Facts. Figures. July Monthly fund analysis and market reviews

Transcription

1 Facts Figures in Monthly fund analysis and market reviews July 2018

2 BO X Liquid Fund (n Open nded Liquid ) KOMT TH POCT TBL FO VTO WHO KG*: ncome over short term. nvestment in ebt and Money Market nstruments. y tel era od ow M L Moderate Mo de r Hig ately h L ow CHM LOW HGH nvestors understand that their principal will be at low risk Long term capital appreciation and regular income. nvestment in equity and equity related securities (10% - 25%) as well as fixed income securities (ebt / Money Market nstruments/ Govt. ecurities). BO X Credit isk Fund (Formerly BO X Corporate Credit pectrum Fund) (n open ended debt scheme predominantly investing in and below rated corporate bonds (excluding + rated corporate bonds) Long term capital appreciation nvestment primarily in corporate debt securities with medium to long term maturities across the credit spectrum within the universe of investment grade rating BO X Large & Mid Cap quity Fund (Formerly BO X quity Fund) (n open ended equity scheme investing in both large cap and mid cap stocks) Long-term capital growth. nvestment in equity and equity-related securities including equity derivatives of companies across market capitalisations. BO X Tax dvantage Fund (n open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit) Long-term capital growth. nvestment in equity and equity-related securities of companies across market capitalisations. BO X quity ebt ebalancer Fund (n Open nded ynamic sset llocation Fund) Long term capital appreciation ynamic asset allocation between equity and fixed income based on equity market valuations BO X Mid & mall Cap quity & ebt Fund (Formerly BO X Mid Cap quity & ebt Fund) (n open ended hybrid scheme investing predominantly in equity and equity related instruments) Long term capital appreciation and income distribution quity fund investing in Mid & mall Cap equity and equity related securities (not part of the top 100 stocks by market capitalization) as well as fixed income securities. BO X Manufacturing & nfrastructure Fund (n open ended equity scheme investing in manufacturing and infrastructure sectors) Long-term capital growth. nvestment in equity and equity-related securities of companies engaged in manufacturing & infrastructure related sectors. BO X Conservative Hybrid Fund (Formerly BO X egular eturn Fund) (n open ended hybrid scheme investing predominantly in debt instruments) LOW HGH nvestors understand that their principal will be at moderately low risk y tel era od ow M L Moderate Mo de r Hig ately h egular income over short to medium term. nvestment in ebt & Money Market instruments such that the Macaulay duration of the portfolio is between 1 year - 3 years de r Hig ately h LOW HGH nvestors understand that their principal will be at moderate risk y tel era od ow M L Moderate Mo de r Hig ately h BO X hort Term ncome Fund (n open ended short term debt scheme investing in instruments with Macaulay duration of the portfolio between 1 year and 3 years) Mo LOW HGH nvestors understand that their principal will be at moderately high risk y tel era od ow M L Moderate Mo de r Hig ately h ncome over short to medium term ncome through arbitrage opportunities between cash and derivative segments of the equity market and arbitrage opportunities within the derivative segment Moderate BO X rbitrage Fund (n open ended scheme investing in arbitrage opportunities) y tel era od ow M L egular income over hort to term. nvestment in ebt & Money Market instruments such that the Macaulay duration of the portfolio is between 3 months and 6 months BO X ltra hort uration Fund ( F o r m e r l y B O X Tr e a s u r y dvantage Fund) (n open ended ultra-short term debt scheme investing in instruments with Macaulay duration of the portfolio between 3 months and 6 months) LOW HGH nvestors understand that their principal will be at high risk *nvestor should consult their financial advisor if they are not clear about the suitability of the product. 2

3 MKT PT lok ingh CHF VTMT OFFC The Monetary Policy Committee (MPC) hiked the policy rate for the second time in two months by 25bps but continued to maintain its neutral stance. The B projects inflation at 4.8% in H2 FY19 and around 5% in Q1 FY20. While the change in the inflation target was very modest, the MPC seemed to be worried about the evolving uncertainties from MP hikes, monsoon rainfall, global crude prices, trade war tensions and a possible fiscal slippage, which could be partially offset by GT rate cuts if passed through. uring the month of July we witnessed core inflation rising to 6.35% and food inflation falling to 2.91%. t the same time, B indicated that household inflation expectation has risen in recent times. B retained its FY19 GP growth projection at 7.4% and projects Q1 FY2020 GP growth at 7.5%. t is noticed that domestic activity continues to stay strong and that the output gap has closed. t is also been highlighted that the recent MP hikes could boost rural demand (which is quite evident from the volume growth witnessed by FMCG companies) and investment activity has stayed strong despite tight financial conditions owing to the increased F flows. However, MPC highlighted the possible adverse impact on exports from rising global trade tensions. B indicated that it will continue to manage liquidity dynamically with focus on maintaining normal liquidity levels. This should keep the hope of OMO alive in the market with the probability that it will also help bonds to remain range bound despite the hike. Having said that, with 50bps hike so far, the valuation richness which bonds were having is slowly receding and any further rate hike shall normalize valuations to a great extent. Therefore, we are not very positive on duration trade and believe that accrual strategy around the short end of the curve shall deliver better risk adjusted returns for investors in the near term. Corporate results season also started in the month of July. The quarterly results for Q1 FY19 so far have been quite encouraging. The industry wide capacity utilization as per B has also moved to around 75%, therefore, volume pickup and margin expansions are universal in this earning season. Last year, mid and small cap category witnessed a huge rally on expectations of better financial performance in the coming years. But the irony is that finally, while we are seeing improvement in financial performance and positive commentary about the business from the management at large, market seems to be worried about many other things. s a result, we have seen some correction especially in the mid and small cap space. These corrections along with the improved business dynamics make many companies very attractive from a long term investment view. Towards the end of July, equity market witnessed a divergence where the large cap index reached a 52 weak high while most of the mid cap and small cap stocks were near their lows. f one analyses this, it clearly indicates that a few large caps performed quite well during this period creating this divergence. Better than expected business performance by these few stocks, at a time the when the market ownership in these stocks was low, and market was looking for safety resulted in this move. We expect this divergence to correct over a period of time and continue to believe that the market always responds to improved earnings, albeit some with a time lag. ource: B, Bloomberg,, B (nless indicated otherwise); ated: ugust 6,

