Annual Report For The F y 2015

SCHEME ANNUAL REPORT
F.Y. 2015 - 2016
Name of Mutual Fund Indiabulls Mutual Fund
Name of Asset Management Company Indiabulls Asset Management Company Limited

CIN: U65991DL2008PLC176627
Registered Office: M - 62 & 63, 1st Floor, Connaught Place, New Delhi - 110 001.
Tel: (011) 3025 2900; Fax: (011) 3025 2901
Name of Trustee Company Indiabulls Trustee Company Limited

CIN: U65991DL2008PLC176626
Registered Office: M - 62 & 63, 1st Floor, Connaught Place, New Delhi - 110 001.
Tel: (011) 3025 2900; Fax: (011) 3025 2901
Corporate Office 11th Floor, Indiabulls Finance Centre Tower-1,

Elphinston Mills Compound, Senapati Bapat Marg,
Elphinston Road (West), Mumbai 400 013.
Tel: (022) 6189 1300; Fax: (022) 6189 1320
Website www.indiabullsamc.com
ANNUAL REPORT 2015 - 2016
Trustee Report
Dear Unitholders,
We have pleasure in presenting the Annual Report of the schemes of Indiabulls Mutual Fund (the Mutual Fund) for the year ended March 31, 2016, along with the audited financial
statements of the schemes.
During the financial year ended March 31, 2016, the Mutual Fund launched schemes, viz., Indiabulls Value Discovery Fund (An open-ended Equity Fund), Indiabulls Monthly Income Plan
Fund (An open-ended Debt Fund) and Indiabulls FMP Series V (Plan 1) -1175 Days (A Closed-ended Debt Scheme).
Scheme Performance, Future Outlook and Operations of the Schemes:

A. Scheme Performance: The performance of the schemes since inception to March 31, 2016, vis-a-vis the respective benchmark indices are given in the table below:
Period Last 7 days Last 15 days Last 30 days 31st March 31st March Since Incep- Since Incep- NAV/Index
till till till 2015 2013 tion (CAGR) tion (Value Value (As of
31st March 31st March 31st March till 31st till 31st #) INR 31st March
2016 2016 2016 March March 2016)
2016 2016
Funds Managed by Mr. Malay Shah

