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SchemeF E A T U R E S

1) What is Systematic Investment Plan?

(a) A Systematic Investment Plan (SIP) enables a prospectiveinvestor to invest a fixed sum of money regularly, in a mutualfund.

(b) An SIP allows oneself to buy units on a given date each month,so that one can plan their savings.

(c) One can give post-dated cheques and the investments will bemade regularly in the respective schemes.

2) What are the benefits of investing through SIP?

(a) An SIP actually reduces risk, by spreading the investmentsover a longer period of time, at various levels of the market

(b) An investment month after month would ensure that one is investedat the high and the low, and make the best out of an opportunitythat could be tough to predict in advance.

(c) Investing a fixed sum regularly, means averaging out the cost,as one gets fewer units when the price goes up and more whenthe price goes down,

(d) An SIP enables one to set aside money, month after month, andusually gives much better returns than a bank recurring deposit.

3) What are the other features?(a) Entry Load: Entry loads are generaly levied at attractive levels

as compared to one-time investment option.(b) Reasonable Amount: An SIP can be presently started with as

small an amount as a minimum of Rs.500/- a month under themonthly option and a minimum of Rs.1000/- under quarterlyoption.

(c) Convenience: SIP cheques are accepted at AMC offices /CAMS ISCs across the country. While one could start aninvestment at any time, the balance cheques may be uniformlydated for each month / quarter for the same amount, as perone’s convenience.As an example, Investment made through SIP under SaharaGrowth Fund is shown for your ready reference.

SIP Date of SIP Date of SIP Total Amount invested Total Value as on1st investment last investment Amount through SIP 31/03/2006

03.04.2003 01.03.2006 Rs.500/- Rs.18000/- Rs. 39028.12

Example of Sahara Growth Fund - Growth OptionExample of Sahara Growth Fund - Growth OptionExample of Sahara Growth Fund - Growth OptionExample of Sahara Growth Fund - Growth OptionExample of Sahara Growth Fund - Growth Option

SIP Date Amount NAV (Rs) Units Totalinvested Accrued Value (Rs)

3-Apr-03 500.00 10.11 49.456 500.002-May-03 500.00 9.73 100.843 981.212-Jun-03 500.00 10.68 147.660 1577.011-Jul-03 500.00 11.74 190.249 2233.53

1-Aug-03 500.00 12.73 229.527 2921.871-Sep-03 500.00 14.46 264.105 3818.961-Oct-03 500.00 15.66 296.033 4635.883-Nov-03 500.00 17.59 324.459 5707.231-Dec-03 500.00 18.88 350.942 6625.781-Jan-04 500.00 21.49 374.208 8041.733-Feb-04 500.00 19.26 400.169 7707.251-Mar-04 500.00 20.78 424.230 8815.512-Apr-04 500.00 20.24 448.934 9086.42

3-May-04 500.00 20.25 473.625 9590.911-Jun-04 500.00 17.90 501.558 8977.891-Jul-04 500.00 17.99 529.351 9523.03

2-Aug-04 500.00 19.19 555.407 10658.251-Sep-04 500.00 19.87 580.570 11535.93

1-Oct-04 500.00 21.33 604.011 12883.561-Nov-04 500.00 21.70 627.053 13607.051-Dec-04 500.00 23.41 648.411 15179.313-Jan-05 500.00 25.77 668.260 17221.071-Feb-05 500.00 24.86 688.373 17112.951-Mar-05 500.00 25.87 707.700 18308.211-Apr-05 500.00 25.19 727.550 18326.97

2-May-05 500.00 23.88 748.488 17873.881-Jun-05 500.00 25.36 768.204 19481.651-Jul-05 500.00 25.57 787.758 20142.97

1-Aug-05 500.00 27.39 806.013 22076.691-Sep-05 500.00 30.56 822.374 25131.753-Oct-05 500.00 32.7846 837.625 27461.202-Nov-05 500.00 30.3849 854.081 25951.151-Dec-05 500.00 33.3947 869.053 29021.762-Jan-06 500.00 35.6314 883.086 31465.581-Feb-06 500.00 37.2162 896.521 33365.091-Mar-06 500.00 39.4817 909.185 35896.16

31/03/2006 42.9265

SIP Date Amount NAV (Rs) Units Totalinvested Accrued Value (Rs)

Average cost per unit (Rs) i.e. (Sum Total of Investment/ Sum Total of Units Alloted) Rs.19.80

Realisable value per unit (Rs) as on 31/03/2006 Rs.42.9265Please refer scheme provisions before investing.