4 Hybrid Fund VTMT TYL BO X Large & Mid Cap quity Fund** Blend Formerly BO X quity Fund (n open ended equity scheme investing in both large cap and mid cap stocks) Large **Fundamental ttributes and ame of the fund have been changed from BO X quity Fund to BO X Large & Mid Cap quity Fund w.e.f. pril 11, L G & M C P F 21.42% 13.03% 12.34% 7.62% 5.43% 5.17% 4.83% 4.04% 3.36% 2.80% 2.18% 2.06% 1.90% 1.83% 1.66% VTMT OBJCTV The seeks to generate income and long-term capital appreciation by investing through a diversified portfolio of predominantly large cap and mid cap equity and equity related securities including equity derivatives. The is in the nature of large and mid cap fund. The is not providing any assured or guaranteed returns WHO HOL VT The fund is suited to investors with some prior experience in equity investing or even for first time equity investors who are aware of the risk associated with investing in equities, particularly with regard to mid and small capitalization companies. BCHMK B 200 eturn ndex (T) T OF LLOTMT October 21, 2008 F MG lok ingh: (w.e.f. February 16, 2017) round 18 years of experience, including 10 years in mutual fund industry. VG M ` Crs. LTT M ` Crs. MMM PPLCTO MOT (LMPM) ` 5,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 POTFOLO TOV TO (s on July 31, 2018) # # 0.58 Times ( Basis last rolling 12 months) OTH PMT (s on July 31, 2018) tandard eviation (nnualized): 13.77% (BO X Large & Mid Cap quity Fund) 13.86% (B 200 T) Beta: 0.95 harpe atio*: 0.63 Tracking rror (nnualized): 4.00% bove ratios are calculated using 6 years history of monthly returns *isk-free rate assumed to be 6.25% (MBO as on July 31, 2018) V (s on July 31, 2018) V egular Plan co Plan Bonus Bonus egular ividend egular ividend Quarterly ividend Quarterly ividend irect Plan Bonus egular ividend Quarterly ividend LO TCT (FO LL PL) ntry Load L xit Load For redemption/switch out upto 10% of the initial units allotted within 1 year from the date of allotment: L ny redemption/switch out - in excess of the above mentioned limit would be subject to an exit load of 1%, if the units are redeemed/ switched out within 1 year from the date of allotment of units. f the units are redeemed/switched out after 1 year from the date of allotment of units : il For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. ndustry/ ating QTY & QTY LT Listed / awaiting listing on the stock exchanges Graphite ndia Limited HFC Bank Limited Larsen & Toubro Limited Project ndusnd Bank Limited Britannia ndustries Limited Consumer on urables Yes Bank Limited Cholamandalam nvestment and Company Limited ilip Buildcon Limited terlite Technologies Limited Telecom - quipment & ccessories HG Limited Titan Company Limited almia Bharat Limited Cement K ndustries Limited Maruti uzuki ndia Limited BL Bank Limited Whirlpool of ndia Limited ndiabulls Housing Limited eliance ndustries Limited Petroleum Products FL Holdings Limited ewan Housing Corporation Limited delweiss Financial ervices Limited Bhansali ngineering Polymers Limited Gravita ndia Limited Minerals/Mining Future etail Limited etailing Muthoot Capital ervices Limited JM Financial Limited Vinati Organics Limited icher Motors Limited HFC tandard Life nsurance Company Limited Piramal nterprises Limited Godrej ndustries Limited Consumer on urables Lemon Tree Hotels Limited Hotels, esorts nd Other ecreational ctivities Havells ndia Limited jjivan Financial ervices Limited PL pollo Tubes Limited Tata Consultancy ervices Limited oftware ecurity and ntelligence ervices Commercial ervices (ndia) Limited BCC (ndia) Limited ltratech Cement Limited Cement K s Limited Crompton Greaves Consumer lectricals Limited ane Holdings Limited shok Leyland Limited Bandhan Bank Limited Tamil adu ewsprint & Papers Limited Paper pollo Micro ystems Limited ndustrial Capital Goods et eceivables/payables CBLO / everse epo / Liquid Fund nvestments G TOTL 4 mall POTFOLO TL TOP 15 TY LLOCTO Consumer on urables Cement Project Telecom - quipment & ccessories Petroleum Products Minerals/Mining etailing Hotels, esorts nd Other ecreational ctivities ^For riskometer, refer Page 2. Value Market Capitalisation quity Fund P HL VLBL ebt Fund % to et ssets