Indiabulls Liquid Fund(G) 12.598 10.202 9.158 8.354 8.869 9.117 14,725.65 1,472.57
Indiabulls Liquid Fund(G)-Direct Plan 12.698 10.302 9.259 8.471 8.974 8.976 14,770.68 1,477.07
Crisil Liquid Fund Index 14.432 10.938 9.818 8.036 8.822 8.779 13,141.67 2,507.51
Crisil 1 Yr T-Bill Index 7.167 6.900 6.974 7.671 7.390 7.499 12,646.07 4,452.48
Indiabulls Ultra Short Term Fund(G) 19.070 13.468 11.321 8.596 8.941 9.246 14,543.38 1,454.34
Indiabulls Ultra Short Term Fund(G)-Direct Plan 19.671 14.070 11.925 9.365 9.507 9.506 14,777.52 1,477.75
Crisil Liquid Fund Index 14.432 10.938 9.818 8.036 8.822 8.779 13,141.67 2,507.51
Indiabulls Short Term Fund(G) 14.702 11.388 10.012 9.549 N.A.* 9.183 12,508.73 1,250.87
Indiabulls Short Term Fund(G)-Direct Plan 15.703 12.391 11.018 11.264 N.A.* 10.557 12,935.39 1,293.54
Crisil Short Term Bond Fund Index 18.471 15.376 13.628 8.442 9.182 9.725 12,673.69 2,639.60
Indiabulls Income Fund-Reg(G) 8.987 14.596 12.450 6.610 7.193 7.130 12,360.40 12.36
Indiabulls Income Fund(G)-Direct Plan 10.908 16.536 14.412 8.111 8.505 8.437 12,830.20 12.83
Crisil Composite Bond Fund Index 18.685 24.801 20.297 8.215 8.966 8.941 13,019.85 2,539.00
Indiabulls Gilt Fund(G) 20.026 19.576 15.919 6.806 8.901 8.650 13,064.42 1,306.44
Indiabulls Gilt Fund(G)-Direct Plan 20.778 20.330 16.677 7.608 10.042 9.805 13,516.99 1,351.70
I-Sec Composite Fund Gilt Index 26.021 31.167 22.762 8.201 9.150 8.966 13,208.20 8,017.31
Funds Managed by Mr. Sumit Bhatnagar and Mr. Malay Shah
Indiabulls Arbitrage Fund-Reg(G) N.A. N.A. N.A. 7.213 N.A. 7.825 11014.20 11.014
Crisil Liquid Fund Index N.A. N.A. N.A. 8.036 N.A. 8.241 11040.53 2,507.51
Crisil 1 Yr T-Bill Index N.A. N.A. N.A. 7.671 N.A. 8.069 10975.87 4,452.48
Indiabulls Value Discovery Fund@ N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Indiabulls Monthly Income Plan@ N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.
Funds Managed by Mr. Sumit Bhatnagar
Indiabulls Blue Chip Fund(G) N.A. N.A. N.A. -6.000 11.430 8.579 14060.00 14.06
Indiabulls Blue Chip Fund(G)-Direct Plan N.A. N.A. N.A. -3.906 13.067 10.292 14720.00 14.72
NIFTY 50 N.A. N.A. N.A. -8.840 10.800 8.427 12876.59 7,738.40
S&P BSE SENSEX N.A. N.A. N.A. -9.331 10.356 8.268 12817.78 25,341.86
Notes:
NA - Not Applicable
Returns shown for 7 days, 15 days and 30 days are computed only for Indiabulls Liquid Scheme on Simple Annualised basis, Greater than/ equal to 1 year returns are Compounded
Annualised Returns (CAGR). Past performance may or may not be sustained in future.
# Based on investment of `. 10,000 made at inception. All returns are for Growth Option only. Since inception returns have been calculated from the date of allotment till March 31st,
2016
* Since Indiabulls Short Term Fund is in existence for less than 3 years, scheme returns for the period 31st March 2013 till 31st March 2016 is not required.
@Since Indiabulls Value Discovery Fund and Indiabulls Monthly Income Plan have been in existence for less than 1 year as on 31st March, 2016, past performance has not been
provided.
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Trustee Report
SIPRETURNS-IndiabullsBlueChipFund-RegularPlan(GrowthOption)
Period 1-year 3-year 5-year 7-year 10-year Since Incep-
tion
Total Amount Invested (`.) 120,000 360,000 600,000 840,000 1,200,000 490,000
Total Value as on March 31, 2016 (`.) 116,493 402,435 N.A. N.A. N.A. 588,365
Returns (In %) -2.922 11.788 N.A. N.A. N.A. 20.075
Total Value of S&P BSE Sensex 114,624 383,196 N.A. N.A. N.A. 565,845
S&P BSE Sensex Returns (In %) -4.480 6.443 N.A. N.A. N.A. 15.479
Total Value of Nifty 50 115,374 389,546 N.A. N.A. N.A. 573,353
Nifty 50 Returns (In %) -3.855 8.207 N.A. N.A. N.A. 17.011
SIPReturns-IndiabullsArbitrageFund-RegularPlan(GrowthOption)
Period 1-year 3-year 5-year 7-year 10-year Since Incep-
tion
Total Amount Invested (`.) 120,000 360,000 600,000 840,000 1,200,000 150,000
Total Value as on March 31, 2016 (`.) 124,333 N.A. N.A. N.A. N.A. 157,020
Returns (In %) 3.611 N.A. N.A. N.A. N.A. 4.680
Total Value of Crisil Liquid Fund Index 125,147 N.A. N.A. N.A. N.A. 158,034
Crisil Liquid Fund Index Returns (In %) 4.289 N.A. N.A. N.A. N.A. 5.356
N.A. - Not Applicable
The above table indicates the results for the scenario of an investor who would have invested `.10,000 every month in Indiabulls Blue Chip Fund - Regular Plan
(Growth Option) & Indiabulls Arbitrage Fund - Regular Plan (Growth Option)
Note: Past performance may or may not be sustained in future. Returns greater than 1 year period are compounded annualized. Dividends assumed to be reinvested.
Load is not taken into consideration. On account of difference in the type/category, asset allocation or investment strategy, inception dates, performances of these funds are not
strictly comparable.
Since Indiabulls Value Discovery Fund has been in existence for less than 1 year as on March 31, 2016, past performance has not been provided.
B. Future Outlook:
Fixed Income Market:
Stagnation fear looms over the global economy. The International Monetary Fund (IMF) has lowered the global economic forecast for the second time this year to 3.2% for 2016 from 3.4%.
It warned that the global economy faces risks such as economic weakness in China, financial instability in emerging markets, and fraying political and economic ties in Europe. According
to the IMF, a potent mix of policies is needed to avoid global economic stagnation and tackle financial stability risks in advanced economies. The IMF issued a warning that Britains exit
(commonly termed as Brexit) from the EU could pose major challenges for the country and the region. On domestic front, we are seeing multiple initiatives taken by the government, which
will start showing positive developmental results over a period of time. Currently, with deficit under control its time to focus on growth. And that is corroborated by high frequency data
