Ltd CRISIL A State Bank Of Hyderabad ICRA A IDBI Bank Ltd CRISIL A Yes Bank Ltd ICRA A Axis Bank Ltd ICRA A State Bank Of Mysore ICRA A Uco Bank CRISIL A Vijaya Bank CRISIL A South Indian Bank Ltd CARE A State Bank Of Bikaner And Jaipur CRISIL A State Bank Of Patiala CRISIL A Axis Bank Ltd CRISIL A ICICI Bank Ltd ICRA A Bhushan Steel Ltd CARE A ICICI Home Finance Company Ltd ICRA A ECL Finance Ltd CRISIL A Fedbank Financial Services Ltd CRISIL A HCL Infosystems Ltd ICRA A Karvy Financial Services Ltd ICRA A Religare Finvest Ltd ICRA A SREI Equipment Finance Pvt Ltd ICRA A Total CP/CD Clearing Corporation of India Ltd 3.48 Total Corporate Bond Sundaram BNP Paribas Home Fina Ltd CARE AA Total - Corporate Bond 1.44 Treasury Bill 91 Days T-bill (MD 16/05/2013) SOV 0.11 Total - Treasury Bill 0.11 Floating Rate Note Kotak Mahindra Bank Ltd ICRA AA Total - Floating Rate Note Cash & Cash Receivables Date of Allotment: December 1, Net Asset Value (NAV) Regular Plan: Retail ` (D), (G), (W) per unit. Institutional ` (D), (G) per unit. Super Institutional ` (D), (G), (W) per unit. Direct Plan: Super Institutional ` (D), (G), (W) per unit. Average Maturity Period: 0.22 years. AAUM: ` Cr. Benchmark : Crisil Liquid Fund Index Face Value `1000/- Retail: Sharpe Ratio: Standard Deviation: 0.14 Alpha: 2.09 Beta: 0.04 Institutional: Sharpe Ratio:21.05 Standard Deviation: 0.13 Alpha: 2.71 Beta: 0.04 Super Institutional: Sharpe Ratio: Standard Deviation: 0.13 Alpha: 2.81 Beta: 0.04 period from 30th April, 2012 to 30th April, 2013.) Fund Manager: Mr. Kapil Punjabi Co-Fund Manager : Mr. Rahul Pal Retail & Institutional Plans discontinued for fresh subscription /additional purchase / switch-in w.e.f Entry Load NIL Switch to any other schemes (Debt/Equity) - Nil Exit Load Fund Manager's Comment: shortfall eased in the month of April compared to the tight March situation and liquidity tracked by LAF recorded an average of negative INR crores. Easing liquidity and also increase in AUMs of mutual funds during the month led to an easing of money market rates by around basis points for maturity up to 1 year. The AUM of the scheme increased significantly and incremental flows were invested in a mix of maturity buckets and also the average maturity of the scheme also declined. We intend to maintain a judicious balance between bank and non bank assets taking into account the risks embedded in the various asset classes. The fund continued to deliver consistent performance during the previous month and will strive to continually achieve the same. NIL 11 NAV Per Unit (`) as at March 28, 2013: ` P E R F O R M A N C E Period NAV Per Unit (`)* Scheme Returns Benchmark (Returns)(%) Additional Benchmark (%) Current Value of Standard Investment of `10000 in the (%)^ CRISIL Liquid (Returns) (%) Scheme Benchmark (`) Additional Fund Index CRISIL 1 year (`) CRISIL Liquid Benchmark (`) T-bill Index Fund Index CRISIL 1 year ## Returns (%) T-bill Index Since inception till March 28, ,682 13,293 12,709 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option

12 TAURUS LIQUID FUND - AN OPEN-END LIQUID SCHEME To generate steady and reasonable income, with low risk and high level of liquidity from a portfolio of money market securities and high quality debt. Rating % to Net Assets CP/CD Srei Equipment Finance Pvt Ltd ICRA A India Infoline Finance Ltd CRISIL A Tata Teleservices Ltd CARE A IFCI Factors Ltd CARE A Religare Finvest Ltd ICRA A Dewan Housing Finance Corporation Ltd CARE A Century Textiles & Industries Ltd CARE A Jindal Steel & Power Ltd ICRA A Essel Mining And Industries Ltd ICRA A Indiabulls Housing Finance Ltd CRISIL A Religare Securities Ltd CRISIL A RHC Holding Pvt Ltd ICRA A Ballarpur Industries Ltd FITCH A Dabur India Ltd CRISIL A Ericsson India Pvt Ltd ICRA A Capital First Limited CARE A Reliance Capital Ltd CARE A Indian Oil Corporation Ltd CRISIL A Tata Motors Ltd ICRA A Tata Housing Development Co Ltd CARE A Gruh Finance Ltd ICRA A Canara Bank CRISIL A State Bank Of Travancore CRISIL A Punjab National Bank CARE A Axis Bank Ltd ICRA A IDBI Bank Ltd CRISIL A Axis Bank Ltd CRISIL A State Bank Of Bikaner And Jaipur CRISIL A Yes Bank Ltd ICRA A Indusind Bank Ltd