5 Hybrid Fund VTMT TYL BO X Tax dvantage Fund Blend (n open ended equity linked saving scheme with a statutory lock in of 3 years and tax benefit) Large 80C Benefit Q T Y L K V G C H M POTFOLO TL TOP 15 TY LLOCTO Cement Commercial ervices ncillaries Hotels, esorts nd Other ecreational ctivities Telecom - quipment & ccessories oftware ndustrial Capital Goods 20.92% 13.26% 11.78% 5.89% 5.69% 4.31% 3.51% 3.45% 3.40% 3.39% 2.88% 2.72% 2.59% 2.10% 1.76% VTMT OBJCTV The seeks to generate long-term capital growth from a diversified portfolio of predominantly equity and equity-related securities across all market capitalisations. The is in the nature of diversified multi-cap fund. The is not providing any assured or guaranteed returns. There can be no assurance that the investment objectives of the will be realized. WHO HOL VT The fund is suitable for investors with a long-term investment horizon. n terms of fund management, the 3 year lock-in period gives the fund manager the comfort of planning his investments with a long-term horizon. BCHMK B 500 eturn ndex (T) T OF LLOTMT February 25, 2009 F MG aurabh Kataria: (w.e.f June 29, 2013) Over 12 years of industry experience. VG M ` Crs. LTT M ` Crs. MMM PPLCTO MOT (LMPM) ` 500 and in multiples of ` 1 TOL PCH MOT ` 500 and in multiples of ` 1 POTFOLO TOV TO (s on July 31, 2018) 0.74 Times# (#Basis last rolling 12 months) OTH PMT (s on July 31, 2018) tandard eviation (nnualized): 14.01% (BO X Tax dvantage Fund) 14.08% (B 500 T) Beta: 0.93 harpe atio*: 0.83 Tracking rror (nnualized): 5.21% bove ratios are calculated using 6 years history of monthly returns *isk-free rate assumed to be 6.25% (MBO as on July 31, 2018) V (s on July 31, 2018) V egular Plan co Plan ividend ividend irect Plan ividend LO TCT (FO LL PL) ntry Load L xit Load L For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. ndustry/ ating QTY & QTY LT Listed / awaiting listing on the stock exchanges HFC Bank Limited ndusnd Bank Limited Bajaj Limited Graphite ndia Limited Yes Bank Limited HG Limited ilip Buildcon Limited terlite Technologies Limited Telecom - quipment & ccessories Cholamandalam nvestment and Company Limited Lumax ndustries Limited ncillaries Maruti uzuki ndia Limited arti ndustries Limited TeamLease ervices Limited Commercial ervices HFC tandard Life nsurance Company Limited Blue tar Limited almia Bharat Limited Cement MindTree Limited oftware icher Motors Limited hankara Building Products Limited Vinati Organics Limited FL Holdings Limited jjivan Financial ervices Limited Muthoot Capital ervices Limited K ndustries Limited Lemon Tree Hotels Limited Hotels, esorts nd Other ecreational ctivities Whirlpool of ndia Limited Bhansali ngineering Polymers Limited Mas Financial ervices Limited Gravita ndia Limited Minerals/Mining JK Paper Limited Paper JM Financial Limited PL pollo Tubes Limited shok Leyland Limited Piramal nterprises Limited The amco Cements Limited Cement egis Logistics Limited Gas Future etail Limited etailing Timken ndia Limited Heritage Foods Limited Consumer on urables Quess Corp Limited Commercial ervices par ndustries Limited ndustrial Capital Goods ixon Technologies (ndia) Limited ewan Housing Corporation Limited oyal Orchid Hotels Limited Hotels, esorts nd Other ecreational ctivities amkrishna Forgings Limited delweiss Financial ervices Limited Motherson umi ystems Limited ncillaries Finolex Cables Limited Titan Company Limited pollo Micro ystems Limited ndustrial Capital Goods et eceivables/payables CBLO / everse epo / Liquid Fund nvestments G TOTL 5 mall ^For riskometer, refer Page 2. Value Market Capitalisation quity Fund P HL VLBL ebt Fund % to et ssets

6 Hybrid Fund ebt Fund VTMT TYL BO X Manufacturing & nfrastructure Fund Blend (n open ended equity scheme investing in manufacturing and infrastructure sectors) Value Large C T O L C H M QTY TY LLOCTO Project Power ndustrial Capital Goods Petroleum Products Telecom - quipment & ccessories ncillaries Minerals/Mining Paper ngineering ervices mall ^For riskometer, refer Page 2. Market Capitalisation quity Fund POTFOLO TL 18.65% 18.25% 10.48% 8.36% 6.78% 6.65% 3.83% 3.36% 3.21% 2.54% 2.25% 1.82% 1.21% % 0.64% VTMT OBJCTV The seeks to generate long term capital appreciation through a portfolio of predominantly equity and equity related securities of companies engaged in manufacturing and infrastructure related sectors. Further, there can be no assurance that the investment objectives of the scheme will be realized. The is not providing any assured or guaranteed returns. WHO HOL VT The would be more suitable for investors who are desirous of increasing their exposure to manufacturing & infrastructure sector in their personal equity portfolio. Thus, this could act as a "top up" over existing investments of such investors in diversified equity funds. However, for a first time investor, it might still be advisable to initially start his investment with a diversified equity fund. BCHMK &P B ndia Manufacturing eturn ndex (T) - 50% & &P B ndia nfrastructure eturn ndex (T) - 50% T OF LLOTMT March 05, 2010 F MG lok ingh: (w.e.f. February 16, 2017) round 18 years of experience, including 10 years in mutual fund industry. VG M ` Crs. LTT M ` Crs. MMM PPLCTO MOT (LMPM) ` 5,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 POTFOLO TOV TO (s on July 31, 2018) 0.33 Times# (#Basis last rolling 12 months) OTH PMT (s on July 31, 2018) tandard eviation (nnualized): 15.87% (BO X Manufacturing & nfrastructure Fund) 17.17% (&P B ndia Manufacturing T - 50% & &P B ndia nfrastructure T - 50%) Beta: 0.81 harpe atio*: 0.37 Tracking rror (nnualized): 8.38% bove ratios are calculated using 4 years history of monthly returns of the fund and the above ndices as the inception of &P B nfrastructure ndex is May 28, *isk-free rate assumed to be 6.25% (MBO as on July 31, 2018) V (s on July 31, 2018) V egular Plan irect Plan egular ividend egular ividend Quarterly ividend Quarterly ividend LO TCT (FO LL PL) ntry Load L xit Load For redemption/switch out upto 10% of the initial units allotted within 1 year from the date of allotment: L ny redemption/switch out - in excess of the above mentioned limit would be subject to an exit load of 1%, if the units are redeemed/ switched out within 1 year from the date of allotment of units. f the units are redeemed/switched out after 1 year from the date of allotment of units : il For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. ndustry/ ating QTY & QTY LT Listed / awaiting listing on the stock exchanges Larsen & Toubro Limited Project ilip Buildcon Limited Power Grid Corporation of ndia Limited Power Graphite ndia Limited eliance ndustries Limited Petroleum Products terlite Technologies Limited Telecom - quipment & ccessories Blue tar Limited hankara Building Products Limited Bhansali ngineering Polymers Limited JMC Projects (ndia) Limited Prakash ndustries Limited Lumax ndustries Limited ncillaries HG Limited par ndustries Limited ndustrial Capital Goods Gravita ndia Limited Minerals/Mining PL pollo Tubes Limited PC nfratech Limited H.G. nfra ngineering Limited Project Kamdhenu Limited Kalpataru Power Transmission Limited Power JK Paper Limited Paper Greaves Cotton Limited K s Limited PP Projects Limited hluwalia Contracts (ndia) Limited Orient efractories Limited FB ndustries Limited GPT nfraprojects Limited Timken ndia Limited hakti Pumps (ndia) Limited BCC (ndia) Limited Havells ndia Limited arti ndustries Limited K ndustries Limited pollo Micro ystems Limited ndustrial Capital Goods stral Poly Technik Limited Capacit'e nfraprojects Limited Maruti uzuki ndia Limited ngineering Limited Maithan lloys Limited ixon Technologies (ndia) Limited V Tech Wabag Limited ngineering ervices Torrent Power Limited Power kipper Limited ndustrial Capital Goods O-COVTBL BT TPC Limited et eceivables/payables CBLO / everse epo / Liquid Fund nvestments G TOTL % to et ssets ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating, Brickwork. 6