which suggests, slow but sustained growth. All this points to a very attractive phase for the markets ahead.
IMD (Government weather Bureau) has forecasted an above normal monsoon at 106% +/- 5% of the long period average for 2016 South West Monsoon Season, in line with other private
forecasts. Coming after 2 annual droughts, this will be provide a boost and alleviate the stress in economic conditions. A favourable monsoon would also provide more comfort in keeping
food inflation benign over the coming months. CPI trajectory is expected to be around 5% and any meaningful sustained downwards movement of inflation would need substantial supply
side and productivity enhancing measures/reforms. At present juncture, keeping in mind the prevailing inflation-growth equation, we will see rate action in form of cuts, although they will be
staggered and will be accompanied with more nuanced policy decisions. As such, the near term direction of yields would largely be determined by the OMO schedule as also the domestic
banking systems credit demand given that deposit growth has been moderate so far. Additionally, renewed interest from foreign investors will give a boost to the rally, which looks to be
very much on the cards due to lack of any solid opportunities in other emerging markets and due to low rates in developed markets. Liquidity will be managed by RBI as they always been
doing, albeit temporary mismatches might lead to short periods of tightness.
Medium term curve is positioned well in terms of risk-reward and recommend short- to medium-duration funds for incremental allocations, as they offer better risk-adjusted returns hereon.
Accrual funds that follow buy-and-hold strategy are also recommended as they reduce reinvestment risk for conventional long term debt investors.
Equity Market:
FY16 was a roller coaster ride for equity markets globally. Possibility of faster than expected US Fed rate hikes, concerns on hard landing in China and weak economic data out of Europe
and Japan triggered a major risk off across all asset classes in early part of the year. In India, sluggish pace of recovery, weak earnings, concerns on Parliamentary logjam, and possibility
of Government turning populist ahead of critical state elections didnt help assuage the situation.
However, Global markets staged a smart recovery in last two months on the back of extremely dovish comments by US Fed, stability returning to Chinese currency and its financial
markets; and realization that Global economy is in better condition than was being anticipated. Indian markets too staged a smart bounce back from extreme pessimism,after the Finance
Minister stuck to fiscal targets in the Union Budget and there was no tweaking of capital gains tax on Equity. Also, following the lackluster monsoon and winter session of parliament,
working normalized in the budget session.
Going ahead, global economic environment would continue to remain challenging with possibly increased volatility. On one hand, markets response to incremental QE announcement by
ECB and Bank of Japan suggests that marginal utility of monetary policy has diminished significantly. Probably, governments should now focus on fiscal policy and structural reforms. On
other hand, events like BREXIT, weak global high frequency economic data, terror attacks would continue to throw bouts of volatility into the global markets. Key economic indicators for
large economies continue to suggest a weak backdrop for global growth. Liquidity conditions are expected to remain benign in foreseeable future.
In India, the key economic indicators viz., GDP growth, inflation, current account deficit and fiscal deficit are improving and should continue to improve with each passing year. High fre-
quency economic growth data remains patchy. Industrial production, manufacturing and services PMI are very volatile. Despite the high volatility, the data continue to indicate that a gradual
but uneven cyclical recovery is underway that should push GDP growth higher over the next few years. Inflation showed a tick higher on back of food inflation, although it remains within the
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Trustee Report
broad target range of RBI. Analysis of GDP growth suggests that domestic consumption and public expenditure are holding up well, while private capex continues to be sluggish. Reviving
private capex involves long gestation period. It is therefore not surprising that FY16 did not witness material improvement in this segment. We believe that FY17 should see increase in
private capital expenditure, as pick up in domestic consumption (led by 7th pay commission, OROP & prospects of good monsoon) and public capex start feeding into private capex as
well. By FY18, private capex should have substantially recovered. Exports would continue to be a laggard, given the weak and volatile global economic environment.
Outlook for Indian economy and equities is very promising over medium to long term. India is one of the best placed among large economies in the world in terms of demographics,
demand, growth etc. India is a key beneficiary of lower crude oil prices. However, markets ultimately respond to corporate earnings. We believe that corporate earnings are at cusp of
revival. Strong macro-economic backdrop, fall in raw material prices, pickup in demand and easing interest rate environment should lead to significant jump in corporate earnings over
next few years.
Amidst all the uncertainty in the global economy, very few economies offer significant investment opportunity. India being one of the best investment destinations has emerged as Oasis
of Growth in Desert of Deflation in the world. Improving macros, inflation under control, business friendly government and huge untapped potential make India very attractive for both FDI
& FII investments.
C. Operations of the Schemes:

