market round-up : fixed income - pgimindiamf.com

www.pramericamf.com 3

Market Round-Up : Fixed Income– Mahendra Jajoo, Executive Director & CIO - Fixed Income

Market Round-up : Fixed Income

ReserveBankofIndia(RBI)keptthereporate,reversereporateandCRRunchangedinthe

Julyreviewofthemonetarypolicy.However,RBIreducedtheSLRby1%to23%from24%.

RBIreviseditsinflationtargetupwardsto7%from6.5%intheearlierpolicywhilelowering

the growth forecast to 6.5% from 7%. A below normal monsoon may further harden

the food inflation which is already inching higher. As yet, there are no visible measures

to address the supply side constraints. Market is also looking forward to reforms for

consolidatingfiscal situation.Further,highersubsidiesandslower revenuesdue toslowing

growthmayresultinhigherthanprojectedfiscaldeficit.

Liquidity

Moneymarket rates continued toease in Julyas liquidity situation improvedconsiderably.

Average borrowing from LAF during the month was at ` 476 billion as against ` 914billion in June. Therewere also reports of bulk deposits of PSU banks being capped at 15% of NDTL leading to increased

buying from investors. With market participants getting some comfort on a sustainable improvement in liquidity, far end

moneymarket rates also declined significantlywith 9-12month Bank CDs inching towards 9%mark. Global central banks

continued to support very easy monetary policy with European Central Bank and Chinese Central Bank both cutting key

interest rates during the month. FII inflows turned positive for the month supporting improvement in domestic liquidity.

InflationforJunewasreportedat7.25%,lowerthanpreviousmonthaswellasthemarketconsensus.Whileothereconomic

data like IIP continued to be on poor side, recent government statements re-kindled hopes of fresh policymeasures. This

supportedbondsmarketswith improvedsentimentsandbenchmark10yearyieldeased12bps tohitan intra-month low

8.05%justaheadofthepolicyonthelastdayofthemonth.However,alongwithnoratecutinreporate,acutinSLR,which

wouldreducebanksrequirement forgovtbonds,yieldshardenedwithbenchmark10Yyield inchinguptoclosethemonth

atmonth’shighof8.23%,up6bpscomparedtoJune.

Inflation

Inflation for the June’12was reportedat7.25%,whichwas lower thanmarketconsensusof7.61%.However,RBI raised the

flagoninflationonceagain.Withabelownormalmonsoon,foodinflationisexpectedtopickupagain.Infact,RBIuppedits

yearendinflationforecastto7%from6.5%previously.

Oil

While INR remained largely unchanged for themonth at INR 55.65/USD, brent crude prices advanced again to appx. USD

105/bl.Brentpricesarenowsignificantlyhigher thanJune lowofUSD90/blbutstillmuch lowercomparedto recenthighs

ofUSD125/bl.Withglobal economic environment remaining sluggish andUSDgaining strength, oil prices are expected to

tradewith a downward bias in the near term. External events like political unrest in Gulf countries can causemomentary

volatilitytough.

Outlook

RBI has nowbeenon hold for key policy rates on last twooccasions. Policy focus has shifted back to anchoring inflation.

Further,novisibilityonfiscalconsolidationmeasuresandprospectsofhighersubsidiesandlowerrevenuesmakesitdifficult

for thefiscaldeficit targettobeachieved.Liquidity isexpectedto improvefurther inthecurrentmonthandremainranged

inRBI’s comfort zoneofwithin1%ofNDTL reducingpossibilityofaggressiveOMOs.WithAugusthaving largenet supplies,

bondyieldsmayinchupslightlyinAugustthoughvaluebuyingmayemergeaftersomereaction.

Mahendra JajooExecutive Director & CIO - Fixed Income

4 www.pramericamf.com

Market Round-Up : Equity– Ravi Gopalakrishnan, Executive Director & CIO - Equity

Economy:

Macroeconomic headwinds continued to impact the Indian economy as was

evident from the May IIP which grew at 2.4% YoY. While WPI inflation eased to

7.3% YoY in June, aided by correction in global commodity prices; core inflation

remained unchanged@ 4.8%. Recent data prints continued to highlight the stress

intheeconomyonaccountofhighinflation,weakeningindustrialgrowthandpoor

businesssentiment.

The RBI in its July 31st Monetary policy kept the benchmark rates unchanged,

although it cut the Statutory Liquidity Ratio (SLR) by 100 bps to 23%. While

acknowledging the moderation in growth, the RBI has pointed out that inflation

remainsaconcernandisthefocusofmonetarypolicy.Thisisparticularlyrelevantin

thebackdropoftheweakmonsoonthusfaranditslikelyimpactonfoodinflation.

Inourview,acrediblefiscalcorrectionroadmaponpartoftheGovernmentand,improvedpolicyresponseisapre-

requisiteforamorebenignmonetarypolicy.

TheINRstabilizedinJulyaftermonthsofhighvolatilityandclosedflatforthemonthat55.66perUS$.

Corporate Results - Q1FY13:

TheresultsdeclaredbycorporateIndiahavebeenamixedbagso-far.Forthe27outof50Niftycompanieswhich

have declared results till date, there has been a sales growth of 18.3% and profit growth of 9.8%, YoY. Demand

moderation,highinputpricesandelevatedborrowingcostshavehadtheirimpactoncorporateearnings.