SYSTEMATICINVESTMENT PLAN

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Tax Gain Fund - Minimum Application amount: Rs. 500/- and additional investments inmultiple of Rs. 500/-. Load Structure (w.e.f. 01/02/2006) Entry Load: 2.25% Exit Load: NilEntry Load: Nil - for SIP/STP investments into Sahara Tax Gain FundExit Load: Normal entry load would be charged as exit load if redeemed before 12 monthsfor such SIP/STP investments.

Scheme Objective

The objective of the scheme is to provide immediate tax relief and long

term growth of capital to investors.

Unit holders can avail of deduction under Section 80C of the Income Tax

Act 1961 for investment upto Rs.1 lakh p.a.

Scheme Type

An open - ended Equity Linked Saving Scheme (ELSS)

Investor Profile:

Ideal for investors seeking high returns at relatively medium risk across

long term horizon by investing in equity and equity related instruments.

Investment Option:

Investors under the Sahara Tax Gain Fund have the choice of

a) Growth

b) Dividend Payout Option & Dividend Reinvestment Option.

Inception Date:

April 1, 1997

NAV as on May 31st, 2006

Dividend - Rs. 15.9868

Growth - Rs. 18.2977

Bonus Declared (Record Date - Aug 29, 2005)

Growth Plan - 7:1

Dividend Plan - 3:1

Benchmark Index:

BSE 200

TAXGAIN FUND

P o r t f o l i o a s o n 31. 0 5. 2 0 0 6

Performance (%)

*Benchmark Index: BSE 200** Adjusted for bonusNote: Annualised Returns for 1 year and CAGR for more than 1 year period

Scheme/ NAV/ Index 1 Yr 3 Yrs 5 Yrs I n c e pIndex Name Va lueTAXGAIN** 18.2977 61.18% 58.22% 31.57% 34.01%Benchmark* 1289.86 45.05% 46.89% 27.33% 15.92%

Dividend DeclaredDividend declared on the face value of Rs. 10/-

Past performance may or may not be sustained in future

Dividend during the year 2005 & 2006Record Date R a t e % of Div Cum Div

NAV(Rs)19.01.2005 Rupees 10 per unit 100.00% 70.6123.03.2005 Rupees 20 per unit 200.00% 66.7524.03.2006 Rupees 2.50 paise per unit 25.00% 19.4041

Sector Security Name % of Grand % of SectorTotal Total

EQUITY SHARESIndustrial Manufacturing Bharat Heavy Electricals Ltd 4.02 22.46

Bharat Electronics Ltd 3.86Crompton Greaves Ltd 3.34Larsen and Toubro Ltd 3.27SKF India Ltd. 2.50EMCO Limited 2.17Atlas Copco (India) Ltd 1.94Engineers India Ltd. 1.36

Consumer Goods ITC Ltd 2.72 13.32Andhra Sugars Ltd 2.66Rajshree Sugars & Chemicals Ltd 2.25KCP Sugar and Industries Corporation Ltd. 2.18Balrampur Chini Mills Ltd 2.06Trent Ltd 1.45

IT Infosys Technologies Ltd 4.79 11.92Satyam Computer Services Ltd 3.57Tata Consultancy Services Ltd 3.56

Cement & Cement Products Shri Digvijay Cement Co. Ltd * 6.75 11.17Century Textiles & Industries Ltd 3.78Visaka Industries Ltd 0.63

Textiles Gangotri Textiles Ltd 5.30 7.34Indo Count Industries Ltd 2.04

Metals Hindalco Industries Ltd 2.81 5.28Maharashtra Seamless Ltd 2.48

Financial Services Bajaj Auto Finance Ltd 2.45 4.45Prime Securities Ltd 2.00

Automobile Mahindra & Mahindra Ltd 2.44 4.37Bosch Chassis System India Ltd. 1.93

Fertilisers & Pesticides Chambal Fertilisers & Chemicals Ltd 2.62 2.62Paper Ballarpur Industries Ltd. 2.58 2.58Energy Torrent Power AEC Ltd 2.16 2.16Pharma Glenmark Pharmaceuticals Ltd. 2.06 2.06Construction Patel Engineering Ltd 0.20 0.20Equity TEquity TEquity TEquity TEquity Totalotalotalotalotal 89.9389.9389.9389.9389.93 89.9389.9389.9389.9389.93Current Assets 10.07 10.07Grand TGrand TGrand TGrand TGrand Totalotalotalotalotal 100.00100.00100.00100.00100.00 100.00100.00100.00100.00100.00

Sector-wise Asset DistributionAsset Allocation

22.46%

11.92%

13.32%

11.17%

7.34%

5.28%

4.45%

4.37%

2.62%

2.58%

2.06%

10.07%

2.16%

0.20%

Industrial Manufacturing

IT

Consumer Goods

Cement & Cement Products

Textiles

Metals

Financial Services

Automobile

Fertilisers & Pesticides

Paper

Energy

Pharma

Construction

Current Assets

* - Includes Rights entitlement

Sahara


Minimum Application amount : Rs. 3000/- and additional investments in multiple of Rs. 1000/-Load Structure Entry Load : 2.25% : for investments < Rs. 1cr ;(w.e.f. 01/02/2006) NIL : for investment >= Rs. 1 cr

Exit Load : Nil

Entry Load : Nil- for SIP/STP investments into Sahara Growth FundExit Load : Normal entry load would be charged as exit load if redeemed before 12 months for

such SIP/STP investments.