The Mutual Fund has recorded commendable growth in Assets Under Management (AUM) since the launch of its first scheme in October 2011.
The Mutual Fund launched following Schemes during the Financial year 2015-16:
Scheme Name Type Date of Launch
Indiabulls Value Discovery Fund An Open-ended Equity Fund 8th September 2015
Indiabulls Monthly Income Plan An Open-ended Debt Fund 2nd December 2015
Indiabulls FMP Series V (Plan 1) -1175 Days A Closed-ended Debt Scheme 28th March 2016
As on March 31, 2016, Indiabulls Mutual Fund has six open-ended debt schemes, three open-ended equity schemes and one closed- ended scheme in existence. The AAUM of the Mutual
Fund for the quarter ended March 31, 2016 was `. 5289.55 cr with 4785 number of folios.
2. Brief Background of Sponsor, Fund, Trustee Company and AMC

A. Indiabulls Mutual Fund
Indiabulls Mutual Fund (the Mutual Fund) was constituted as a trust in terms of the Trust Deed dated November 07, 2008 in accordance with the provisions of the Indian Trusts Act,
1882 (2 of 1882) with Indiabulls Housing Finance Limited (IHFL) [erstwhile Indiabulls Financial Services Ltd (IFSL)], as the Sponsor and Indiabulls Trustee Company Limited as the
Trustee. The Trust Deed has been duly registered under the Indian Registration Act, 1908. The Sponsor is the Settler of the Mutual Fund Trust. The Sponsor has entrusted a sum of
`.50,000/- to the Trustee as the initial contribution towards the corpus of the Mutual Fund.
Indiabulls Asset Management Company Limited (the AMC) has been appointed as the Investment Manager of Indiabulls Mutual Fund by the Trustee vide Investment Management
Agreement (IMA) dated November 07, 2008, executed between the Trustee and the Asset Management Company. The Mutual Fund was registered with SEBI on March 24, 2011 under
Registration Code MF/068/11/03.
During the F.Y. 2012-13, Indiabulls Financial Services Ltd (IFSL) amalgamated into its wholly-owned subsidiary Indiabulls Housing Finance Ltd (IHFL) through a scheme of arrangement
under sections 391-394 of the Companies Act, 1956 pursuant to the approval of the Honble High Court of Delhi vide order datedDecember 12, 2012. The aforesaid scheme of arrangement
became effective on the date of filing of the certified copy of the High Court Order with the Registrar of Companies, NCT of Delhi & Haryana on March 08, 2013 and IFSL, as a going
concern, amalgamated with IHFL with effect from the Appointed Date, being April 01, 2012 in terms of the Scheme. As a result of the above, IHFL has become the Sponsor of Indiabulls
Mutual Fund and IFSL has ceased to be the Sponsor.
B. Sponsor
Indiabulls Mutual Fund is sponsored by Indiabulls Housing Finance Limited (IHFL), which is one of Indias leading and fastest growing private sector financial services companies pro-
viding Consumer Finance, Housing Finance, Commercial Loans, Asset Management and Advisory services. The company is focused on providing multiple financial services through an
extensive network of consumer touch-points. Indiabulls serves more than 600,000 customers across different financial products through its branch network, call centre & the internet. It
also ranks among the top private sector financial services groups in terms of net worth.
Amongst its financial services and banking peers, IHFL ranks amongst the top few companies both in terms of net worth and capital adequacy. Indiabulls Housing Finance Limited has
been assigned AAA credit rating by CARE & BRICKWORK and AA+ by CRISIL & ICRA and has presence in over 100 cities and towns with a total branch network of 205 branches.
The Sponsor is responsible for discharging its functions and responsibilities towards the Mutual Fund in accordance with SEBI (Mutual Funds) Regulations, 1996, and the various consti-
tutive documents of the Mutual Fund.
C. The Trustee
Indiabulls Trustee Company Limited (the Trustee) is the trustee of Indiabulls Mutual Fund. The Trustee is the exclusive owner of the Trust Fund and holds the same in trust for the benefit
of the unitholders. The Trustee has been discharging its duties and carrying out the responsibilities as provided in the Regulations and the Trust Deed. The Trustee seeks to ensure that
the Mutual Fund and the Schemes floated there under are managed by the AMC in accordance with the Trust Deed, the Regulations, directions and guidelines issued by the SEBI, the
Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.
D. The Asset Management Company
Indiabulls Asset Management Company Limited (the AMC) was incorporated under the Companies Act, 1956 on April 10, 2008 having its registered office at M - 62 & 63, First Floor,
Connaught Place, New Delhi 110001. The Corporate Office of the AMC is located at Indiabulls Finance Centre,11th Floor, Tower-1, Senapati Bapat Marg, Elphinstone Road (West),
Mumbai 400 013 and the operations of the AMC including investor servicing are handled and coordinated from the aforesaid Corporate Office.
The AMC is also acting as the investment manager for Indiabulls AIF, which is formed as a trust and has received registration as a Category II Alternative Investment Fund from SEBI vide
Registration No. IN/AIF2/14-15/0133. The Fund has launched two scheme, Indiabulls Real Estate Fund and Indiabulls High Yield Fund. The AMC will ensure that any potential conflicts
between the AIF Fund and the Mutual Fund will be adequately addressed by (a) compliance with the requirements under Regulation 24(b) of the SEBI (Mutual Funds) Regulations, 1996
which require that the AMC cannot undertake any activity which is in conflict with the activities of the mutual fund; (b) ensuring that the fund manager(s) of each scheme of the Mutual Fund,
will not play any role in the day-to-day operations of the AIF Fund and the key investment team of the AIF Fund is not involved with the activities of the Mutual Fund; and (c) ensuring that
there is no inter-se transfer of assets between the Mutual Fund and any scheme of the AIF Fund.
The AMC is also acting as the Portfolio manager under the Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993 bearing registration No.INP000004938 and
is valid till November 18, 2018.
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Trustee Report
3. Investment Objective of the Schemes:
a) Indiabulls Liquid Fund-(An open-ended Liquid Scheme) Investment Objective-To provide a high level of liquidity with returns commensurate with low risk through a
portfolio of money market and debt securities with maturity of up to 91days. However, there can be no assurance that the investment objective of the scheme will be achieved
b) Indiabulls Ultra Short Term Fund (An open-ended Debt Scheme) - Investment Objective- To provide liquidity with returns commensurate with low risk through a portfolio
of money market and debt securities. However, there can be no assurance that the investment objective of the Scheme will be achieved.
c) Indiabulls Blue Chip Fund (An open-ended Equity Scheme) - Investment Objective- The primary investment objective of the Scheme is to seek to provide long-term
capital appreciation from a portfolio that is invested predominantly in equity and equity-related securities of blue-chip large-cap companies. However there can be no assurance
that the investment objective of the scheme will be achieved.
d) Indiabulls Gilt Fund (An open-ended Gilt Scheme) Investment Objective- The investment objective of the plans under the scheme is to generate income and capital appre
ciation by investing predominantly in sovereign securities issued by Central Government (including Treasury Bills) and/or by State Government, without any restriction on the
maturity of the portfolio. However, there is no assurance that the investment objective of the scheme will be realized and the scheme does not assure or guarantee any returns.
e) Indiabulls Income Fund (An open-ended Debt Scheme) Investment Objective - The investment objective of the plans under the scheme is generate a steady stream of
income and/or medium to long term capital appreciation/gain through investment in fixed income securities. However, there can be no assurance that the investment objective
of the scheme will be achieved.
f) Indiabulls Short Term Fund (An open-ended Debt Scheme) - Investment Objective- The Scheme will endeavor to generate stable returns over short term with a low risk
strategy while maintaining liquidity through a portfolio comprising debt and money market instruments. However, there can be no assurance that the investment objective of the
scheme will be achieved.
g) Indiabulls Arbitrage Fund (An open-ended Equity Scheme) - Investment Objective The Scheme will endeavor to generate income by predominantly investing in arbitrage
opportunities in the cash and derivative segments of the equity markets and the arbitrage opportunities available within the derivative segment and by investing the balance in
debt and money market instruments. However, there is no assurance or guarantee that the investment objective of the scheme will be realized.
h) Indiabulls Value Discovery Fund (An open-ended Equity Scheme) - Investment Objective- The primary objective of the Scheme is to seek to generate capital appreciation
by investing in a portfolio of Equity and Equity related securities of companies that meet the relative value criteria and fall within top 500 by market cap. A company is considered
as showing high relative value if it has a combination of higher RoCE and higher earnings yield. However, there is no assurance that the investment objective of the Scheme
will be realized and the Scheme does not assure or guarantee any returns.
i) Indiabulls Monthly Income Plan(An Open-Ended Debt Scheme. Monthly Income is not assured and is subject to availability of distributable surplus)-Investment
Objective- The primary objective of the Scheme is to generate regular monthly returns through investment primarily in debt securities. The secondary objective of the Scheme
is to generate long-term capital appreciation by investing a portion of the Schemes assets in equity securities. Monthly Income is not assured and is subject to availability of
distributable surplus.However, there can be no assurance that the investment objective of the scheme will be achieved.
j) Indiabulls FMP- Series V-(PLAN1)- 1175 Days (A Closed-ended debt Scheme) - Investment Objective-The Primary Investment Objective of the Scheme is to generate returns and
capital appreciation by investing in a portfolio of Debt and Money Market Securities. The Scheme will invest only in such securities which mature on or before the date
of maturity of the Scheme. There is no assurance that the investment objective of the Scheme will be realized.
4. Significant Accounting Policies

The Significant Accounting Policies form part of the Notes to the Accounts annexed to the Balance Sheet of the Schemes. The Accounting Policies are in accordance with Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996.
5. Unclaimed Dividends and Redemptions

The unclaimed dividends and unclaimed redemption amounts under the Schemes of Indiabulls Mutual Fund for the year ended March 31, 2016 are appended below:
Unclaimed Dividend Unclaimed Redemption

Scheme Name
Amount (`) No. of Investors Amount (`) No. of Investors
Indiabulls Bluechip Fund 24650.68 8 98543.43 2
Indiabulls Income Fund - - 2305.48 1
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Trustee Report
6. Details of Investor Complaints
The Statement on Status of Redressal of Complaints received against the Mutual Fund during the financial year ended March 31, 2016 is appended below and forms part of the Trustee Report.
Redressal of Complaints received during 2015-16
Name of the Mutual Fund Indiabulls Mutual Fund
Total Number of Folios 4785
Com- Type of complaint# (a) No. of Action on (a) and (b)
plaint com-
(b) No of Resolved Pending
code plaints
com-
pending Within 30 30-60 60-180 Beyond 0-3 3-6 6-9 9-12
plaints Non
at the days days days 180 days months months months months
received Actiona-
begin-
during ble*
ning of
the year
the year
IA Non receipt of Dividend on 0 0 0 0 0 0 0 0 0 0 0