Stock markets:

The stock markets remained buoyant only to fall sharply during the 2nd half of the month on the back of

nervousnesssurroundingtheEurozoneareaandweakdomesticcorporateperformance.Concernsontheimpactof

aweakmonsoontooaddedtotheheadwindsfacedbythemarket.TheNiftyhoweverrecoveredtowardstheend

ofthemonthandclosedat5229,registeringamarginalfallof0.4%.

SectorswhichoutperformedtheNiftyduringthemonthincludedHealthCare,ConsumerStaples&Financialswhile

sectorswhichunder-performedthebenchmarkincludedIT,Industrials&Utilities.

Foreign Institutional activity was strong during the month. Foreign institutional investors were net buyers of

US$1.8bn.DomesticinvestorswerenetsellersofUS$355mn.

Market outlook:

Despitenegativemacroheadwindsand subduedcorporateperformance, themarketshave shownagreatdegree

of resilience. With the change of guard in the Finance Ministry, markets remain expectant of the government

takingdecisive steps to revive theeconomyandhelpkick start the investment cycle. In theeventof incremental

movement on long pending reforms like fuel price increase/deregulation, higher foreign participation in key

sectorslikeaviation/multi-brandretailand,timelinesonGSTandDTCimplementation,themarketscouldturnmore

sanguinetowardsgrowthintheeconomyandcorporateearnings.

Key risks for themarket in our vieware aweakmonsoonwhich could lead to sustainedhigh food inflation and

continuingdriftinpolicy,leadingtoweakereconomicgrowth.

Ravi GopalakrishnanExecutive Director & CIO - Equity


Pramerica Liquid Fund(An open-ended liquid scheme)

31st July 2012Pramerica Liquid Fund(An open-ended liquid scheme)

Investment Objective

The Scheme seeks to deliver reasonable marketrelated returnswith lower riskandhigher liquiditythrough a portfolio of debt and money marketinstruments. However, there is no assurancethat the investment objective of the Scheme willbe realized and the Scheme does not assure orguaranteeanyreturns

Date of initial allotment

August27,2010

Fund Manager & his experience

Mahendra Jajoo

Over20yearsofexperienceinfinancialservicesandcapitalmarkets

Options

Growth&Dividend

Facilities (Under Dividend Option)

DividendReinvestment(daily,weekly,fortnightly,monthly)

DividendPayout(fortnightly,monthly)

DividendTransferPlan

Default Option

DefaultOption:Growth

DefaultDividendFacility:DividendReinvestment

DefaultDividendFrequency:Daily

Benchmark Index

CRISILLiquidFundIndex#

NAV as on 31st July 2012Option NAV(in`)

Growth 1182.5866

DailyDividend 1000.1500

WeeklyDividend 1000.0219

FortnightlyDividend 1001.3086

MonthlyDividend 1001.2672

Maturity & Yield

YieldtoMaturity 9.02%

AverageMaturity 47days

Modified Duration

43days

Minimum Investment Amount

`10,000/-andinmultiplesof`1thereafter

Minimum Additional Purchase Amount


Load Structure

EntryLoad:NotApplicable

ExitLoad:Nil

CRISIL Rating3

CRISILAAAmfs

Quarterly Average AUMApril-June2012:`1067.30Crore

DIVIDEND DETAILS

Record Date Rate (per Unit) Cum Div NAV Ex Div NAV

Fortnightly Dividend Payout Option

10-May-12 3.335465 1004.3279 1000.0907

25-May-12 3.116048 1004.0661 1000.1076

10-Jun-12 3.35083 1004.3406 1000.0838

25-Jun-12 3.064092 1003.9933 1000.1007

10-Jul-12 3.042725 1003.9661 1000.0951

25-Jul-12 3.012635 1003.8868 1000.0596

Monthly Dividend Payout Option

25-May-12 6.465148 1008.2785 1000.0653

25-Jun-12 6.425235 1008.2209 1000.0585

25-Jul-12 6.066488 1007.7241 1000.0174

Pleasenotethatafterthepaymentofdividend,theNAVfallstotheextentofdividendpaid,distributiontaxandcesswhereverapplicable.

Pastperformancemayormaynotbesustainedinfuture.

Performance as on June 29th 2012 - Growth Option

Date Period NAV Per Unit (`) Scheme Benchmark Additional Returns (%)^ Returns # (%) Benchmark* (%)

22-Jun-12 Last7days 1170.9299 9.37% 8.31% 4.58%

14-Jun-12 Last15days 1168.4966 9.45% 8.10% 1.62%

29-May-12 Last1Month 1163.5520 9.60% 8.04% 8.15%

29-Jun-11 1Year 1067.3291 9.90% 8.70% 7.75%

Returnsforperiodlessthan1yearareannualizedreturnsandfor1yearperiodareabsolute.

*AdditionalBenchmarkisCRISIL1YearT-Bill

^Pastperformancemayormaynotbesustainedinthefuture

Mr.MahendraJajoomanages10schemesPleasereferpage15forperformanceofallschemesmanagedbythefundmanager.