GROWTH FUND

P o r t f o l i o a s o n 31. 0 5. 2 0 0 6Scheme Objective

The investment objective of the scheme is to achieve capital appreciation

by investing in equity and equity related instruments.

Scheme Type

An open - ended growth fund

Investor Profile:


long term horizon.

Investment Option:

Investors under the Sahara Growth Fund have the choice of

a) Growth

b) Dividend Payout Option & Dividend Reinvestment Option.

Inception Date:

August 30, 2002


Dividend - Rs. 20.0612

Growth - Rs. 39.6770

Benchmark Index:

S & P CNX Nifty




Dividend since September 2003Record Date R a t e % of Div Cum Div

NAV (Rs)

25.09.2003 Rupees 3 per unit 30.00% 14.95

28.01.2005 Rupees 3 per unit 30.00% 19.57

13.03.2006 Rupees 7.5 paise per unit 75.00% 28.22

Performance (%)

Scheme/ NAV/ Index 1 Yr 3 Yrs I n c e pIndex Name Va lue

Growth Fund 39.6770 55.79% 54.02% 44.42%

Benchmark 3071.05 47.11% 45.03% 34.50%

Benchmark Index: S & P CNX Nifty

Note: Annualised Returns for 1 year and CAGR for more than 1 year period


EQUITY SHARES

Industrial Manufacturing Bharat Heavy Electricals Ltd 3.03 15.34Bharat Electronics Ltd 2.79Asea Brown Boveri Ltd 2.47Crompton Greaves Ltd 2.37Larsen and Toubro Ltd 1.72Siemens Ltd 1.56Punj Lloyd Ltd 1.41

Consumer Goods Bajaj Hindustan Ltd 2.72 10.42ITC Ltd 2.63Tata Tea Ltd 1.82KCP Sugar and Industries Corp. Ltd. 1.76Hindustan Lever Ltd 1.49

IT Infosys Technologies Ltd 5.56 9.13Tata Consultancy Services Ltd 2.84Satyam Computer Services Ltd. 0.73

Automobile Bajaj Auto Ltd 4.36 9.11Mahindra & Mahindra Ltd 3.89Maruti Udyog Ltd. 0.86

Cement & Cement Products Shri Digvijay Cement Co. Ltd * 4.84 7.40Century Textiles & Industries Ltd 2.56

Energy Oil & Natural Gas Corp Ltd 3.55 5.94National Thermal Power Corp Ltd 2.38

Telecom Mahanagar Telephone Nigam Ltd 3.09 5.08Reliance Communication Ventures Ltd 1.99

Metals Sterlite Industries Ltd 2.97 5.04Maharashtra Seamless Ltd 2.08

Pharma Glaxo Smithkline Pharmaceuticals Ltd. 3.00 3.00Financial Services HDFC LTD 2.86 2.86Textiles Raymond Ltd 2.49 2.49Services GE Shipping Ltd 2.01 2.01Construction Patel Engineering Ltd. 0.17 0.17Equity TEquity TEquity TEquity TEquity Totalotalotalotalotal 77.9977.9977.9977.9977.99 77.9977.9977.9977.9977.99Current Assets 22.01 22.01Grand TGrand TGrand TGrand TGrand Totalotalotalotalotal 100.00100.00100.00100.00100.00 100.00100.00100.00100.00100.00* - Includes Rights entitlement

15.34%

10.42%

9.13%

9.11%

7.40%

5.94%

5.08%

5.04%

3.00%

2.86%

2.49%

2.01%

0.17%

22.01%


Consumer Goods

IT

Automobile


Energy

Telecom

Metals

Pharma

Financial Services

Textiles

Services

Construction

Current Assets

Sahara


Minimum Application amount : Rs. 1000/- and in multiples of Re. 1/- thereafter.Load Structure (w.e.f. 01/02/2006) Entry Load : 2.25% for investments < Rs. 1cr ; NIL : for investments >= Rs. 1crExit Load : Nil

Entry Load : Nil - for SIP/STP investments into Sahara MidCap FundExit Load : Normal entry load would be charged as exit load if redeemed before 12 months for such SIP/STPinvestments.