7 Hybrid Fund ebt Fund BO X Mid & mall Cap quity & ebt Fund** VTMT TYL Blend Formerly BO X Mid Cap quity & ebt Fund (n open ended hybrid scheme investing predominantly in equity and equity related instruments) Large **Fundamental ttributes and ame of the fund have been changed from BO X Mid Cap quity & ebt Fund to BO X Mid & mall Cap quity & ebt Fund w.e.f. pril 11, G G V H Y B F 7 QTY TY LLOCTO 5.12% 4.79% 4.76% etailing 3.52% Telecom - quipment & ccessories 2.81% 2.70% ndustrial Capital Goods 2.30% 2.29% Commercial ervices Hotels, esorts nd Other ecreational ctivities 2.22% 2.04% Consumer on urables Minerals/Mining 1.89% Power 1.38% 1.33% Paper 1.22% oftware 1.07% ncillaries 0.98% ngineering ervices 0.35% mall ^For riskometer, refer Page 2. Value Market Capitalisation quity Fund POTFOLO TL 11.01% 16.88% VTMT OBJCTV The scheme's objective is to provide capital appreciation and income distribution to investors from a portfolio constituting of mid and small cap equity and equity related securities as well as fixed income securities. However there can be no assurance that the income can be generated, regular or otherwise, or the investment objectives of the will be realized. BCHMK FTY Midmallcap 400 T: 70%; CL hort Term Bond Fund ndex: 30% T OF LLOTMT July 20, 2016 F MG lok ingh: (w.e.f. February 16, 2017) round 18 years of experience, including 10 years in mutual fund industry. jay Khandelwal (ssistant Fund Manager): (w.e.f. ecember 1, 2017) - round 10 years of experience, including 7 years in mutual fund industry. VG M ` Crs. LTT M ` Crs. MMM PPLCTO MOT (LMPM) ` 5,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 POTFOLO TOV TO (s on July 31, 2018) 1.09 Times# (#Basis last rolling 12 months) OTH PMT (s on July 31, 2018) tandard eviation (nnualized): 12.51% (BO X Mid & mall Cap quity & ebt Fund) 11.90% (ifty Midsmall cap 400 T - 70% & CL hort Term Bond Fund ndex - 30%) Beta: 0.98 harpe atio*: 0.58 Tracking rror (nnualized): 4.24% bove ratios are calculated using 1 year history of monthly returns *isk-free rate assumed to be 6.25% (MBO as on July 31, 2018) V (s on July 31, 2018) V egular Plan irect Plan egular ividend egular ividend LO TCT (FO LL PL) ntry Load L xit Load For redemption/switch out upto 10% of the initial units allotted within 1 year from the date of allotment: L ny redemption/switch out - in excess of the above mentioned limit would be subject to an exit load of 1%, if the units are redeemed/ switched out within 1 year from the date of allotment of units. f the units are redeemed/switched out after 1 year from the date of allotment of units : il For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. ndustry/ ating QTY & QTY LT Listed / awaiting listing on the stock exchanges HG Limited Graphite ndia Limited ilip Buildcon Limited terlite Technologies Limited Telecom - quipment & ccessories delweiss Financial ervices Limited Bhansali ngineering Polymers Limited Lemon Tree Hotels Limited Hotels, esorts nd Other ecreational ctivities Heritage Foods Limited Consumer on urables Cholamandalam nvestment and Company Limited Gravita ndia Limited Minerals/Mining JM Financial Limited TeamLease ervices Limited Commercial ervices K ndustries Limited arti ndustries Limited Vinati Organics Limited jjivan Financial ervices Limited avin Fluorine nternational Limited Kalpataru Power Transmission Limited Power Blue tar Limited stral Poly Technik Limited V2 etail Limited etailing BL Bank Limited hankara Building Products Limited Kamdhenu Limited K s Limited Future etail Limited etailing JK Paper Limited Paper ane Holdings Limited par ndustries Limited ndustrial Capital Goods ewan Housing Corporation Limited Maithan lloys Limited MindTree Limited oftware PL pollo Tubes Limited Orient efractories Limited Lumax ndustries Limited ncillaries V-Mart etail Limited etailing ixon Technologies (ndia) Limited pollo Micro ystems Limited ndustrial Capital Goods Timken ndia Limited ngineering Limited ndotar Capital Limited Cera anitaryware Limited Quess Corp Limited Commercial ervices Crompton Greaves Consumer lectricals Limited kipper Limited ndustrial Capital Goods V Tech Wabag Limited ngineering ervices Finolex ndustries Limited MOY MKT TMT BO & Cs ewan Housing Corporation Limited C Housing evelopment Corporation Limited intex-bpl Limited BW L & T nfrastructure Company Limited C Power Corporation Limited Commercial Paper## ational Fertilizers Limited C 1+ GOVMT BO Government of ndia OV et eceivables/payables CBLO / everse epo nvestments G TOTL % to et ssets ## Thinly traded/on traded securities and illiquid securities as defined in B egulations and Guidelines. ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating, Brickwork.