Portfolio Ratings % of Net Assets

CERTIFICATE OF DEPOSITS 62.50

CanaraBank CRISILA1+ 7.26CentralBankofIndia CAREA1+ 7.26INGVyasaBank CRISILA1+ 5.10AllahabadBank CRISILA1+ 5.07KotakMahindraBankLtd. CRISILA1+ 3.66BankofIndia CRISILA1+ 3.65IDBIBankLtd. CRISILA1+ 3.64CorporationBank CRISILA1+ 3.64IndianBank FITCHA1+ 3.64DenaBank CRISILA1+ 3.63StateBankofHyderabad CRISILA1+ 3.63VijayaBank CAREA1+ 3.62StateBankofBikanerandJaipur CRISILA1+ 3.60IndusIndBankLtd. CRISILA1+ 2.91StateBankofTravancore CRISILA1+ 1.46Jammu&KashmirBank CRISILA1+ 0.73

COMMERCIAL PAPER 30.35KesoramIndustriesLtd. CAREA1+ 7.24RelianceCapitalLtd. CRISILA1+ 3.63ShriramCityUnionFinanceLimited CRISILA1+ 3.62TataTeleservicesLtd. CAREA1+ 3.62IL&FSFinancialservices CAREA1+ 3.59AdityaBirlaFinance ICRAA1+ 3.59NationalEngineeringIndustriesLtd CAREA1+ 2.89SREIInfrastructureFinanceLimited CAREA1+ 2.17

CORPORATE BOND 2.94HousingDevelopmentFinanceCorporationLtd. CRISILAAA 2.94

Cash and Cash Equivalents 0.45

Net Current Assets 3.76

TOTAL 100.00

3CRISILDisclaimer:TheassignedratingAAAmfs isvalidonlyfor“PramericaLiquidFund”.TheratingofCRISIL isnotanopinionof theAssetManagementCompany’swillingnessorabilitytomaketimelypaymentstotheinvestor.TheratingisalsonotanopiniononthestabilityoftheNAVoftheFund,whichcouldvarywithmarketdevelopments.


Pramerica Ultra Short Term Bond Fund(An open-ended debt scheme)

31st July 2012


The objective of the scheme is to provide

reasonable returns, commensurate with a low

to moderate level of risk and high degree of

liquidity, throughaportfolio constitutedofmoney

market and debt instruments. However, there is

no assurance that the investment objective of the

schemewill be realized and the scheme does not

assureorguaranteeanyreturns


September24,2010


Mahendra Jajoo

Over20yearsofexperienceinfinancialservices

andcapitalmarkets

Options

Growth&Dividend


DividendReinvestment(daily,weekly,fortnightly,

monthly)



Default Option




Benchmark Index #

CRISILLiquidFundIndex

NAV as on 31st July 2012

Option NAV (in `)

Growth 1179.9833





Maturity & Yield



Modified Duration

52days


` 5,000/-andinmultiplesof`1thereafter

Minimum Additional Amount

` 500/-andinmultiplesof`1thereafter

Load Structure


ExitLoad:Nil

CRISIL Rating3

CRISILAAAmfs

Quarterly Average AUM

April-June2012:`410.49Crore

DIVIDEND DETAILS



10-May-12 3.395382 1004.0470 1000.1926

25-May-12 3.734106 1004.4321 1000.1932

11-Jun-12 3.386861 1004.0121 1000.1673

25-Jun-12 2.983816 1003.5918 1000.2047

10-Jul-12 3.456068 1004.2414 1000.3181

25-Jul-12 3.204389 1004.1940 1000.5564


25-May-12 7.115980 1008.3093 1000.2313

25-Jun-12 6.386922 1007.4881 1000.2378

25-Jul-12 6.696668 1008.1659 1000.5639

Pleasenotethatafterthepaymentofdividend,theNAVfallstotheextentofdividend,distributiontaxandcesswhereverapplicable.




KotakMahindraBankLtd. CRISILA1+ 14.44

IndianBank FITCHA1+ 14.43

StateBankofPatiala CRISILA1+ 10.22

VijayaBank CAREA1+ 5.89

OrientalBankofCommerce CRISILA1+ 5.79

IDBIBankLtd. CRISILA1+ 4.13

UCOBank CRISILA1+ 4.12

COMMERCIAL PAPER 38.55

ReligareFinvest ICRAA1+ 10.25

FutureCapitalHoldingsLimited. CAREA1+ 10.22

TataMotorsLtd. ICRAA1+ 5.99

SREIInfrastructureFinanceLimited CAREA1+ 4.08

IFCIFactorsLimited CAREA1+(SO) 4.02

MuthootFinanceLimited CRISILA1+ 3.99

TREASURY BILLS 4.11

GovernmentofIndia SOV 4.11


Net Current Assets -2.01

TOTAL 100.00


Date Period NAV Per Unit (`) Scheme Benchmark Additional returns (%) ^ Returns (%) Benchmark Returns* (%)

29-Jun-11 1Year 1065.5762 9.83% 8.70% 7.75%

Returnsareabsolute




3CRISILDisclaimer:TheassignedratingAAAmfsisvalidonlyfor“PramericaUltraShortTermBondFund”.TheratingofCRISILisnotanopinionoftheAssetManagementCompany’swillingnessorabilitytomaketimelypaymentstotheinvestor.TheratingisalsonotanopiniononthestabilityoftheNAVoftheFund,whichcouldvarywithmarketdevelopments.