Scheme Objective

The investment objective of the scheme is to achieve long term capital growth

at medium level of risks by investing primarily in mid-cap stocks. The investment

manager will have the discretion to invest upto 100% of the assets in the

portfolio in equity/equity related instruments at a given point of time.

Scheme Type

An open - ended growth fund

Investor Profile:


long term horizon.

Investment Option:

Investors under the Sahara Midcap Fund have the choice of Growth Plan,

Dividend Plan, Growth Auto-payout Plan and Bonus Plan.

Benchmark Index (w.e.f. 1/08/2005): Inception Date:

S&P CNX 500 December 31, 2004


Dividend - Rs. 14.9022 Growth - Rs. 16.6935

Auto Payout - Rs. 16.6935 Bonus - Rs. 16.6935

MIDCAP FUND

P o r t f o l i o a s o n 31. 0 5. 2 0 0 6


Performance (%)

Scheme/ NAV/Index Value 1 Yr * I n c e pIndex Name

Midcap Fund 16.6935 53.82% 43.55%

Benchmark 2635.25 43.62% 30.62%

Benchmark Index: S&P CNX 500 *Annualised Returns

Dividend HistoryRecord R a t e % of Div Cum DivD a t e NAV(Rs)20.09.2005 Rs. 1.50 paise per unit 15.00% 14.2829




EQUITY SHARES

Consumer Goods EID Parry (India) Ltd. 4.88 23.79

Balrampur Chini Mills Ltd 3.39

Tata Tea Ltd 3.34

Titan Industries Ltd 3.00

Rajshree Sugars & Chemicals Ltd 2.46

Sakthi Sugar Ltd 2.09

Dhampur Sugar Mills Ltd 2.05

Voltas Ltd 1.43

KCP Sugar and Industries Corporation Ltd. 1.16

Industrial Manufacturing Crompton Greaves Ltd 5.10 21.35

SKF India Ltd. 3.28

Manugraph India Ltd 2.76

FCI OEN Connectors Ltd. 2.48

Jyoti Structures Ltd 2.08

KSB Pumps Ltd. 1.85

EMCO Limited 1.67

Indo Asian Fusegear Ltd 1.19

Atlas Copco (India) Ltd 0.95

Cement & Cement Products Shri Digvijay Cement Co. Ltd * 7.03 13.69

Century Textiles & Industries Ltd 4.62

Visaka Industries Ltd 2.03

Textiles Gangotri Textiles Ltd 4.41 8.85

Raymond Ltd 3.36

Aditya Birla Nuvo 1.08

IT Tata Infotech Ltd ( now TCS Ltd) 3.76 6.27

Geodesic Information Systems Ltd 2.50

Metals Maharashtra Seamless Ltd 3.46 5.39

Jindal Saw Ltd 1.94

Financial Services Tata Investment Corporation Ltd. 3.94 3.94

Fertilisers & Pesticides Gujarat Narmada Valley Fert Co. Ltd 2.04 3.57

Gujarat State Fertilisers Corp Ltd 1.53

Energy Torrent Power AEC Ltd 2.28 3.36

Indraprastha Gas Ltd 1.09

Chemicals Gujarat Alkalies and Chemicals Ltd 1.80 3.29

Atul Ltd. 1.49

Pharma Matrix Laboratories Ltd 1.28 1.28

Paper Ballarpur industries Ltd 1.01 1.01

Construction Patel Engineering Ltd 0.21 0.21

Equity TEquity TEquity TEquity TEquity Totalotalotalotalotal 96.0096.0096.0096.0096.00 96.0096.0096.0096.0096.00

Current Assets 4.00 4.00

Grand TGrand TGrand TGrand TGrand Totalotalotalotalotal 100.00100.00100.00100.00100.00 100.00100.00100.00100.00100.00

* - Includes Rights entitlement

23.79%

21.35%

13.69%

8.85%

6.27%

5.39%

3.94%

3.57%

3.36%

1.28%

3.29%

1.01%

0.21%

4.00%

Consumer Goods



Textiles

IT

Metals

Financial Services

Fertilisers & Pesticides

Energy

Chemicals

Pharma

Paper

Construction

Current Assets

Sahara


WEALTH PLUS FUND

Scheme Objective

The Primary objective of the fund would be to invest in equity and equity

related instruments of companies that would be wealth builders in the long

term.

Scheme Type

An open - ended growth scheme

Investor Profile:

Ideal for investors seeking consistent and growing returns over a long

period of time.