CRISIL A Ing Vysya Bank Ltd CRISIL A State Bank Of Patiala CARE A Hdfc Bank Ltd FITCH A State Bank Of Hyderabad CRISIL A Syndicate Bank CARE A State Bank Of Patiala ICRA A Oriental Bank Of Commerce CRISIL A Allahabad Bank ICRA A The Jammu & Kashmir Bank Ltd CRISIL A Hdfc Bank Ltd CRISIL A Total CP/CD Treasury Bill 91 Days T-bill (MD 16/05/2013) SOV 0.13 Total - Treasury Bill 0.13 Clearing Corporation Of India Ltd 0.11 Total Cash & Cash Receivables Institutional and Super Institutional plan introduced w.e.f. 26th Sep, 2008 Date of Allotment: Aug 31, Net Asset Value (NAV) Regular Plan: ` (D), (G) per unit. Institutional ` (D), (G) per unit. Super Institutional ` (D), (G) per unit. Direct Plan: Super Institutional ` (D), (G), (W) per unit. Average Maturity Period: 0.11 years. AAUM: ` Cr. Benchmark : Crisil Liquid Fund Index Face Value `1000/- Retail: Sharpe Ratio: Standard Deviation: 0.10 Alpha: 1.60 Beta: 0.01 Institutional: Sharpe Ratio: Standard Deviation: 0.09 Alpha: 2.33 Beta: 0.00 Super Institutional: Sharpe Ratio: Standard Deviation: 0.09 Alpha: 2.42 Beta: 0.00 period from 30th April, 2012 to 30th April, 2013) Fund Manager: Mr. Kapil Punjabi Co-Fund Manager : Mr. Rahul Pal Retail & Institutional Plans discontinued for fresh subscription /additional purchase / switch-in w.e.f Entry Load NIL Switch to any other schemes (Debt/Equity) - Nil Exit Load Face Value changed from `10 to `1000 w.e.f. 20th Feb., Historical NAV adjusted as per new Face value of ` 1000 Fund Manager's Comment: shortfall eased in the month of April compared to the tight March situation and liquidity tracked by LAF recorded an average of negative INR crores. Easing liquidity and also increase in AUMs of mutual funds during the month led to an easing of money market rates by around basis points for maturity up to 1 year bucket. The AUM of the scheme increased significantly and incremental flows were invested in the extreme shorter end instrument resulting in a decline of the portfolio accruals. We intend to maintain a judicious balance between bank and non bank assets taking into account the risks embedded in the various asset classes. We continued to deliver consistent performance during the previous month. NIL NAV Per Unit (`) as at March 28, 2013: ` P E R F O R M A N C E Period NAV Per Scheme Benchmark Additional Unit (`)* Returns (Returns)(%) Benchmark (%) Current Value of Standard Investment of `10000 in the (%)^ CRISIL Liquid (Returns) (%) Scheme Benchmark (`) Additional Fund Index CRISIL 1 year (`) CRISIL Liquid Benchmark (`) T-bill Index Fund Index CRISIL 1 year ## Returns (%) T-bill Index Since inception till March 28, ,258 15,677 14,468 March 21, 2013 to March 28, March 13, 2013 to March 28, February 28, 2013 to March 28, Not applicable March 30, 2012 to March 28, March 31, 2011 to March 30, March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option. Returns are shown as simple annualisation for 7 days, 15 days & 30 days period 12

13 TAURUS SHORT TERM INCOME FUND - AN OPEN-END BOND SCHEME To generate income and capital appreciation with low volatility by investing in a diversified portfolio of short term debt and money market instruments. Direct Plan : ` per unit dividend of April 2013 ` per unit dividend of March 2013 ` per unit dividend of February 2013 ` per unit dividend of January 2013 Regular Plan: ` per unit dividend of April 2013 ` per unit dividend of March 2013 ` per unit dividend of February 2013 ` per unit dividend of January 2013 Total ` per unit gross dividend for the period of January December 2012 Total ` per unit gross dividend for the period of January December 2011 Total ` per unit gross dividend for the period of July 2010-December 2010 ` 0.30 per unit dividend in February All dividends are on face value of `10 per unit. After payment of the dividend, the per Entry Load - NIL Exit Load - Up to any amount (Including SIP application): 0.25% if exited before 1 month Nil if exited after 1 month Switch to any other schemes (Debt/Equity) - exit load applicable as mentioned above. Face Value changed from `10 to `1000 w.e.f. 26th Apr., Historical NAV adjusted as per new Face value of ` 1000 Fund Manager's Comment: The AUM of the scheme