Units
IB Interest on delayed payment 0 0 0 0 0 0 0 0 0 0 0
of Dividend
IC Non Receipt of Redemption 0 0 0 0 0 0 0 0 0 0 0
Proceeds
ID Interest on delayed Payment of 0 0 0 0 0 0 0 0 0 0 0
Redemption
II A Non receipt of statement of 0 2 2 0 0 0 0 0 0 0 0
Account/ Units certificate
II B Discrepancy in statement of 0 3 3 0 0 0 0 0 0 0 0
Account
II C Data corrections in investor 0 0 0 0 0 0 0 0 0 0 0
details
II D Non receipt of Annual Report 0 0 0 0 0 0 0 0 0 0 0
Abridged Summary
III A Wrong switch between 0 0 0 0 0 0 0 0 0 0 0
Schemes
III B Unauthorized Switch between 0 0 0 0 0 0 0 0 0 0 0
Schemes
III C Deviation from scheme 0 0 0 0 0 0 0 0 0 0 0
attributes
III D Wrong Or excess Charges 0 0 0 0 0 0 0 0 0 0 0
/ load
III E Non updation of changes viz. 0 0 0 0 0 0 0 0 0 0 0
address, PAN, Bank details
nomination etc.
IV Others** 0 5 5 0 0 0 0 0 0 0 0
7. Statutory Information
(a) The Sponsor is not responsible or liable for any loss resulting from the operations of the schemes of the Mutual Fund beyond their initial contribution of `. 50,000/- for
setting up the Mutual Fund, and such other accretions/ additions to the same.
(b) The price and redemption value of the units, and income from them, can go up as well as down with fluctuations in the market value of its underlying investments.
(c) Full Annual Report shall be disclosed on the website of the Mutual Fund (www.indiabullsamc.com) and shall be available for inspection at the Head Office of the
Mutual Fund. Present and prospective unit holders can obtain or copy of the Trust Deed, the full Annual Report of the Fund/ AMC at a price.
Acknowledgements
The Trustee thanks the Securities and Exchange Board of India, and the Association of Mutual Funds in India for the guidance provided by them. The Trustee would like to thank all the
unit holders for their strong support.
The Trustee also wishes to thank the Mutual Funds Auditors, Custodian, Registrar & Transfer Agents, Bankers, Distributors, Brokers and all other service providers for their continued support.
For Indiabulls Trustee Company Limited
Sd/- Sd/-
Prabhat Kumar Krishan Mohan Seth
Chairman Director
Place: New Delhi

Date: 28/07/2016
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Independent Auditors Report
To the Board of Trustees of Indiabulls Mutual Fund
- INDIABULLS LIQUID FUND -
Report on the Financial Statements Report on Other legal and Regulatory Requirements
As required under the Regulations, we report that:
We have audited the accompanying financial statements of Indiabulls Mutual Fund
INDIABULLS LIQUID FUND (the Scheme) which comprise the balance sheet as at March a) We have obtained all the information and explanations which to the best of our
31, 2016, the Revenue Account and the Cash Flow Statement for the year ended and a knowledge and belief were necessary for the purpose of our audit;
summary of significant accounting policies and other explanatory information.
b) The Balance Sheet, Revenue Account, and Cash Flow Statement dealt with by this
Managements Responsibility for the Financial Statements Report are in agreement with the books of account of the Scheme;
c) In our opinion, the Balance Sheet, Revenue Account, and Cash Flow Statement
Trustees of Indiabulls Mutual Fund and Indiabulls Asset Management Company Limited dealt with by this report have been prepared in accordance with the accounting
are responsible for the preparation of these financial statements that give a true and policies and standards as specified in Ninth Schedule of the Regulations.
fair view of the financial position, financial performance and cash flows of the Scheme
in accordance with the accounting policies and standards as specified in the Ninth d) The methods used to value non traded securities, as determined by Indiabulls Asset
Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, Management Company Limited under procedures approved by the Trustees of Indiabulls
1996 and amendments thereto (the Regulations).This responsibility includes the design, Mutual Fund are in good faith and in accordance with the guidelines for valuation of
implementation and maintenance of internal control relevant to the preparation and securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued
presentation of the financial statements that give a true and fair view and are free from by the Securities and Exchange Board of India, are fair and
material misstatement, whether due to fraud or error. reasonable.
Auditors Responsibility
For Kumar Singhal & Co.
Our responsibility is to express an opinion on these financial statements based on our Chartered Accountants
audit. We conducted our audit in accordance with the Standards on Auditing issued by the ( FRN: 018086N )
Institute of Chartered Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance about Sikha Garg
whether the financial statements are free from material misstatement. Partner
Membership No.- 507471
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on our judgment, Place: New Delhi
including the assessment of the risks of material misstatement of the financial statements, Date: 28/07/2016
whether due to fraud or error. In making those risk assessments, we consider internal
control relevant to the preparation and fair presentation of the financial statements in
order to design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the entitys internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well as evaluating
the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given
to us, the financial statements gives the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally
accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the Scheme as at
March 31, 2016;
b) In the case of the Revenue Account, of the surplus for the year ended on
that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
8
- INDIABULLS ULTRA SHORT TERM FUND
We have audited the accompanying financial statements of Indiabulls Mutual Fund As required under the Regulations, we report that:
INDIABULLS ULTRA SHORT TERM FUND (the Scheme) which comprise the balance
sheet as at March 31, 2016, the Revenue Account and the Cash Flow Statement for a) We have obtained all the information and explanations which to the best of our
the year ended and a summary of significant accounting policies and other explanatory knowledge and belief were necessary for the purpose of our audit;
information.
b) The Balance Sheet, Revenue Account, and Cash Flow Statement dealt with by this
Report are in agreement with the books of account of the Scheme;
Managements Responsibility for the Financial Statements
Trustees of Indiabulls Mutual Fund and Indiabulls Asset Management Company Limited
c) In our opinion, the Balance Sheet, Revenue Account, and Cash Flow Statement dealt
are responsible for the preparation of these financial statements that give a true and
with by this report have been prepared in accordance with the accounting policies and
fair view of the financial position, financial performance and cash flows of the Scheme
standards as specified in Ninth Schedule of the Regulations.
in accordance with the accounting policies and standards as specified in the Ninth
Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations,
1996 and amendments thereto (the Regulations).This responsibility includes the design, d) The methods used to value non traded securities, as determined by Indiabulls Asset
implementation and maintenance of internal control relevant to the preparation and Management Company Limited under procedures approved by the Trustees of Indiabulls
presentation of the financial statements that give a true and fair view and are free from Mutual Fund are in good faith and in accordance with the guidelines for valuation of
material misstatement, whether due to fraud or error. securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued
by the Securities and Exchange Board of India, are fair and reasonable.
Chartered Accountants
Our responsibility is to express an opinion on these financial statements based on our
( FRN: 018086N )
audit. We conducted our audit in accordance with the Standards on Auditing issued by the
ethical requirements and plan and perform the audit to obtain reasonable assurance about Sikha Garg
whether the financial statements are free from material misstatement. Partner
Place: New Delhi
disclosures in the financial statements. The procedures selected depend on our judgment,
Date: 28/07/2016
including the assessment of the risks of material misstatement of the financial statements,
Opinion
accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the