Investment Option:

Investors have the choice of optionA) Fixed Pricing Option

1) Dividend Option including Dividend Reinvestment2) Growth Option

B) Variable Pricing Option1) Dividend Option including Dividend Reinvestment

2) Growth Option

Benchmark Index:

S&P CNX 500

Inception Date: 1st September 2005


Fixed Pricing Option (Dividend Option) - Rs. 12.3418

Fixed Pricing Option (Growth Option) - Rs. 12.3418

Variable Pricing Option (Dividend Option) - Rs. 12.3964

Variable Pricing Option (Growth Option) - Rs. 12.3964

P o r t f o l i o a s o n 31. 0 5. 2 0 0 6

Sector-wise Asset DistributionAsset Allocation Performance (%) - Absolute Returns

Scheme/ NAV/ Index S i n c eIndex Name Incept ion

Wealth Plus Fund-VariablePricing Option 12.3964 23.96%

Wealth Plus Fund- FixedPricing Option 12.3418 23.42%

Benchmark 2635.25 22.94%

Benchmark Index: S&P CNX 500

Inception: 01/09/2005

Minimum application amount :Rs. 1000/- and additional investments of Rs. 500 and in multiples of Re. 1/- thereafter.Load Structure (w.e.f. 01/02/2006) Entry Load : 2.25% for investments < Rs. 1cr ; NIL: for investment >= Rs. 1 crExit Load : Nil

Entry Load : For SIP/STP investments into Sahara Wealth Plus Fund - Nil.Exit Load : Normal entry load would be charged as exit load if redeemed before 12 months for such SIP/STP investments.



EQUITY SHARES

Industrial Manufacturing Bharat Heavy Electricals Ltd 4.53 25.65

Bharat Electronics Ltd 4.34

Larsen and Toubro Ltd 4.32

Siemens Ltd 3.90

Crompton Greaves Ltd 3.40

Asea Brown Boveri Ltd 2.76

EMCO Ltd 2.40

Consumer Goods ITC Ltd 4.59 9.96

Balrampur Chini Mills Ltd 3.74

Andhra Sugar Ltd 1.64

IT Infosys Technologies Ltd 4.61 8.50

Tata Consultancy Services Ltd 3.89

Metals Sterlite Industries Ltd 4.26 8.22

Hindalco Industries Ltd 3.95

Automobile Mahindra & Mahindra Ltd 3.87 7.68

Bajaj Auto Ltd 3.80

Energy Oil & Natural Gas Corp Ltd 3.10 6.88

Reliance Industries Ltd. 3.78

Financial Services HDFC Ltd 2.67 4.63

Tata Investment Corporation Ltd. 1.96

Chemicals Hikal Ltd 3.21 3.21

Pharma Glaxo Smithkline Pharmaceuticals Ltd 3.13 3.13

Textiles Raymond Ltd 1.86 1.86

Equity TEquity TEquity TEquity TEquity Totalotalotalotalotal 79.7279.7279.7279.7279.72 79.7279.7279.7279.7279.72

DEBT INSTRUMENTSDEBT INSTRUMENTSDEBT INSTRUMENTSDEBT INSTRUMENTSDEBT INSTRUMENTS

Floating Rate NCDs Sterlite Industries Ltd 3.96 3.96

Money Market InstrumentMoney Market InstrumentMoney Market InstrumentMoney Market InstrumentMoney Market Instrument

Certificate of Deposit State Bank of Travancore 7.14 7.14

Current AssetsCurrent AssetsCurrent AssetsCurrent AssetsCurrent Assets 9.189.189.189.189.18 9.189.189.189.189.18

Grand Total 100.00 100.00

Portfolio ROE24.34%

25.65%

9.96%

8.50%

8.22%

7.68%

6.88%

4.63%

3.21%

3.13%

1.86%

3.96%

7.14%

9.18%


Consumer Goods

It

Metals

Automobile

Energy

Financial Services

Chemicals

Pharma

Textiles

Floating Rate NCDs

Certificate of Deposit

Current Assets

Sahara


INFRASTRUCTURE FUND


Scheme ObjectiveThe investment objective is to provide income distribution and / or mediumto long term capital gains by investing predominantly in equity/ equityrelated instruments of companies in the infrastructure sector.

Scheme TypeAn open-ended growth scheme.

Investor Profile:Ideal for investors seeking consistent and growing returns over a longperiod of time.