Pramerica Short Term Income Fund(An open-ended income scheme)

31st July 2012

DIVIDEND DETAILS


Fortnightly Dividend Re-investment Option

10-May-12 3.058408 1006.0559 1002.5841

25-May-12 3.708099 1006.6717 1002.4623

11-Jun-12 3.809380 1006.8564 1002.5320

25-Jun-12 3.034003 1006.0310 1002.5869

10-Jul-12 3.283652 1006.6090 1002.8814

25-Jul-12 3.323076 1007.3448 1003.5725


25-May-12 6.785387 1009.7331 1002.0304

25-Jun-12 6.809096 1009.9352 1002.2056

25-Jul-12 6.872896 1010.7045 1002.9025

Quarterly Dividend Payout Option

26-Mar-12 21.597584 1026.2345 1001.7172

26-Jun-12 19.820514 1028.2422 1005.7422






AndhraBank CAREA1+ 9.80


PunjabandSindBank ICRAA1+ 6.70



TataMotorsLtd. ICRAA1+ 6.68



CORPORATE BOND 28.46

RHCHoldingPrivateLtd. CAREA1+(SO) 10.44

IndiaInfolineFinanceLtd. CAREAA- 6.97

ManappuramFinanceLtd CAREAA- 6.88

RuralElectrificationCorporationLtd. CRISILAAA 3.47

IndiaInfolineFinanceLtd. ICRALAA- 0.70

CENTRAL GOVERNMENT SECURITIES 10.34




TOTAL 100.00


Theobjectiveof thescheme is togenerate regularreturns with moderate level of risk by investingprimarily into a portfolio of Debt Securities andMoneyMarket Instruments of short termmaturity.However,thereisnoassurancethattheinvestmentobjective of the scheme will be realized and theschemedoesnotassureorguaranteeanyreturns


February4,2011


Mahendra Jajoo


Options

Growth&Dividend


DividendReinvestment(weekly,fortnightly,monthly,quarterly)

DividendPayout(monthly,quarterly)


Default Option



DefaultDividendFrequency:Monthly

Benchmark Index

CRISILShortTermDebtIndex


Option NAV (in `)

Growth 1158.2484WeeklyDividend 1003.0000FortnightlyDividend 1004.0985MonthlyDividend 1003.4281QuarterlyDividend 1014.4687

Maturity & YieldYieldtoMaturity 9.63%


Modified Duration

320days





Load Structure


Exit Load:

• for redemptions/switch-outs on or before 180daysfromthedateofallotment–0.50%.

• for redemptions/switch-outs after 180 daysfromthedateofallotment-NIL.

CRISIL Rating3

CRISILAAAmfs




Date Period NAV Per Unit (`) Scheme Benchmark Additional Returns (%) ^ Returns (%) Benchmark Returns*(%)

29-Jun-11 1Year 1044.0362 10.06% 8.85% 7.75%

Returnareabsolute




3CRISILDisclaimer: Theassigned ratingAAAmfs isvalidonly for “PramericaShortTerm IncomeFund”. The ratingofCRISIL isnotanopinionof theAssetManagementCompany’swillingnessorabilitytomaketimelypaymentstotheinvestor.TheratingisalsonotanopiniononthestabilityoftheNAVoftheFund,whichcouldvarywithmarketdevelopments.


Pramerica Short Term Floating Rate Fund(An Open Ended Income Scheme)

31st July 2012


Togenerate regular income through investment in

a portfolio comprising primarily in short maturity

floating rate debt/money market instruments.

However,thereisnoassurancethattheinvestment

objective of the Scheme will be realized and the

Schemedoesnotguaranteeanyreturns.


February10,2012


Mahendra Jajoo

Over20yearsofexperienceinfinancialservices

andcapitalmarkets

Options

Growth&Dividend


DividendReinvestmentPlan(Daily,Weekly,

Monthly)

DividendTransferPlan(Daily,Weekly,Monthly)

Default Option




Benchmark Index #

CRISILShortTermDebtIndex


Option NAV (in `)

Growth 1046.6591




Maturity & Yield



Modified Duration

48days





Load Structure


ExitLoad:Nil



DIVIDEND DETAILS



25-May-12 7.554463 1008.6707 1000.0950

25-Jun-12 6.493032 1007.4658 1000.0950

25-Jul-12 6.687218 1007.6862 1000.0950





KotakMahindraBankLtd. CRISILA1+ 18.53

Jammu&KashmirBank CRISILA1+ 18.50


StateBankofTravancore CRISILA1+ 18.28




StateBankofMysore CRISILA1+ 3.71



TOTAL 100.00


Pramerica Treasury Advantage Fund(An open-ended debt scheme)

31st July 2012

DIVIDEND DETAILS



10-May-12 3.247656 1003.6947 1000.0080

25-May-12 4.098905 1004.7272 1000.0744

11-Jun-12 2.774172 1003.9575 1000.8081

25-Jun-12 3.288601 1003.7891 1000.0558

10-Jul-12 3.069258 1003.7052 1000.2210

25-Jul-12 3.419375 1004.2093 1000.3276


25-May-12 7.340860 1008.4975 1000.1643

25-Jun-12 6.078206 1007.0433 1000.1434

25-Jul-12 6.524261 1007.8070 1000.4007




The objective of the scheme is to providereasonable returns, commensurate with a lowto moderate level of risk and high degree ofliquidity, throughaportfolio constitutedofmoneymarket and debt instruments. However, there isno assurance that the investment objective of theschemewill be realized and the scheme does notassureorguaranteeanyreturns.