8 Hybrid Fund ebt Fund VTMT TYL BO X quity ebt ebalancer Fund** Blend (n open ended dynamic asset allocation fund) Value Large **Fundamental ttributes of the fund have been changed w.e.f. pril 11, Y M C T L L O C T O QTY TY LLOCTO 5.02% 4.93% 2.74% Consumer on urables Trading 2.72% 2.68% Pharmaceuticals 2.50% 1.79% ncillaries 1.75% Textile Products Power 1.48% etailing 1.28% Project 1.08% Transportation 0.94% on % Petroleum Products 0.38% Cement 0.11% ndustrial Capital Goods 0.06% oftware 0.06% 9.73% 9.17% POTFOLO TL 17.23% VTMT OBJCTV The aims at generating long term returns with lower volatility by following a disciplined allocation between equity and debt securities. The equity allocation will be determined based on the month end P/ ratio of the ifty 50 ndex. There is no assurance that the investment objectives of the will be realized and the does not assure or guarantee any returns. BCHMK ifty 50 eturn ndex (T) - 50% & CL hort Term Bond Fund ndex - 50% T OF LLOTMT March 14, 2014 aurabh Kataria (for quity): (w.e.f. eptember 11, 2014) Over 12 years of industry experience. Piyush Baranwal (For ebt): (w.e.f. ecember 1, 2017) - Over 10 years' of experience, in Portfolio Management and trading in Fixed ncome ecurities. VG M LTT M ` Crs. MMM PPLCTO MOT (LMPM) ` 5,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 VG MTTY & MOF TO (s on July 31, 2018) egular Plan ividend V irect Plan ividend LO TCT (FO LL PL) ntry Load L xit Load For redemption/switch out upto 10% of the initial units allotted within 1 year from the date of allotment: L ny redemption/switch out - in excess of the above mentioned limit would be subject to an exit load of 1%, if the units are redeemed/ switched out within 1 year from the date of allotment of units. f the units are redeemed/switched out after 1 year from the date of allotment of units : il For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. % to et % to av ssets erivatives ndustry/ ating QTY HOLG (HG) CC Bank Ltd CC Bank Ltd-Futures JW teel Ltd JW teel Ltd-Futures dani nterprises Ltd dani nterprises Ltd-Futures Punjab ational Bank Punjab ational Bank-Futures Titan Company Limited Titan Company Limited-Futures Other quity Holding (Hedged) Other tock Futures Holding (Hedged) quity Holdings (Hedged) quity Holdings % to et % to av ssets erivatives 5.26 (5.25) 2.86 (2.87) 2.72 (2.74) 2.67 (2.68) 2.53 (2.54) (21.33) (37.40) MOY MKT TMT verage Maturity: 2.40 Years Modified uration: 1.97 V (s on July 31, 2018) ndustry/ ating QTY HOLG (HG) Listed / awaiting listing on the stock exchanges Maruti uzuki ndia Ltd 4.37 ndusind Bank Ltd 2.73 HFC Bank Ltd 2.70 Bajaj Ltd 2.69 Yes Bank Limited 2.11 Motherson umi ystems Ltd ncillaries 1.79 icher Motors Ltd 1.57 Britannia ndustries Ltd Consumer on urables 1.45 Titan Company Limited 1.35 Piramal nterprises Ltd Pharmaceuticals 1.34 venue upermarts Limited etailing 1.28 Larsen & Toubro Ltd Project 1.08 Havells ndia Ltd 1.06 TV Motor Company Ltd 0.96 L&T Holdings Ltd 0.91 HFC tandard Life nsurance 0.84 Company Limited shok Leyland Ltd 0.64 quity Holdings (nhedged) F MG ` Crs. C H M mall ^For riskometer, refer Page 2. Market Capitalisation quity Fund BO & Cs intex-bpl Limited ewan Housing Corporation Limited GOVMT BO Government of ndia BW C OV FX POT (MG) BL Bank Limited HFC Bank Limited et eceivables/(payables) after adjusting for futures CBLO / everse epo / Liquid Fund nvestments G TOTL ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating, Brickwork. 8

9 Hybrid Fund ebt Fund VTMT TYL BO X Conservative Hybrid Fund** Blend Value Formerly BO X egular eturn Fund (n open ended hybrid scheme investing predominantly in debt instruments) Large **Fundamental ttributes and ame of the fund have been changed from BO X egular eturn Fund to BO X Conservative Hybrid Fund w.e.f. pril 11, H Y B QTY TY LLOCTO Hotels, esorts nd Other ecreational ctivities Project Telecom - quipment & ccessories ndustrial Capital Goods Cement Petroleum Products etailing Minerals/Mining Paper 2.15% 1.73% 1.60% 1.44% 1.27% 0.93% 0.79% 0.78% 0.73% 0.70% 0.64% 0.56% 0.45% 0.44% 0.21% COMPOTO BY T 4.86% 4.50% 42.08% 21.72% 23.75% quity & equity related securities Bonds & Cs Government Bond BCHMK (w.e.f. February 1, 2018) CL Hybrid Conservative ndex T OF LLOTMT March 18, 2009 F MG lok ingh: (w.e.f. May 21, 2012) round 18 years of experience, including 10 years in mutual fund industry. ` Crs. LTT M ` Crs. MMM PPLCTO MOT (LMPM) Commercial Paper POTFOLO TL VTMT OBJCTV The seeks to generate regular income through investments in fixed income securities and also to generate long term capital appreciation by investing a portion in equity and equity related instruments. However, there can be no assurance that the income can be generated, regular or otherwise, or the investment objectives of the will be realized. ` 10,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 VG MTTY & MOF TO (s on July 31, 2018) verage Maturity: 1.44 Years Modified uration: 1.18 V (s on July 31, 2018) V egular Plan co Plan Monthly ividend Quarterly ividend nnual ividend irect Plan Monthly ividend Quarterly ividend nnual ividend Monthly ividend Quarterly ividend nnual ividend LO TCT (FO LL PL) ntry Load L xit Load For redemption/switch out -of up to 10% of the initial units allotted within 1 year from the date of allotment: L. ny redemption/switch out-in excess of the above mentioned limit would be subject to an exit load of 1%, if the units are switched out within 1 year from the date of allotment of units. f the units are redeemed/switched out after 1 year from the date of allotment of units : L. For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no % 7.23% VG M F mall ^For riskometer, refer Page 2. C O V T V Market Capitalisation quity Fund ndustry/ ating % to et ssets QTY & QTY LT Listed / awaiting listing on the stock exchanges HG Limited 1.48 Lemon Tree Hotels Limited Hotels, esorts nd Other 1.44 ecreational ctivities Graphite ndia Limited 1.34 Yes Bank Limited 1.33 Prakash ndustries Limited 1.32 ilip Buildcon Limited 1.31 JM Financial Limited 1.01 Piramal nterprises Limited 0.96 HFC tandard Life nsurance Company Limited 0.86 Maruti uzuki ndia Limited 0.79 Larsen & Toubro Limited Project 0.79 terlite Technologies Limited Telecom - quipment & 0.78 ccessories almia Bharat Limited Cement 0.64 Bhansali ngineering Polymers Limited 0.63 Vinati Organics Limited 0.58 eliance ndustries Limited Petroleum Products 0.56 BL Bank Limited 0.55 ane Holdings Limited 0.51 par ndustries Limited ndustrial Capital Goods 0.50 jjivan Financial ervices Limited 0.48 shok Leyland Limited 0.48 Future etail Limited etailing 0.45 Gravita ndia Limited Minerals/Mining 0.44 hankara Building Products Limited 0.41 Timken ndia Limited 0.41 stral Poly Technik Limited 0.38 ixon Technologies (ndia) Limited 0.36 Blue tar Limited 0.36 ewan Housing Corporation Limited 0.34 ndotar Capital Limited 0.33 Orient efractories Limited 0.33 K ndustries Limited 0.29 K s Limited 0.29 Bandhan Bank Limited 0.27 Tamil adu ewsprint & Papers Limited Paper 0.21 Crompton Greaves Consumer lectricals Limited 0.21 pollo Micro ystems Limited ndustrial Capital Goods 0.20 Galaxy urfactants Limited ndustry/ % to et ating ssets BO & Cs intex-bpl Limited BW 8.00 ewan Housing Corporation Limited C 7.57 Housing evelopment 6.36 Corporation Limited Karuna Healthcare Private Limited V (O) 5.71 ndiabulls Housing Limited 5.51 ational Bank For griculture and 4.26 ural evelopment adhar Housing Limited C +(O) 2.53 Power Corporation Limited 2.13 TPC Limited MOY MKT TMT Commercial Paper## Wadhawan Global Capital Pvt Limited C delweiss Commodities ervices Limited 4.12 hapoorji Pallonji and Company Pvt Limited C eliance ndustries Limited 3.38 L&F Financial ervices Limited C VL Limited C GOVMT BO Government of ndia OV et eceivables/payables 7.17 CBLO / everse epo nvestments G TOTL ## Thinly traded/on traded securities and illiquid securities as defined in B egulations and Guidelines. ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating, Brickwork.