Investment Option:Investors have the choice of optionA) Fixed Pricing Option

1) Dividend Option including Dividend Reinvestment2) Growth Option

B) Variable Pricing Option1) Dividend Option including Dividend Reinvestment2) Growth Option

Inception Date:April 3, 2006

NAV as on May 31st, 2006Fixed Pricing Option - Dividend Option Rs 9.1537Fixed Pricing Option - Growth Option Rs 9.1537Variable Pricing Option - Dividend Option Rs. 9.1617Variable Pricing Option - Growth Option Rs. 9.1617

Benchmark Index:S & P CNX Nifty

Minimum application amount Rs. 1000/- under Growth Option and Rs 5000/- under Dividend Option and additionalinvestments in multiples of Re. 1/- thereafter. Load Structure (w.e.f. 07.04.2006)Entry load: 2.25% for investments < Rs.1 cr; Nil; for investments >= Rs. 1 crExit Load: Nil

Entry Load: For SIP/STP investments into Sahara Infrastructure Fund - Nil.Exit Load: Normal entry load would be charged as exit load if redeemed within 365 days for such SIP/STP investments.

Performance (%) - Absolute Returns

Scheme/ NAV/ Index S i n c eIndex Name Incept ion

Infrastructure Fund-VariablePricing Option 9.1617 -8.38%

Infrastructure Fund - FixedPricing Option 9.1537 -8.46%

Benchmark 3071.05 -11.83%

Benchmark Index: S & P CNX Nifty Inception: 03/04/2006

P o r t f o l i o a s o n 31. 0 5. 2 0 0 6Sector Security Name % of Grand % of Sector

Total Total

EQUITY SHARESIndustrial Manufacturing Bharat Heavy Electricals Ltd 4.12 33.96

Siemens Ltd 3.80Larsen and Toubro Ltd 3.65Bharat Electronics Ltd 3.38Crompton Greaves Ltd 2.82Alfa Laval India Ltd 2.61Asea Brown Boveri Ltd 2.58Jyoti Structures Ltd 2.54Punj Lloyd Ltd 2.46Emco Ltd 2.31KSB Pumps Ltd. 1.61Indo Asian Fusegear Ltd 1.37Walchandnagar Industries Ltd 0.71

Energy National Thermal Power Corp Ltd 5.03 12.82Torrent Power AEC Ltd 1.86Oil & Natural Gas Corp Ltd 1.72Indian Oil Corporation Ltd 1.60Gas Authority Of India Ltd 1.44Indraprastha Gas Ltd 1.16

Metals Maharashtra Seamless Ltd 2.40 8.97Sterlite Industries Ltd 1.99Jindal Saw Limited 1.94Gujarat Mineral Development Corpn Ltd 1.62Monnet Ispat Ltd 1.02

Telecom Videsh Sanchar Nigam Ltd 2.94 6.59Tata Teleservices Ltd 1.83Reliance Communication Ventures Ltd 1.82

Financial Services HDFC Ltd 2.78 4.10UTI Bank Ltd 1.32

Services GE Shipping Ltd 2.20 3.90ABG Shipyard Ltd 1.71

Cement & Cement Products Jai Prakash Associates Ltd. 3.23 3.23IT Infosys Technologies Ltd 2.70 2.70Construction Hindustan Construction Company Ltd 1.61 2.60

Gammon India Ltd. 0.79Patel Engineering Ltd 0.21

Consumer Goods Voltas Ltd 2.46 2.46Automobile Mahindra & Mahindra Ltd 1.89 1.89Equity TEquity TEquity TEquity TEquity Totalotalotalotalotal 83.2283.2283.2283.2283.22 83.2283.2283.2283.2283.22Money Market InstrumentMoney Market InstrumentMoney Market InstrumentMoney Market InstrumentMoney Market InstrumentCertificate of Deposit State Bank of Travancore 5.51 5.51Current AssetsCurrent AssetsCurrent AssetsCurrent AssetsCurrent Assets 11.2711.2711.2711.2711.27 11.2711.2711.2711.2711.27Grand TGrand TGrand TGrand TGrand Totalotalotalotalotal 100.00100.00100.00100.00100.00 100.00100.00100.00100.00100.00


33.96%

12.82%

8.97%

6.59%

4.10%

3.90%

3.23%

2.70%

2.60%

2.46%

1.89%

5.51%

11.27%

INDUSTRIAL MANUFACTURING

ENERGY

METALS

TELECOM

FINANCIAL SERVICES

SERVICES

CEMENT & CEMENT PRODUCTS

IT

CONSTRUCTION

CONSUMER GOODS

AUTOMOBILE


Current Assets

Sahara


Gilt Fund Minimum Application Amount : Rs. 5000/- And Additional Investments In Multiples of Rs. 1000/-Load Structure (w.e.f. 01/02/2006) Entry Load : NilExit Load : < Rs. 5cr : 1% if redeemed before 1year; => Rs 5cr: NILShort Term Plan Minimum Application amount : Rs. 5000/- in multiples of Rs. 1000/- thereafter.Entry Load : NilExit Load : Nil

SHORT TERM PLAN

Scheme ObjectiveTo generate risk free return and thus provide medium to long term capitalgains with income distribution along with capital gains to its unit holders, atall times emphasizing the importance of capital preservation.