June3,2011


Mahendra Jajoo


Options

Growth&Dividend


DividendReinvestment(daily,weekly,fortnightly,monthly)



Default Option




Benchmark Index

CRISILShorttermDebtIndex


Option NAV (in `)

Growth 1115.8963





Maturity & Yield



Modified Duration63days


` 5,000/-andinmultiplesof` 1thereafter


` 1000/-andinmultiplesof` 1thereafter

Load Structure


Exit Load:

• Ifredeemed/switch-outonorbefore30daysfromthedateofallotment–0.50%

• Ifredeemed/switch-outafter30daysfromthedateofallotment–Nil

CRISIL Rating3

CRISILAAAmfs





StateBankofMysore CRISILA1+ 19.73

Jammu&KashmirBank CRISILA1+ 19.69


AllahabadBank CRISILA1+ 14.64

VijayaBank CAREA1+ 9.39


StateBankofPatiala CRISILA1+ 4.91




TOTAL 100.00


Date Period NAV Per Unit (`) Scheme Benchmark Additional Returns (%) ^ Returns (%) Benchmark Returns*(%)

29-Jun-11 1Year 1007.7638 9.85% 8.85% 7.75%

Returnsareabsolute*AdditionalBenchmarkisCRISIL1YearT-Bill


Mr.Mahendra Jajoomanages10schemesPlease referpage15 forperformanceofall schemesmanagedby the fundmanager.

3 CRISILDisclaimer: The assigned ratingAAAmfs is valid only for “Pramerica TreasuryAdvantage Fund”. The rating of CRISIL is not anopinionoftheAssetManagementCompany’swillingnessorabilitytomaketimelypaymentstothe investor.Therating isalsonotanopiniononthestabilityoftheNAVoftheFund,whichcouldvarywithmarketdevelopments.


Pramerica Credit Opportunities Fund(An Open-ended debt scheme)

31st July 2012



FederalBankLtd. CRISILA1+ 5.89




IFCIVenturesLimited CAREA1+(SO) 9.55


FullertonIndiaCreditCompanyLimited ICRAA1+ 7.37


KarvyStockBrokingLtd ICRAA1+ 3.77

IndiaInfolineFinanceLtd. CRISILA1+ 3.66

KarvyFinancialServicesLimited ICRAA1+(so) 1.77


ReligareFinvest ICRAA1+ 9.91

ShriramCityUnionFinanceLimited CAREAA 9.88

RelianceCapitalLtd. CAREAAA 6.57


MuthootFincorpLimited CRISILA+ 3.95

IndiaInfolineFinanceLtd. ICRALAA- 1.60



TOTAL 100.00


Theobjectiveof theschemeis togenerate incomeby investing indebt/ andmoneymarket securitiesacross the credit spectrum. The scheme wouldalso seek to maintain reasonable liquidity withinthe fund. However, there is no assurance that theinvestmentobjectiveoftheschemewillberealizedand the schemedoesnotassureorguaranteeanyreturns.

Date of initial allotment:

October31,2011

Fund Manager & his experience:

Mahendra Jajoo

Over20yearsofexperienceinfinancialservicesandcapitalmarkets.

Options

Growth&Dividend

Facilities (under Dividend Option)

DividendReinvestment

DividendPayout


Default Option



Benchmark Index:

CRISILLongTermDebtIndex


Option NAV (in `)

Growth 1084.2951

Dividend 1017.4193

Maturity & Yield



Modified Duration

180days




`1000/-andinmultiplesof`1thereafter

Load Structure


Exit Load:

• If the units are redeemed / switched-out on orbefore365daysofallotment-2%

• If the units are redeemed / switched-out after365daysofallotment–NIL



DIVIDEND DETAILS


Dividend Payout Option

26-Mar-12 36.487292 1043.0522 1001.6323

27-Jun-12 19.820514 1030.2431 1007.7431




Pramerica Liquid Fund(An open-ended liquid scheme)

31st July 2012Pramerica Dynamic Bond Fund(An Open Ended Income Scheme)


TheobjectiveoftheSchemeistogenerateoptimalreturns through activemanagement of a portfolioof debt andmoneymarket instruments. However,thereisnoassurancethattheinvestmentobjectiveof the Scheme will be realized and the Schemedoesnotassureorguaranteeanyreturns.