reduced marginally and we continue to balance allocation to Bank and Non-bank assets to improve accruals. The portfolio will maintain the current duration for some time in the future. We would continue to have a judicious mix of assets in order to deliver consistent optimal performance. Date of Allotment: Aug 18, Net Asset Value (NAV) Regular Plan: ` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. AAUM: ` Cr. Benchmark : Crisil Short Term Bond Fund Index Face Value `1000/- Average Maturity Period: 0.14 years. Sharpe Ratio:18.51 Standard Deviation: 0.17 Alpha: 3.19 Beta: 0.03 period from 30th April, 2012 to 30th April, 2013.) Fund Manager: Mr. Rahul Pal Co-Fund Manager: Mr. Kapil Punjabi Rating % to Net Assets CP/CD Bhushan Steel Ltd CARE A Religare Securities Ltd CRISIL A Karvy Stock Broking Ltd ICRA A Indiabulls Housing Finance Ltd CRISIL A Axis Bank Ltd ICRA A Indusind Bank Ltd CRISIL A Syndicate Bank CARE A Total - CP/CD Clearing Corporation Of India Ltd 7.44 Total - Corporate Bond Manappuram Finance Ltd CARE A Total - Corporate Bond Treasury Bill 91 Days T-bill (MD 16/05/2013) SOV 0.14 Total - Treasury Bill 0.14 Cash & Cash Receivables NAV Per Unit (`) as at March 28, 2013: ` P E R F O R M A N C E Period NAV Per Scheme Benchmark Additional Current Value of Standard Investment Unit (`)* Returns (%)^ (Returns)(%) Benchmark Index of `10000 in the ## CRISIL Short (Returns )(%) Scheme Benchmark Additional ## Term Bond (`) (`) CRISIL Benchmark Fund Index Short Term (`) Bond Fund Index Since inception till ,280 20,263 18,988 March 28, 2013 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option

14 * TAURUS MIP ADVANTAGE - AN OPEN - ENDED INCOME SCHEME (*Monthly Income is not assured and is subject to availability of distributable surplus. The term 'Advantage' has been used in terms of asset allocation and not in terms of returns/yield. ) To generate regular income through a portfolio of fixed income securities, Gold ETFs and equity & equity related instruments. Direct Plan : ` per unit dividend in April 2013 ` per unit dividend in March 2013 ` per unit dividend in February 2013 Regular Plan: ` per unit dividend in April 2013 ` per unit dividend in March 2013 ` per unit dividend in February 2013 ` per unit dividend in January 2013 Total ` 0.74 per unit gross dividend for the period of January 2012-December 2012 Total ` per unit gross dividend for the period of March 2011-December 2011 Total ` per unit gross dividend for the period of October 2010-December 2010 All dividends are on face value of `10 per unit. After payment of the dividend, the per unit NAV falls to the extent of the payout and statutory levy, if any for complete details of the dividend declared please log on to Investment Amount - Up to any amount Entry Load - NIL Exit Load - Up to any amount (Including SIP) 1% if exited before 180 days & Nil if exited after 180 days Switch to any other schemes (Debt/Equity) - exit load applicable as mentioned above. NAV Per Unit (`) as at March 28, 2013: ` P E R F O R M A N C E Banks Software Auto Oil Finance Pharmaceuticals Petroleum Products Construction Project Media & Entertainment Consumer Non Durables Construction Power Industrial Capital Goods Telecom - Services Fund Manager's Comment: Debt: This fund invests in stocks across market capitalizations where there is potential for large index outperformance. Even though the market has remained volatile and negative for the last quarter, we have maintained a positive equity exposure through investments in financials, oil & gas and technology. We believe this fund should outperform in either market direction. Equity: The duration of the portfolio was increased as compared to the previous month as we increased exposure to high duration Government securities and corporate bonds.. We increased the maturity on the anticipation of monetary policy and inflation trajectory. We will continue with our strategy of trading in gilts as opportunity arises with a judicious mix of corporate bonds to enhance accruals in the scheme. Gold: While Gold prices have been coming down and currently standing close to 10-month lows, the global uncertainties have still not been subdued and that