Scheme as at March 31, 2016
b) In the case of the Revenue Account, of the surplus for the year ended on that
date; and
c) In the case of the Cash Flow Statement, of the cash flows for the year ended
on that date.
9
- INDIABULLS BLUE CHIP FUND
INDIABULLS BLUE CHIP FUND (the Scheme) which comprise the balance sheet as at
March 31, 2016, the Revenue Account and the Cash Flow Statement for the year ended a) We have obtained all the information and explanations which to the best of our
and a summary of significant accounting policies and other explanatory information. knowledge and belief were necessary for the purpose of our audit;
Managements Responsibility for the Financial Statements b) The Balance Sheet, Revenue Account, and Cash Flow Statement dealt with by this
are responsible for the preparation of these financial statements that give a true and c) In our opinion, the Balance Sheet, Revenue Account, and Cash Flow Statement dealt
fair view of the financial position, financial performance and cash flows of the Scheme with by this report have been prepared in accordance with the accounting policies and
in accordance with the accounting policies and standards as specified in the Ninth standards as specified in Ninth Schedule of the Regulations.
1996 and amendments thereto (the Regulations).This responsibility includes the design,
d) The methods used to value non traded securities, as determined by Indiabulls Asset
implementation and maintenance of internal control relevant to the preparation and
Management Company Limited under procedures approved by the Trustees of Indiabulls
presentation of the financial statements that give a true and fair view and are free from
Mutual Fund are in good faith and in accordance with the guidelines for valuation of
material misstatement, whether due to fraud or error.
securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued
ethical requirements and plan and perform the audit to obtain reasonable assurance about
Sikha Garg
whether the financial statements are free from material misstatement.
Partner
accepted in India:
March 31, 2016;
b) In the case of the Revenue Account, of the deficit for the year ended on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the year ended on
that date.
10
- INDIABULLS GILT FUND
INDIABULLS GILT FUND (the Scheme) which comprise the balance sheet as at March
31, 2016, the Revenue Account and the Cash Flow Statement for the year ended and a a) We have obtained all the information and explanations which to the best of our
summary of significant accounting policies and other explanatory information. knowledge and belief were necessary for the purpose of our audit;
Sikha Garg
Partner
Opinion
accepted in India:
March 31, 2016;
b) In the case of the Revenue Account, of the surplus for the year ended on that
date; and
on that date.
11
- INDIABULLS INCOME FUND
INDIABULLS INCOME FUND (the Scheme) which comprise the balance sheet as at
Sikha Garg
Partner
Opinion
to us, the financial statements give the information required by the Act in the manner so
accepted in India:
March 31, 2016;
that date; and
on that date.
12
- INDIABULLS FMP SERIES V (PLAN 1) - 1175 DAYS
INDIABULLS FMP SERIES V (PLAN 1) - 1175 DAYS (the Scheme) which comprise the
balance sheet as at March 31, 2016, the Revenue Account and the Cash Flow Statement a) We have obtained all the information and explanations which to the best of our
for the year ended and a summary of significant accounting policies and other explanatory knowledge and belief were necessary for the purpose of our audit;
information.
in accordance with the accounting policies and standards as specified in the Ninth standards as specified in Ninth Schedule of the Regulations issued by the Securities and
Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, Exchange Board of India, are fair and reasonable.
Auditors Responsibility by the Securities and Exchange Board of India, are fair and reasonable.
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with the Standards on Auditing issued by the For Kumar Singhal & Co.
Institute of Chartered Accountants of India. Those Standards require that we comply with Chartered Accountants
ethical requirements and plan and perform the audit to obtain reasonable assurance about ( FRN: 018086N )
Sikha Garg
An audit involves performing procedures to obtain audit evidence about the amounts and Partner
disclosures in the financial statements. The procedures selected depend on our judgment, Membership No.- 507471
whether due to fraud or error. In making those risk assessments, we consider internal Place: New Delhi
control relevant to the preparation and fair presentation of the financial statements in Date: 28/07/2016
Opinion
accepted in India:
March 31, 2016;
b) In the case of the Revenue Account, of the surplus for the period on that date; and
c) In the case of the Cash Flow Statement, of the cash flows for the period ended
on that date.
13
- INDIABULLS SHORT TERM FUND
INDIABULLS SHORT TERM FUND (the Scheme) which comprise the balance sheet as
at March 31, 2016, the Revenue Account and the Cash Flow Statement for the year ended a) We have obtained all the information and explanations which to the best of our
Sikha Garg
Partner
Opinion
accepted in India:
a) In the case of the Balance Sheet, of the state of affairs of the Scheme as
at March 31, 2016;
that date; and
on that date.
14
- INDIABULLS ARBITRAGE FUND
INDIABULLS ARBITRAGE FUND (the Scheme) which comprise the balance sheet as at
Sikha Garg
Partner
Opinion
accepted in India:
at March 31, 2016;
b) In the case of the Revenue Account, of the surplus for the year ended
on that date; and
on that date.
15
- INDIABULLS MONTHLY INCOME PLAN
INDIABULLS MONTHLY INCOME PLAN (the Scheme) which comprise the balance sheet
as at March 31, 2016, the Revenue Account and the Cash Flow Statement for the year a) We have obtained all the information and explanations which to the best of our
ended and a summary of significant accounting policies and other explanatory information. knowledge and belief were necessary for the purpose of our audit;
Sikha Garg
Partner
Opinion
accepted in India:
at March 31, 2016;
on that date; and
on that date.
16
To the Board of Trustees of Indiabulls Mutual Fund Report on Other legal and Regulatory Requirements
- INDIABULLS VALUE DISCOVERY FUND As required under the Regulations, we report that:
Report on the Financial Statements a) We have obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit;
We have audited the accompanying financial statements of Indiabulls Mutual Fund
INDIABULLS VALUE DISCOVERY FUND (the Scheme) which comprise the balance b) The Balance Sheet, Revenue Account, and Cash Flow Statement dealt with by this
sheet as at March 31, 2016, the Revenue Account and the Cash Flow Statement for Report are in agreement with the books of account of the Scheme;
the year ended and a summary of significant accounting policies and other explanatory
information. c) In our opinion, the Balance Sheet, Revenue Account, and Cash Flow Statement dealt
with by this report have been prepared in accordance with the accounting policies and
Managements Responsibility for the Financial Statements standards as specified in Ninth Schedule of the Regulations.
Trustees of Indiabulls Mutual Fund and Indiabulls Asset Management Company Limited d) The methods used to value non traded securities, as determined by Indiabulls Asset
are responsible for the preparation of these financial statements that give a true and Management Company Limited under procedures approved by the Trustees of Indiabulls
fair view of the financial position, financial performance and cash flows of the Scheme Mutual Fund are in good faith and in accordance with the guidelines for valuation of
in accordance with the accounting policies and standards as specified in the Ninth securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued
Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, by the Securities and Exchange Board of India, are fair and reasonable.
implementation and maintenance of internal control relevant to the preparation and For Kumar Singhal & Co.
presentation of the financial statements that give a true and fair view and are free from Chartered Accountants
material misstatement, whether due to fraud or error. ( FRN: 018086N )
Auditors Responsibility Sikha Garg