January12,2012


Mahendra Jajoo


Options

Growth&Dividend


DividendReinvestment(monthly,quarterly)

DividendPayout(monthly,quarterly)

DividendTransferPlan(monthly,quarterly)

Default Option




Benchmark Index #

CRISILLongTermDebtIndex

NAV as on 31st July 2012Option NAV(in`)

Growth 1050.0318


QuarterlyDividend 1012.0721

Maturity & Yield



Modified Duration

605days


`5000/-&inmultiplesof`1thereafter


`1000/-&inmultiplesof`1thereafter

Load Structure


Exit Load:

• If redeemed/switch-out on or before 365 daysfromthedateofallotment:1.25%

• Ifredeemed/switch-outafter365daysfromthedateofallotment:NIL

(Witheffectfrom1stAugust2012)



DIVIDEND DETAILS



25-May-12 6.220288 1008.0612 1001.0000

25-Jun-12 6.156978 1007.9893 1001.0000

25-Jul-12 6.806965 1008.7272 1001.0000

Quarterly Dividend Payout Option

26-Mar-12 11.181024 1014.8087 1000.0000

26-Jun-12 19.820514 1028.5592 1006.0592





CentralBankofIndia CAREA1+ 25.22

FederalBankLtd. CRISILA1+ 10.63

IndianOverseasBank CRISILA1+ 10.57


AxisBankLtd. CRISILA1+ 9.83

CENTRAL GOVERNMENT SECURITIES 26.47




TOTAL 100.00


Pramerica Dynamic Monthly Income Fund(An open-ended income scheme)

31st July 2012


Theobjectiveof theScheme is togenerateregularreturns through investment primarily in Debt andMoneyMarket Instrumentsand togeneratecapitalappreciation by investing in equity and equityrelatedinstruments.MonthlyIncomeisnotassured& is subject to availability of distributable surplus.However,thereisnoassurancethattheinvestmentobjective of the Scheme will be realized and theSchemedoesnotassureorguaranteeanyreturns.


March29,2011


Ravi Gopalakrishnan

Over20yearsofexperienceinfinancialservicesandcapitalmarkets&

Mahendra Jajoo


Options

Growth&Dividend


DividendReinvestmentFacilityatmonthlyfrequency

DividendPayoutFacilityatmonthlyfrequency


Default Option




Benchmark Index

CrisilMIPBlendedIndex


Option NAV (in `)

Growth 10.9230


Maturity & Yield



Modified Duration

436days





Load Structure


Exit Load:

• @2%,IftheUnitsareRedeemed/Switched-outonorbefore365daysofallotment

• @1%,IftheUnitsareRedeemed/Switched-outafter365days,butonorbefore730daysofallotment

• NIL,IftheUnitsareRedeemed/Switched-outafter730daysofallotment



Portfolio Ratings/Sector % of Net Assets

DEBT 79.63CERTIFICATE OF DEPOSITS 17.05

PunjabandSindBank ICRAA1+ 17.05




FullertonIndiaCreditCompanyLimited ICRAA1+ 5.50


RelianceGasTransportationInfrastructureLimited CRISILAAA 9.50



PowerFinanceCorporationLtd. CRISILAAA 5.90




EQUITY 20.37RelianceIndustriesLtd. PetroleumProducts 1.39

ITCLtd. ConsumerNonDurables 1.38

ICICIBankLtd. Banks 1.35

HDFCBankLtd. Banks 1.15

HousingDevelopmentFinanceCorporationLtd. Finance 1.04

SunPharmaceuticalIndustriesLtd. Pharmaceuticals 1.02

StateBankofIndia Banks 1.00

BhartiAirtelLtd. Telecom-Services 0.99

PowerGridCorporationofIndiaLtd. Power 0.97

Larsen&ToubroLtd. ConstructionProject 0.90

DivisLaboratoriesLtd. Pharmaceuticals 0.71

CairnIndiaLtd. Oil 0.70

CadilaHealthcareLtd. Pharmaceuticals 0.62

InfosysTechnologiesLtd. Software 0.60

IndusIndBankLtd. Banks 0.51

TataConsultancyServicesLtd. Software 0.51

LupinLtd. Pharmaceuticals 0.51

ApolloTyresLtd. AutoAncillaries 0.45

MarutiSuzukiIndiaLtd. Auto 0.43

Oil&NaturalGasCorporationLtd. Oil 0.43

MultiCommodityExchangeofIndiaLtd Finance 0.41

TataMotorsLtd. Auto 0.41

NTPCLtd. Power 0.41

AxisBankLtd. Banks 0.36

BajajAutoLtd. Auto 0.35

CromptonGreavesLtd. IndustrialCapitalGoods 0.33

ZeeEntertainmentEnterprisesLtd. Media&Entertainment 0.27

GrasimIndustriesLtd. Cement 0.27

BharatForgeLtd. IndustrialProducts 0.27

Mahindra&MahindraLtd. Auto 0.23

AdityaBirlaNuvoLtd. Finance 0.20

BharatHeavyElectricalsLtd. IndustrialCapitalGoods 0.20

TOTAL 100.00


Date Period NAV Per Unit (`) Scheme Benchmark Additional Benchmark Returns (%) ^ Returns (%) Returns* (%)

29-Jun-11 1Year 10.1664 6.48% 6.69% 6.83%

Returnsareabsolute *AdditionalBenchmarkisCRISIL10YearGiltIndex^PastperformancemayormaynotbesustainedinthefutureMr.MahendraJajoomanages10schemes&Mr.RaviGopalakrishnanmanages3schemes.Pleasereferpage15forperformanceofallschemesmanagedbythefundmanager.