10 quity Fund Hybrid Fund ebt Fund BO X rbitrage Fund (n open ended scheme investing in arbitrage opportunities) ^For riskometer, refer Page 2. B T G F POTFOLO TL VTMT OBJCTV The seeks to generate income through arbitrage opportunities between cash and derivative segments of the equity market and arbitrage opportunities within the derivative segment and by deployment of surplus cash in debt securities and money market instruments. However, there is no assurance or guarantee that the investment objective of the scheme will be realized BCHMK FTY 50 rbitrage ndex T OF LLOTMT June 18, 2018 F MG jay Khandelwal: round 10 years of experience, including 7 years in mutual fund industry. VG M ` Crs. LTT M ` Crs. MMM PPLCTO MOT (LMPM) ` 5,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 VG MTTY & MOF TO (s on July 31, 2018) verage Maturity: 4.49 Months Modified uration: 0.29 Portfolio Yield: 7.16% V (s on July 31, 2018) egular Plan Monthly ividend Quarterly ividend nnual ividend V irect Plan Monthly ividend Quarterly ividend nnual ividend LO TCT (FO LL PL) ntry Load L xit Load For edemption/switch out - of up to 10% of the initial units allotted within 30 days from the date of allotment - "L" ny edemption/witch out - in excess of the above mentioned limit would be subject to an exit load of 0.50%, if the units are switched out within 30 days from the date of allotment of units f the units are redeemed/switched out after 30 days from the date of allotment of units - "L" For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. QTY HOLG (HG) B Bank Ltd B Bank Ltd - Future Capital First Limited Capital First Limited - Future Mindtree Ltd Mindtree Ltd - Future Tata Motors Ltd Tata Motors Ltd - Future Multi Commodity xchange of ndia Ltd Multi Commodity xchange of ndia Ltd - Future Punjab ational Bank Punjab ational Bank - Future dani nterprises Ltd dani nterprises Ltd - Future Tech Mahindra Ltd Tech Mahindra Ltd - Future dani Power Ltd dani Power Ltd - Future BML Ltd BML Ltd - Future Hero MotoCorp Ltd Hero MotoCorp Ltd - Future aymond Ltd aymond Ltd - Future Bajaj Ltd Bajaj Ltd - Future HCL Technologies Ltd HCL Technologies Ltd - Future shok Leyland Ltd shok Leyland Ltd - Future nfrastructure Ltd nfrastructure Ltd - Future Jet irways ndia Ltd Jet irways ndia Ltd - Future CC Bank Ltd CC Bank Ltd - Future B nfrastructure evelopers Ltd B nfrastructure evelopers Ltd - Future The Federal Bank Limited The Federal Bank Limited - Future nion Bank of ndia nion Bank of ndia - Future Other quity Holding (Hedged) Other tock Futures Holding (Hedged) quity Holdings (Hedged) quity Holdings ndustry/ ating % to et % to av ssets erivatives oftware (6.43) (5.98) (5.54) (5.53) (5.12) 4.48 Trading 4.08 oftware 3.37 Power 2.86 (4.50) (4.12) (3.38) (2.88) ndustrial Capital Goods 2.31 (2.32) 2.20 Textile Products oftware Transportation (2.20) (1.90) (1.87) (1.47) (1.31) (1.26) (1.11) (1.09) (1.08) (1.06) (1.02) ndustry/ ating % to et % to av ssets erivatives MOY MKT TMT Commercial Paper## B Cards & Payment ervices Pvt Limited FX POT (MG) BL Bank Limited et eceivables/(payables) after adjusting for futures CBLO / everse epo / Liquid Fund nvestments G TOTL (8.65) (69.80) (0.85) ## Thinly traded/on traded securities and illiquid securities as defined in B egulations and Guidelines. ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating, Brickwork. 10