Partner
Our responsibility is to express an opinion on these financial statements based on our Membership No.- 507471
audit. We conducted our audit in accordance with the Standards on Auditing issued by the
Institute of Chartered Accountants of India. Those Standards require that we comply with Place: New Delhi
ethical requirements and plan and perform the audit to obtain reasonable assurance about Date: 28/07/2016
disclosures in the financial statements. The procedures selected depend on our judgment,
Opinion
accepted in India:
at March 31, 2016;
on that date; and
on that date.
17
Balance Sheet as at 31st March, 2016
INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND INDIABULLS BLUE CHIP FUND
Schedule 31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015
Amount (`) Amount (`) Amount (`) Amount (`) Amount (`) Amount (`)
LIABILITIES
Unit Capital A 16,082,590,430 12,893,502,732 4,419,596,589 2,121,368,744 1,477,517,376 140,884,764
Reserves and B
6,918,056,904 2,339,557,503 1,906,595,318 637,472,159 351,221,016 70,322,746
Surplus
Current Liabilities C
2,194,803,648 2,226,732,556 727,296,549 235,992,190 427,366,760 2,482,472
and Provisions
Total 25,195,450,982 17,459,792,791 7,053,488,456 2,994,833,093 2,256,105,152 213,689,982
ASSETS
Investments D 21,123,574,760 17,346,010,981 5,543,316,057 2,959,552,199 2,038,596,287 201,159,371
Deposits E 35,100,000 35,100,000 - - - 3,995,677
Other Current F
4,036,776,222 78,681,810 1,510,172,399 35,280,894 217,508,865 8,534,934
Assets
Total 25,195,450,982 17,459,792,791 7,053,488,456 2,994,833,093 2,256,105,152 213,689,982
Notes Forming I
Part of Financial
Statements
As per our Report of even date
For Kumar Singhal & Co. For and on behalf of For and on behalf of
Chartered Accountants Indiabulls Trustee Company Ltd. Indiabulls Asset Management Company Ltd.
FRN: 018086N
Sd/- Sd/- Sd/- Sd/-

Shikha Garg Prabhat Kumar Ashok Kacker Akshay Gupta
Partner Chairman Chairman Director
Membership No. 507471
Sd/- Sd/- Sd/-
Krishna Mohan Seth Malay Shah Sumit Bhatnagar
Director Head Fixed Income Fund Manager - Equity
Place: New Delhi
Date: 28/07/2016
Contd...
18
INDIABULLS GILT FUND INDIABULLS INCOME FUND INDIABULLS SHORT TERM FUND
Schedule 31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015
LIABILITIES
Unit Capital A 162,134,087 159,659,993 3,189,289,242 290,102,621 1,895,561,401 621,245,442
Reserves and B 56,551,842 40,501,751 883,404,069 38,861,882 542,029,796 99,797,599
Surplus
Current Liabilities C 329,703 577,669 5,677,475 3,815,309 2,666,681 1,355,636
and Provisions
Total 219,015,632 200,739,413 4,078,370,786 332,779,812 2,440,257,878 722,398,677
ASSETS
Investments D 201,963,300 180,626,700 2,848,845,550 310,950,280 1,997,256,605 711,907,770
Deposits E - 14,983,788 - 5,993,515 - 3,496,217
Other Current F 17,052,332 5,128,925 1,229,525,236 15,836,017 443,001,273 6,994,690
Assets
Total 219,015,632 200,739,413 4,078,370,786 332,779,812 2,440,257,878 722,398,677
Notes Forming I
Part Of Financial
Statements
FRN: 018086N
Sd/- Sd/- Sd/- Sd/-