DIVIDEND DETAILSRecord Date Rate (per Unit) Cum Div NAV Ex Div NAV


30-Apr-12 0.066068 10.2211 10.1461

29-Jun-12 0.058757 10.2437 10.1770

31-Jul-12 0.058757 10.2668 10.2001

Pleasenotethatafterthepaymentofdividend,theNAVfallstotheextentofdividend,distributiontaxandcesswhereverapplicable.Pastperformancemayormaynotbesustainedinfuture.


Pramerica Equity Fund(An open-ended equity scheme)

31st July 2012


The objective of the scheme is to achieve longterm capital appreciation by investing in anactively managed diversified portfolio consistingof equity and equity related securities includingderivatives, debt & money market instruments.However,thereisnoassurancethattheinvestmentobjective of the scheme will be realized and theschemedoesnotassureorguaranteeanyreturns


December6,2010


Ravi Gopalakrishnan(ForEquityportfolio)

Over20yearsofexperienceinfinancialservicesandcapitalmarkets&

Mahendra Jajoo(ForFixedIncomePortfolio)


Options

Growth&Dividend


DividendReinvestment

DividendPayout


Default Option



Benchmark Index

S&PCNXNifty


Option NAV (in `)

Growth 8.23

Dividend 8.23

Ratio

PortfolioTurnoverRatio* 37%

* Portfolio turnover ratio is caculated as lower ofsales or purchase divided by AAUM for last rollingperiodof12months.





Load Structure


Exit Load:

• @2%,IftheUnitsareRedeemed/Switched-outonorbefore365daysofallotment




Performance as on June 29 2012 - Growth Option

Date Period NAV Per Unit Scheme returns Benchmark Additional (`) (%) ^ Returns (%) Benchmark Returns (%)

29-Jun-11 1Year 9.28 -11.31% -5.74% -6.76%

Returnsareabsolute AdditionalBenchmarkSENSEX ^Pastperformancemayormaynotbesustainedinthefuture.

Mr. Ravi Gopalakrishnan manages 3 Schemes and Mr. Mahendra Jajoo manages 10 schemes Please refer page 15 for performance of all schemesmanagedbythefundmanager.


EQUITY 97.01ICICIBankLtd. Banks 7.94


RelianceIndustriesLtd. PetroleumProducts 6.21











KotakMahindraBankLtd. Banks 2.06



SterliteIndustries(India)Ltd. Non-FerrousMetals 1.91



HindustanPetroleumCorporationLtd. PetroleumProducts 1.66





NTPCLtd. Power 1.50

TataSteelLtd. FerrousMetals 1.47

HindalcoIndustriesLtd. Non-FerrousMetals 1.43

ApolloTyresLtd. AutoAncillaries 1.37

CESCLtd. Power 1.36

CiplaLtd. Pharmaceuticals 1.36


IPCALaboratoriesLimited Pharmaceuticals 1.30


TreeHouseEducation&AccessoriesLtd DiversifiedConsumerServices 1.11

VoltasLtd. ConstructionProject 0.91

RelianceInfrastructureLtd. Power 0.90


FinancialTechnologies(India)Ltd. Software 0.86


IL&FSTransportationNetworksLtd Transportation 0.76


DEBT 2.99

CORPORATE BOND 0.03

Dr.ReddysLaboratoriesLtd. ICRALAA+ 0.03



TOTAL 100.00


Pramerica Dynamic Fund(An open-ended dynamic asset scheme)

31st July 2012

Investment ObjectiveThe objective of the scheme is to achieve longterm capital appreciation by investing in anactively managed diversified portfolio consistingof equity and equity related securities includingderivatives, debt & money market instruments.However,thereisnoassurancethattheinvestmentobjective of the scheme will be realized and theschemedoesnotassureorguaranteeanyreturns

Date of initial allotmentDecember6,2010

Fund Manager & his experienceRavi GopalakrishnanOver20yearsofexperienceinfinancialservicesandcapitalmarkets&

Mahendra JajooOver20yearsofexperienceinfinancialservicesandcapitalmarkets

OptionsGrowth&Dividend

Facilities (Under Dividend Option)DividendReinvestmentDividendPayoutDividendTransferPlan