11 Hybrid Fund ebt Fund CT QLTY BO X Credit isk Fund ** Formerly BO X Corporate Credit pectrum Fund (n open ended debt scheme predominantly investing in and below rated corporate bonds (excluding + rated corporate bonds)) **Fundamental ttributes and ame of the fund have been changed from BO X Corporate Credit pectrum Fund to BO X Credit isk Fund w.e.f. pril 11, ^For riskometer, refer Page 2. CT POFL C T K F 7.55% 1+ BBB- 1.63% 4.43% 19.57% 78.80% 15.14% 12.64% 9.19% 11.52% 11.94% nrated -(O) 11.97% (O) +(O) + POTFOLO TL The s investment objective is to generate capital appreciation over the long term by investing predominantly in corporate debt across the credit spectrum within the universe of investment grade rating. To achieve this objective, the will seek to make investments in rated, unrated instruments and structured obligations of public and private companies. BCHMK CL hort Term Bond Fund ndex T OF LLOTMT February 27, 2015 F MG lok ingh: (w.e.f. February 27, 2015) round 18 years of experience, including 10 years in mutual fund industry VG M ` 1, Crs. LTT M ` 1, Crs. MMM PPLCTO MOT (LMPM) ` 5,000 and in multiples of ` 5,000 TOL PCH MOT ` 5,000 and in multiples of ` 5,000 Commercial Paper Bonds & Cs Certificate of eposit + VTMT OBJCTV OTH PMT (s on July 31, 2018) verage Maturity: 2.27 Years Modified uration: 1.50 Portfolio Yield: 11.65% V (s on July 31, 2018) egular Plan: V irect Plan: LO TCT (FO LL PL) ntry Load L xit Load 4% if redeemed within 12 months from the date of allotment 3% if redeemed after 12 months but within 24 months from the date of allotment 2% if redeemed after 24 months but within 36 months from the date of allotment COMPOTO BY T 0.30% 0.36% 0.60% 1.63% 3.05% 3.84% 5.84% nterest ate ensitivity quity Fund il if redeemed after 36 months from the date of allotment For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. ndustry/ ating BO & Cs Listed / awaiting listing on the stock exchanges intex-bpl Limited BW ewan Housing Corporation Limited C Karuna Healthcare Private Limited V (O) adiant Life Care Private Limited V Coffee ay atural esources Private Limited BW -(O) ccelarating ducation and evelopment BW -(O) Private Limited orthern rc Capital Limited C + Logistics Private Limited T Kwality Limited BW BBBKV nterprise Private Limited T nzen Global olutions Pvt Limited BW nsource Consulting Private Limited BW (O) LC Housing Limited vendus Private Limited CL + Marck emedies Private Limited T vantha Holdings Limited T Classic tripes Private Limited BW -(O) adhar Housing Limited C +(O) FC Bank Limited C Bhavya Cements Limited BBBPiramal Capital & Housing Limited C (Formerly Piramal Pvt Ltd) manta Healthcare Limited T hriram Transport Company Limited CL + inram Holdings Private Limited T ndian ailway Corporation Limited MOY MKT TMT Certificate of eposit mall ndustries ev Bank of ndia FC Bank Limited Commercial Paper## VL Limited L&F Financial ervices Limited ndiabulls Commercial Credit Limited delweiss Commodities ervices Limited Piramal nterprises Limited B Cards & Payment ervices Pvt Limited et eceivables/payables CBLO / everse epo / Liquid Fund nvestments G TOTL % to et ssets C 1+ C C 1+ C 1+ C ## Thinly traded/on traded securities and illiquid securities as defined in B egulations and Guidelines. ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating, Brickwork

12 Hybrid Fund ebt Fund CT QLTY BO X hort Term ncome Fund** (n open ended short term debt scheme investing in instruments with Macaulay duration of the portfolio between 1 year and 3 years) **Fundamental ttributes of the fund have been changed w.e.f. pril 11, % 2.61% 3.26% 4.29% 8.06% uration 10.40% 12.35% 16.30% overeign +(O) + -(O) 1+ pto 3 months 2.68% 3 months to 6 months 19.18% 6 months to 1 year 19.51% > 1 year 58.63% POTFOLO TL VTMT OBJCTV The seeks to generate income and capital appreciation by investing in a diversified portfolio of debt and money market securities. However, there can be no assurance that the income can be generated, regular or otherwise, or the investment objectives of the will be realized. BCHMK T OF LLOTMT ecember 18, 2008 F MG Piyush Baranwal: (w.e.f. July 18, 2016) Over 10 years experience in Portfolio Management and trading in Fixed ncome securities. VG M ` Crs. LTT M ` Crs. MMM PPLCTO MOT (LMPM) ` 5,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 OTH PMT (s on July 31, 2018) V (s on July 31, 2018) irect Plan Monthly ividend Quarterly ividend LO TCT (FO LL PL) ntry Load L xit Load L For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. ndustry/ ating BO & Cs Listed / awaiting listing on the stock exchanges intex-bpl Limited ewan Housing Corporation Limited ural lectrification Corporation Limited Power Corporation Limited adhar Housing Limited Piramal Capital & Housing Limited (Formerly Piramal Pvt Ltd) Coffee ay atural esources Private Limited Piramal nterprises Limited ational Bank For griculture and ural evelopment Cholamandalam nvestment and Company Limited FC Bank Limited ndiabulls Housing Limited ndian ailway Corporation Limited V MOY MKT TMT Commercial Paper## ational Bank For griculture and ural evelopment GOVMT BO Government of ndia verage Maturity: 1.55 Years Modified uration: 1.22 Portfolio Yield: 8.95% egular Plan Monthly ividend Quarterly ividend % of ssets 41.41% CL hort Term Bond Fund ndex F COMPOTO BY T CT POFL H O T T O ^For riskometer, refer Page 2. nterest ate ensitivity quity Fund BW C C +(O) C BW -(O) C C C OV et eceivables/payables CBLO / everse epo nvestments/ Liquid Fund nvestments G TOTL % to et ssets ## Thinly traded/on traded securities and illiquid securities as defined in B egulations and Guidelines. ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating. 12