makes Gold a continued safe investment. We have reduced our exposure but still maintain a significant position Date of Allotment: August 6, 2010 Net Asset Value (NAV) Regular Plan: ` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. AAUM: ` Cr. Benchmark : 75% - Crisil MIP Blended Fund Index & 25% - Price of Gold Average Maturity Period (debt): 5.04 years. Minimum Investment Amount: a) Growth option: ` 5000/- & multiples of ` 1/- thereafter. b) Dividend option: ` 25000/- & multiples of ` 1/-thereafter c) Additional purchase: `1000/- & multiples of ` 1/- thereafter Sharpe Ratio: Standard Deviation: 3.84 (The above measures have been calculated by taking month end NAV for 1year period from 30th April, 2012 to 30th April, 2013) Fund Manager: Mr. Rahul Pal (Debt) & Mr. Sadanand Shetty (Equity & Gold ETFs) Co-Fund Manager: Mr. Kapil Punjabi (Debt) PORTFOLIO As on 31st March 2013 Rating % to Net Assets Debt Investment Corporate Bond Manappuram Finance Ltd CARE A Hindalco Industries Ltd CRISIL AA Indiabulls Housing Finance Ltd CARE AA Export Import Bank Of India CRISIL AAA 4.58 Total - Corporate Bond Government Bond 8.33% GOI 2026 (m/d 09/07/2026) SOV % GOI (MD 14/11/2024) SOV % GOI (MD 16/01/2020) SOV % GOI (MD 11/06/2022) SOV % GOI (MD 03/07/2017) SOV 6.50 Total - Government Bond Treasury Bill 91 Days T-bill (MD 16/05/2013) SOV 0.32 Total - Treasury Bill 0.32 Equity Investment ICICI Bank Ltd 1.19 Oil & Natural Gas Corporation Ltd 1.17 Larsen & Toubro Ltd 1.16 Reliance Industries Ltd 1.14 Tech Mahindra Ltd 1.06 Infosys Ltd 1.01 State Bank Of India 0.91 Tata Motors Ltd 0.88 Dr. Reddy's Laboratories Ltd 0.84 Wipro Ltd 0.84 Total Total - Equity Gold Investment Exchange Traded Funds Goldman Sachs Gold ETF (Gold Bees) 5.94 Total - Exchange Traded Funds 5.94 Clearing Corporation of India Ltd 2.09 Total Cash & Cash Receivables 4.35 Period NAV Per Scheme Benchmark Index (Returns)(%) Additional Benchmark (%) Unit (`)* Returns (%)^ 75% -CRISIL MIP Blended Fund Index CRISIL 10 year Gilt Index and 25%-Price of Gold Returns (%) Since inception till March 28, March 30, 2012 to March 28, March 31, 2011 to March 30, March 31, 2010 to March 31, 2011 NA NA NA NA * NAV at the beginning of the period ^. Returns are of growth option 14

15 TAURUS DYNAMIC INCOME FUND - AN OPEN ENDED INCOME SCHEME To generate optimal returns with high liquidity through active management of the portfolio by investing in Debt and Money Market Instruments. However, there is no assurance or guarantee that the objectives of the scheme will be realized and the scheme does not assure or guarantee any returns. Direct Plan : ` per unit dividend in March 2013 Regular Plan: ` per unit dividend in March 2013 ` per unit dividend in December 2012 ` per unit dividend in September 2012 ` per unit dividend in June 2012 ` per unit dividend in March 2012 ` per unit dividend in December 2011 ` per unit dividend in September 2011 All dividends are on face value of `10 per unit. After payment of the dividend, the per unit NAV falls to the extent of the payout and statutory levy, if any for complete details of the dividend declared please log on to Entry Load - NIL Exit Load - 1% if exited before 90 days - Nil if exited after 90 days (Switch: Existing Equity Schemes to Taurus Dynamic Income Fund : Relevant exit load applicable) Fund Manager's Comment: The duration of the portfolio was increased as compared to the previous month as we increased exposure to high duration Government securities and corporate bonds. We increased the maturity on the anticipation of monetary policy and inflation trajectory. We will continue with our strategy of trading in gilts as opportunity arises with a judicious mix of corporate bonds to enhance accruals in the scheme. Date of Allotment: Feb 14, Net Asset Value (NAV) Regular Plan: ` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. AAUM: ` Cr. Benchmark: Crisil Composite Bond Fund Index Average Maturity Period: 8.82 years. Sharpe Ratio: 1.75 Standard Deviation: 1.49 Alpha: 2.09 Beta: 0.21 period from 30th April, 2012 to 30th April, 2013) Fund Manager: Mr. Rahul Pal Co-Fund Manager: Mr. Kapil Punjabi Corporate Bond Rating % to Net Assets Export Import Bank Of India