Default OptionDefaultOption:GrowthDefaultDividendFacility:DividendReinvestment

Benchmark Index1

AHybridBenchmarkwith50%weighttoS&PCNXNiftyand50%weighttoCRISILMIPIndex

NAV as on 31st July 2012Option NAV (in `)Growth 9.27Dividend 9.27

Maturity & YieldYieldtoMaturity 9.72%AverageMaturity 512days

Modified Duration344days

Minimum Investment Amount` 5,000/-andinmultiplesof`1thereafter

Minimum Additional Purchase Amount` 500/-andinmultiplesof`1thereafter

Load StructureEntryLoad:NotApplicable

Exit Load:• @2%,IftheUnitsareRedeemed/Switched-out

onorbefore365daysofallotment



1 “CRISIL Hybrid (“Indices”) are computed, compiled andprepared by CRISIL using equity indices, which is oneof its components licensed by India Index Services &Products Limited (“IISL”) and Standard and Poor’sFinancial Services LLC (“S&P”) to CRISIL. CRISIL Indicesare thesolepropertyofCRISIL.CRISIL Indicesshallnotbe copied, transmitted or redistributed in anymannerfor any commercial use. CRISIL has taken due careand caution in computation of the Indices, based onthe data obtained from sources, which it considersreliable. However, CRISIL does not guarantee theaccuracy, adequacy or completeness of the Indicesand isnot responsible foranyerrorsor for the resultsobtained fromtheuseof the Indices.CRISILespeciallystates that CRISIL / IISL / S&P has no financial liabilitywhatsoevertotheusersofCRISILIndices”



EQUITY 72.27ICICIBankLtd. Banks 5.85



PowerGridCorporationofIndiaLtd. Power 4.03

RelianceIndustriesLtd. PetroleumProducts 3.88









CESCLtd. Power 2.01

MindTreeLimited Software 1.87





ZeeEntertainmentEnterprisesLtd. Media&Entertainment 1.35




KotakMahindraBankLtd. Banks 1.13




RuralElectrificationCorporationLtd. Finance 0.98

JainIrrigationSystemsLtd. IndustrialProducts 0.94

NTPCLtd. Power 0.94



HindalcoIndustriesLtd. Non-FerrousMetals 0.89


InfrastructureDevelopmentFinanceCo.Ltd. Finance 0.79

GrasimIndustriesLtd. Cement 0.77


IL&FSTransportationNetworksLtd Transportation 0.49

DEBT 27.73COMMERCIAL PAPER 3.16





RelianceGasTransportationInfrastructureLimited CRISILAAA 2.18

Dr.ReddysLaboratoriesLtd. ICRALAA+ 0.02



TOTAL 100.00


Date Period NAV Per Unit Scheme Returns Benchmark Additional (`) (%) ^ Returns (%) Benchmark Returns (%)

29-Jun-11 1Year 9.5900 -3.75% 0.66% -6.76%

Returnsareabsolute AdditionalBenchmarkSENSEX ^Pastperformancemayormaynotbesustainedinthefuture

Mr. Ravi Gopalakrishnan manages 3 Schemes and Mr. Mahendra Jajoo manages 10 schemes Please refer page 15 for performance of all schemesmanagedbythefundmanager.


June 29, 2011 to

Funds managed by Mr. Mahendra Jajoo June 29, 2012

(Absolute Return)

Pramerica Liquid Fund – Growth 9.90%

CRISILLiquidFundIndex(Benchmark) 8.70%

CRISIL1YearT-BillIndex(AdditionalBenchmark) 7.75%

Pramerica Ultra Short Term Bond Fund – Growth 9.83%

CRISILLiquidFundIndex(Benchmark) 8.70%


Pramerica Short Term Income Fund - Growth 10.06%

CRISILShortTermDebtIndex(Benchmark) 8.85%


Pramerica Dynamic Monthly Income Fund - Growth # 6.48%

CRISILMIPBlendedIndex(Benchmark) 6.69%

CRISIL10YearGiltIndex(AdditionalBenchmark) 6.83%

Pramerica Treasury Advantage Fund - Growth # 9.85%

CRISILShortTermDebtIndex(Benchmark) 8.85%


Pramerica Equity Fund – Growth # -11.31%

S&PCNXNifty(Benchmark) -5.74%

SENSEX(AdditionalBenchmark) -6.76%

Pramerica Dynamic Fund – Growth # -3.75%

AHybridbenchmarkwith50%weighttotheNiftyandthebalance50%weightassignedtoCRISILMIPIndex(Benchmark) 0.66%


Performance of all the schemes(as on June 29, 2012)

Mutual Fund investments are subject to market risks, read all scheme related documents carefully

June 29, 2011 to

Funds managed by Mr. Ravi Gopalakrishnan June 29, 2012

(Absolute Return)

Pramerica Equity Fund – Growth $ -11.31%

S&PCNXNifty(Benchmark) -5.74%


Pramerica Dynamic Fund – Growth $ -3.75%

AHybridbenchmarkwith50%weighttotheNiftyandthebalance50%weightassignedtoCRISILMIPIndex(Benchmark) 0.66%


Pramerica Dynamic Monthly Income Fund - Growth $ 6.48%

CRISILMIPBlendedIndex(Benchmark) 6.69%

CRISIL10YearGiltIndex(AdditionalBenchmark) 6.83%

#Mr.MahendraJajoomanagesthefixedincomeportfolioofthisscheme.

$Mr.RaviGopalakrishnanmanagestheequityportfolioofthisscheme.

Pastperformancemayormaynotbesustainedinfuture.CalculationsarebasedonGrowthOptionNAV.Theabovedataexcludesperformanceoftheschemeswhichhavenotcompletedayear.

market round-up : fixed income - pgimindiamf.com

Documents