13 Hybrid Fund ebt Fund CT QLTY BO X ltra hort uration Fund** Formerly BO X Treasury dvantage Fund (n open ended ultra-short term debt scheme investing in instruments with Macaulay duration of the portfolio between 3 months and 6 months) **Fundamental ttributes and ame of the fund have been changed from BO X Treasury dvantage Fund to BO X ltra hort uration Fund w.e.f. pril 11, ^For riskometer, refer Page 2. CT POFL L T COMPOTO BY T 1.57% 1.62% 5.04% 7.10% nterest ate ensitivity quity Fund 1.62% 17.26% 60.03% 42.77% 24.63% 38.34% H O T T O 1+ + POTFOLO TL VTMT OBJCTV The seeks to deliver reasonable market related returns with lower risk and higher liquidity through portfolio of debt and money market instruments. The is not providing any assured or guaranteed returns. BCHMK CL Liquid Fund ndex T OF LLOTMT July 16, 2008 F MG Piyush Baranwal: (w.e.f July 18, 2016) Over 10 years experience in Portfolio Management and trading in Fixed ncome securities. VG M F ` Crs. LTT M ` Crs. ` 5,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 OTH PMT (s on July 31, 2018) verage Maturity: 4.64 Months Modified uration: 0.34 Portfolio Yield: 7.95% V (s on July 31, 2018) V 2, , , irect Plan Bonus aily ividend Weekly ividend LO TCT (FO LL PL) ntry Load L xit Load L For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no. 22. BO & Cs Listed / awaiting listing on the stock exchanges Power Corporation Limited ewan Housing Corporation Limited Housing evelopment Corporation Limited Cholamandalam nvestment and Company Limited Piramal nterprises Limited ndiabulls Housing Limited Piramal Capital & Housing Limited (Formerly Piramal Pvt Ltd) adhar Housing Limited ural lectrification Corporation Limited ational Bank For griculture and ural evelopment MOY MKT TMT Certificate of eposit FC Bank Limited Vijaya Bank mall ndustries ev Bank of ndia MMM PPLCTO MOT (LMPM) egular Plan Bonus aily ividend Weekly ividend Bonds & Cs Commercial Paper Certificate of eposit +(O) 2, , , , Commercial Paper## eliance ndustries Limited hapoorji Pallonji and Company Pvt Limited CL Limited Wadhawan Global Capital Pvt Limited terling and Wilson Pvt Limited delweiss Commodities ervices Limited.. Corporation Pvt Limited ndiabulls Commercial Credit Limited Forbes & Company Limited Piramal nterprises Limited ational Bank For griculture and ural evelopment et eceivables/payables CBLO / everse epo nvestments G TOTL ndustry/ ating % to et ssets C C C C C +(O) C 1+ C 1+ C C 1+ C C 1+(O) C 1+ C ## Thinly traded/on traded securities and illiquid securities as defined in B egulations and Guidelines. ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating. 13

14 quity Fund Hybrid Fund ebt Fund CT QLTY (n Open nded Liquid ) CT POFL L Q F 0.98% 1.62% COMPOTO BY T 0.13% 0.98% 8.85% 0.13% 90.04% 97.27% overeign 1+(O) 1+ POTFOLO TL VTMT OBJCTV The seeks to deliver reasonable market related returns with lower risk and higher liquidity through portfolio of debt and money market instruments. The is not providing any assured or guaranteed returns. There is no assurance that the investment objective of the scheme will be achieved. CL Liquid Fund ndex T OF LLOTMT July 16, 2008 F MG Piyush Baranwal: (w.e.f. July 18, 2016) Over 10 years experience in Portfolio Management and trading in Fixed ncome securities. VG M ` 1, Crs. LTT M ` 1, Crs. MMM PPLCTO MOT (LMPM) ` 5,000 and in multiples of ` 1 TOL PCH MOT ` 1,000 and in multiples of ` 1 OTH PMT (s on July 31, 2018) verage Maturity: 0.82 Months Modified uration: 0.06 Portfolio Yield: 7.86% V (s on July 31, 2018) egular Plan aily ividend Weekly ividend 2, , , V irect Plan aily ividend Weekly ividend LO TCT (FO LL PL) ntry Load xit Load Certificate of eposit Commercial Paper Government Bond BCHMK L L For ividend History please refer page no. 15. For Performance please refer page no. 16 to 21. For month end xpense atio please refer page no ^For riskometer, refer Page 2. nterest ate ensitivity BO X Liquid Fund 2, , , MOY MKT TMT Certificate of eposit BL Bank Limited Vijaya Bank FC Bank Limited ndustry/ ating % to et ssets C 1+ C 1+ C Commercial Paper## Tata Power Company Limited delweiss Commodities ervices Limited ational Bank For griculture and ural evelopment delweiss gri Value Chain Limited Piramal nterprises Limited hriram Transport Company Limited ndiabulls Commercial Credit Limited terling and Wilson Pvt Limited hapoorji Pallonji and Company Pvt Limited PTC ndia Financial ervices Limited ational Fertilizers Limited Power Corporation Limited L&F Financial ervices Limited Housing evelopment Corporation Limited PL pollo Tubes Limited Chennai Petroleum Corporation Limited ural lectrification Corporation Limited Gruh Limited.. Corporation Pvt Limited CL Limited Forbes & Company Limited VL Limited C C 1+ C 1+ C 1+ C 1+(O) C 1+ C 1+ Treasury Bill Government of ndia OV et eceivables/payables CBLO / everse epo nvestments G TOTL ## Thinly traded/on traded securities and illiquid securities as defined in B egulations and Guidelines. ll corporate ratings are assigned by rating agencies like CL, C, C, ndia ating. # isclaimer for mfs: The assigned rating mfs is valid only for BO X Liquid Fund. The rating of CL is not an opinion of the sset Management Company s willingness or ability to make timely payments to the investor. The rating is also not an opinion on the stability of the V of the Fund, which could vary with market developments. The rating indicates that the funds' portfolios will provide 'very strong' protection against losses from credit default. CL's assessment of a rated fund's credit quality is based on the creditworthiness of the fund's portfolio. CL reserves the right to suspend, withdraw or revise the ratings assigned to the scheme at any time on the basis of new information, or unavailability of information or other circumstances, which CL believes, may have an impact on the rating. For detail methodology, please visit CL's website Past performance is no guarantee of the future results. $isclaimer for C mfs: s with this rating are considered to have the highest degree of safety regarding timely receipt of payments from the investments that they have made. This rating should however, not be construed as an indication of the performance of the Mutual Fund scheme or of volatility in its returns. The rating should not be treated as a recommendation to buy, sell or hold units issued by the Mutual Fund.