CRISIL AAA Hindalco Industries Ltd CRISIL AA Steel Authority Of India Ltd CARE AAA 8.06 Rural Electrification Corporation Ltd CRISIL AAA 7.98 Power Finance Corporation Ltd CRISIL AAA 7.96 Reliance Utilities & Power Pvt Ltd CRISIL AAA 7.84 Total - Corporate Bond Government Bond 8.33% GOI 2026 (M/D 09/07/2026) SOV % GOI (MD 05/12/2030) SOV % GOI (MD 11/06/2022) SOV % GOI (MD 11/04/2018) SOV 7.93 Total - Government Bond Clearing Corporation Of India Ltd 4.82 Total Treasury Bill 91 Days T-bill (MD 16/05/2013) SOV 0.39 Total - Treasury Bill 0.39 Cash & Cash Receivables NAV Per Unit (`) as at March 28, 2013: ` P E R F O R M A N C E Period NAV Per Scheme Benchmark (Returns)(%) Additional Benchmark Unit (`)* Returns (%)^ CRISIL Composite Bond Fund Index Index Returns (%) CRISIL 10 year Gilt Index Since inception till March 28, March 30, 2012 to March 28, March 31, 2011 to March 30, March 31, 2010 to March 31, 2011 NA NA NA NA * NAV at the beginning of the period ^. Returns are of growth option

16 TAURUS GILT FUND - AN OPEN-END GILT SCHEME To provide risk free returns to the investors even for a shorter duration through investment in securities issued by Central Government or State Government or any security unconditionally guaranteed by Government of India. Investment will also be made in repos and reverse repos. ` 0.30 per unit dividend declared in the scheme in February All dividends are on face value of `10 per unit. After payment of the dividend, the per unit NAV falls to the extent of the payout and statutory levy, if any for complete details of the dividend declared please log on to % to Net Assets Clearing Corporation Of India Ltd Total Cash & Cash Receivables 4.88 Date of Allotment: Aug 18, Net Asset Value (NAV) Regular Plan: ` (D), (G) per unit. Direct Plan: ` (D), (G) per unit. AAUM: ` 0.11 Cr. Benchmark : I Sec Composite Index Sharpe Ratio: Standard Deviation: 0.75 Alpha: Beta: period from 30th April, 2012 to 30th April, 2013.) Fund Manager: Mr. Rahul Pal Co-Fund Manager: Mr. Kapil Punjabi Entry Load - NIL Exit Load - Up to any amount (Including SIP application): 1% if exited before 1 year Nil if exited after 1 year Switch to any other schemes (Debt/Equity) - exit load applicable as mentioned above. Fund Manager's Comment: The scheme, having a low AUM remained in cash. NAV Per Unit (`) as at March 28, 2013: ` P E R F O R M A N C E Period NAV Per Scheme Benchmark Additional Current Value of Standard Investment Unit (`)* Returns (%)^ Index Benchmark of `10000 in the (Returns)(%) Index Scheme Benchmark (`) Additional I-Sec Composite (Returns)(%) (`) I-Sec Composite Benchmark Index Index (`) Since inception till ,037 22,640 23,183 March 28, 2013 March 30, 2012 to March 28, March 31, 2011 to March 30, Not applicable March 31, 2010 to March 31, * NAV at the beginning of the period ^. Returns are of growth option Tax Benefits Dividend distributed by the Scheme (s) are free from Income - tax in the hands of Investors. The additional Income-tax on distribution of dividend by a money market mutual fund or a liquid fund to an individual /HUF shall be payable at the rate of %* and at the rate of %* to any other investor. The additional income-tax on distribution of dividend by any other debt fund to an individual/huf shall be payable at the rate of %* and at the rate of % on distribution of dividend to any other investor. Units of the Scheme(s) are not subject to Wealth-tax and Gilt-tax. Unit holders are required to pay Securities Transaction Tax (STT) at the rate of 0.25% at the time of redemption /switch-out of units of an equity oriented fund. *Including applicable surcharge, education cess and secondary and higher education cess. Investors should be aware that the fiscal rules/tax laws may change and there can be no guarantee that the current tax position may continue indefinitely. In view ofindividual nature of tax consequences, each investor is advised to consult his /her own professional tax advisor. Experience of Fund Managers Fund Manager Total Experience Sadanand Shetty Over 18 years Rahul Pal Over 11 years Abhinav Sharma Over 7 years Kapil Punjabi Over 6 years Direct Plan introduced for all schemes with effect from January 1,