Scheme TypeAn open - ended Gilt fund

Investor Profile:Ideal for investors with low-moderate risk appetite, PF trusts, FinancialInstitutions/Banks & Corporates.

Investment Option:Investors under the Sahara Gilt Fund have the choice ofa) Growthb) Dividend Payout and Dividend Reinvestment Option.

Inception Date:February 21, 2002

NAV as on May 31st, 2006Dividend - Rs. 10.8979Growth - Rs. 11.9171

Benchmark Index:I Sec Composite Index

P o r t f o l i o a s o n 31. 0 5. 2 0 0 6

AVERAGE MATURITY TENOR : 0.0027 years

Performance (%)Scheme/ NAV/ Index 1 Yr 3 Yrs I n c e pIndex Name Va lueGrowth Opt 11.9171 4.46% 2.6773% 4.2651%

Benchmark 3594.9683 4.79% 4.061% NA

Benchmark Index: I Sec Composite Index* Base date of index being 31/03/2002Note: Annualised Returns for 1 year and CAGR for more than 1 year period

Portfolio Rating % of Portfolio

Net Current Assets/Reverse Repo 100.00% 100.00%

TOTAL 100.00%

P o r t f o l i o a s o n 31. 0 5. 2 0 0 6

AVERAGE MATURITY TENOR : 10 days

Scheme ObjectiveThe Primary Objective of Sahara Income Fund is to generate regular incomeand secondary objective is growth of capital through investment in debtinstruments, money market and related instruments, whilst at all timesemphasizing the importance of capital preservation.

(The overall objective of Sahara Short Term Plan would be in consonancewith the investment objective of Sahara Income Fund; however the specificobjective is to generate returns that would endeavour to generate returnsin line with Mibor linked short term papers with daily call/put option.)

Scheme TypeAn open - ended Short Term Plan

Investor Profile:Ideal for investors who have a short-term investment horizon and wish toavoid high volatility but expect superior returns than the Liquid Funds.

Investment Option:Investors under the Sahara STP have the choice ofa) Growth Optionb) Dividend Payout Option and Dividend Reinvestment Option.

Inception Date:September 11, 2002


Benchmark Index:Crisil Liquid Fund index

Asset Allocation

Performance (%)Scheme/ NAV/Index 6 Mths 1 Yr IncepIndex Name Value

Growth Plan 12.3314 4.9221% 5.3687% 5.7637%

Benchmark 1223.5456 5.9463% 5.3046% 4.9573%Benchmark Index: Crisil Liquid Fund indexNote: Annualised returns


Certificate of Deposit 10.00

State Bank of Travancore P1+ 10.00%

Net Current Assets/Reverse Repo 90.00% 90.00

TOTAL 100.00%


90.0%

10.0%

GILT FUNDSahara Sahara


P o r t f o l i o a s o n 31. 0 5. 2 0 0 6

AVERAGE MATURITY TENOR : 76 days

Scheme ObjectiveTo create a highly liquid portfolio of good quality debt as well as moneymarket instruments with a view to provide high liquidity and reasonablereturns to the Unit holders.

Scheme Type Inception Date:An open - ended liquid scheme February 19, 2002

Investor Profile:Ideal for investors who wish to park their short term surpluses at relativelylow risk. Corporate and High Net Worth investors and individual investorswho have temporary surpluses can benefit from this scheme.

Investment Options:

NAV as on May 31st, 2006Fixed Pricing - Daily Dividend Option - Rs. 1024.3354 Fixed Pricing - Growth Option - Rs. 1269.5376 Fixed Pricing - Weekly Dividend Option - Rs. 1024.6207 Fixed Pricing - Monthly Dividend Option - Rs. 1023.8567 Variable Pricing - Daily Dividend Option - Rs. 1024.3461 Variable Pricing - Weekly Dividend Option - Rs. 1025.2823Variable Pricing - Monthly Dividend Option - Rs. 1025.4577 Variable Pricing - Growth Option - Rs. 1271.2305 The Face Value of the units have been changed from Rs. 10/- per unit to Rs. 1000/- per unit by consolidation

of units w.e.f. 27th October,2005.

Also, the Variable Pricing Option has been introduced under the scheme w.e.f. 27th October, 2005.

Rating indicates that the fund portfolio holdings provide very strong protection against losses from credit defaults.

Disclaimer clause: The rating of CRISIL is not an opinion of the Asset Management Company's willingness or ability

to make timely payments to the Investors. The rating is also not an opinion on the stability of the NAV of the fund,

which could vary with market developments.

Rating Profile

Daily Dividend declaration w.e.f. February 26th, 2004Past performance may or may not be sustained in future

Performance (%)Scheme/ NAV/Index 7 days 14 days 1 Mth 6 Mths 1 Yr IncepIndex Name Value

Variable PricingGrowth Option 1271.2305 5.6255% 5.6522% 5.7563% 5.9532% N.A 5.9351%

Fixed PricingGrowth Option 1269.5376 5.4272% 5.4535% 5.5583% 5.7103% 5.6471% 5.71354%

Benchmark 1223.5456 4.9543% 5.1062% 5.5879% 5.9463% 5.3046% N.A**

**Base date of index being 31/03/2002Returns - AnnualisedValuation of securities is being done by CRISIL

Benchmark Index: Crisil Liquid Fund Index

Minimum Application amount : Rs. 10000/- and additional investments in multiples ofRs. 5000/-

Entry Load : NilExit Load : Nil

LIQUID FUND

Asset Allocation

Fixed Pricing Option Variable Pricing Option(a) (i) Dividend Re-investment Option- (a) (i) Dividend Re-investment Option-

Daily Dividend / Weekly Dividend / Daily Dividend / Weekly Dividend /Monthly Dividend Monthly Dividend(ii) Payout – Monthly Dividend (ii) Payout – Monthly Dividend

(b) Growth Option (b) Growth Option

CRISILRatingAAAf

Value Research Debt- Ultra Short TermRATINGS * * * *


COMMERCIAL PAPER/CDs 52.61%

UCO Bank Ltd P1+ 16.18%

UTI Bank Ltd P1+ 16.17%

IDBI Ltd P1+ 8.21%

ABN Amro Bank A1+ 7.93%


FLOATING RATE NCDs 30.42%

Power Finance Corporation Ltd AAA 8.55%

Sterlite Industries Ltd P1+ 5.13%

Citi Financial Consumer Finance India Ltd AAA 4.27%

Kotak Mahindra Primus Ltd P1+ 4.27%

Berger Paints Ltd P1+ 4.27%

HUDCO Ltd PR1+ 3.93%

BONDS/ NCDs/PTC 8.59%

ICICI Bank Ltd PTC AAA(SO) 4.37%

UTI Bank Ltd PTC AAA(SO) 4.22%

SHORT TERM DEPOSITS 4.27%

Lakshmi Vilas Bank Ltd FD 4.27%


TOTAL 100.00%

95.73%

4.27%

Sahara


INCOME FUND

Minimum Application amount : Rs. 3000/- in multiples of Rs. 1000/- thereafter.Load Structure (w.e.f. 01/02/2006) Entry Load : NilExit Load : < = Rs. 10 lakhs : 0.50% if redeemed within 6 months; > Rs. 10 lacs: Nil



P o r t f o l i o a s o n 31. 0 5. 2 0 0 6 Scheme ObjectivePrimary objective of the scheme is to generate regular income and thesecondary objective is growth of capital through investments in debtinstruments, money market and related securities, while at all timesemphasizing the importance of capital preservation.

Scheme TypeAn open - ended Income fund

Investor Profile:Ideal for investors seeking reasonable returns at relatively low risk across amedium to long term investment horizon.

Investment Option:Investors under the Sahara Income Fund have the choice of Growth,Dividend and Dividend Reinvestment options.

Inception Date:February 21, 2002


Benchmark Index:Crisil Composite Bond Fund Index

Asset Allocation

Rating Profile

Performance (%)Scheme/ NAV/Index 1 Yr 3 Yrs IncepIndex Name Va lue

Growth Plan 12.3180 4.0003% 3.8114% 5.0759%

Benchmark 1263.3238 3.7737% 3.2978% N.A*

Benchmark Index: Crisil Composite Bond Fund Index

* Base date of index being 31/03/2002

Note: Annualised Returns for 1 year and CAGR for more than 1 year period

Dividend History:Record Date R a t e % of Div Cum Div NAV(Rs)

07.11.2002 20 paise per unit 2.00% 10.4409

06.02.2003 25 paise per unit 2.50% 10.5300

12.05.2003 18 paise per unit 1.80% 10.4246

12.08.2003 22 paise per unit 2.20% 12.5339

15.10.2003 17.5 paise per unit 1.80% 10.6654


COMMERCIAL PAPER/CDs 72.86%


ABN Amro Bank A1+ 8.54%

FLOATING RATE NCDs 20.10%

HUDCO Ltd PR1+ 20.10%


TOTAL 100.00%

AVERAGE MATURITY TENOR : 0.28 years

72.86%

20.10%

7.04%

92.96%

7.04%

Sahara

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