Membership No.
507471
Sd/- Sd/- Sd/-
Place : New Delhi
Date: 28/07/2016
Contd...
19
INDIABULLS ARBITRAGE FUND INDIABULLS MONTHLY INDIABULLS VALUE INDIABULLS FMP SERIES V
INCOME FUND DISCOVERY FUND (PLAN 1) - 1175 DAYS
Schedule 31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2016 31st March, 2016
Amount (`) Amount (`) Amount (`) Amount (`) Amount (`)
LIABILITIES
Unit Capital 'A' 1,46,58,52,073 24,49,71,005 21,20,05,851 25,05,10,900 36,71,36,965
Reserves and 8,01,25,518 66,92,293 37,64,866 (1,59,13,808) 12,69,758
'B'
Surplus
Current 5,67,30,025 42,95,926 32,43,121 13,58,073 33,941
Liabilities and 'C'
Provisions
Total 1,60,27,07,616 25,59,59,224 21,90,13,838 23,59,55,165 36,84,40,664
ASSETS
Investments 'D' 1,30,84,91,773 23,72,54,150 17,04,11,678 20,94,16,143 25,65,24,725
Deposits 'E' - 14,98,379 - - -
Other Current 29,42,15,843 1,72,06,695 4,86,02,160 2,65,39,022 11,19,15,939
'F'
Assets
Total 1,60,27,07,616 25,59,59,224 21,90,13,838 23,59,55,165 36,84,40,664
Notes Forming
Part Of Finan- 'I'
cial Statements
FRN: 018086N
Sd/- Sd/- Sd/- Sd/-

Membership
No. 507471
Sd/- Sd/- Sd/-
Place : New Delhi
Date: 28/07/2016
20
Revenue Account for the year/ period ended 31st March, 2016
INDIABULLS ULTRA SHORT
INDIABULLS LIQUID FUND INDIABULLS BLUE CHIP FUND
TERM FUND
Sched- 01st April, 2015 01st April, 01st April, 2015 01st April, 01st April, 2015 01st April, 2014
ule 2014 2014
to to to to to to
31st March, 31st March, 31st March, 31st March, 31st March, 2016 31st March,
2016 2015 2016 2015 2015
INCOME
Dividend I(B,2.3) - - - - 11,546,920 1,188,346
Interest G & 2,943,963,486 2,071,215,655 727,275,122 213,107,472 7,986,803 374,542
I(B,2.3)
Profit on sale / redemption of I(B,2.1) 12,430,588 13,176,179 13,074,590 4,506,863 179,642,955 22,598,424
investments (Other than inter-scheme
transfer / sale)
Profit on inter scheme transfer / sale of I(B,2.1) 2,866,641 612,804 5,837,062 1,965,827 26,000 -
investments
Load Income - - - - 17,227,126 235,557
Other Income 454,463 9,754 50 56 42 55,036
Total 2,959,715,178 2,085,014,392 746,186,824 219,580,218 216,429,846 24,451,905
EXPENSES AND LOSSES
Unrealised depreciation in the value of I(B,2.2) - - - - 79,427,707 -
investments
Loss on sale / redemption of I(B,2.1) 3,055,946 2,284,150 9,670,899 1,319,105 447,621,377 4,470,360
transfers / sale)
Loss on interscheme transfer / sale of 258,225 582,863 7,671,411 542,195 - -
investments
Management fees I(C,6) 35,705,261 24,355,953 15,779,299 6,375,069 8,839,969 1,441,948
Service Tax on Management Fees 4,992,345 3,010,391 2,188,548 787,969 1,277,359 178,229
Trusteeship fees I(C,7) 817,879 937,770 190,753 89,150 45,437 4,912
Advertisement and Marketing expenses 4,563 - 3,153 - 43,421 -
Audit fees 287,502 994,213 68,527 118,428 1,228 4,901
Custodian fees I(C,8) 4,079,155 2,732,559 1,214,158 316,589 1,277,925 47,353
Distributor Fee 5,350,115 5,576,142 4,307,532 2,369,901 37,545,661 1,204,181
Registrar & Transfer Agents fees 8,676,358 6,817,110 2,286,063 674,253 1,289,271 149,607
Investor Education and related 6,740,484 4,667,053 1,642,437 452,784 479,764 23,679
expenses
Other operating expenses 3,580,692 402,979 3,681,824 53,305 155,986
Interest on borrowing 154,919,186 15,052,427 274,984 - - -
Expense reimbursed by Asset Manage- - (1,744,452) - (479,462) (664,915) -
ment Company
Total 228,467,711 65,669,158 48,979,588 12,619,286 577,184,204 7,681,156
Net Surplus / ( Deficit ) for the period 2,731,247,467 2,019,345,234 697,207,236 206,960,932 (360,754,358) 16,770,749
Contd...
21
INDIABULLS LIQUID FUND INDIABULLS BLUE CHIP FUND
TERM FUND
ule 2014 2014
to to to to to to
2016 2015 2016 2015 2015
Less : Dividend distributed 150,599,474 339,613,137 32,285,480 22,350,197 555,666,641 -
Less : Tax on Dividend 73,774,446 135,519,578 15,432,617 7,649,681 - -
Net Surplus / ( Deficit ) carried

2,506,873,547 1,544,212,519 649,489,139 176,961,054 (916,420,999) 16,770,749
forward
Notes Forming Part Of Financial I

Statements
FRN: 018086N
Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/- Sd/-
Place: New Delhi

Date: 28/07/2016
Contd...
22
ule 2014 2014
to to to to to to
2016 2015 2016 2015 2015
INCOME
Dividend 'I(B,2.3)' - - - - - -
Interest 'G' & 1,79,67,187 2,07,92,120 5,83,53,988 3,12,21,384 11,09,15,259 10,93,36,294
'I(B,2.3)'
Profit on sale / redemption of 'I(B,2.1)' 73,56,767 1,18,86,378 47,13,633 98,75,717 12,19,310 11,02,201
transfer / sale)
Profit on inter scheme transfer / sale of 'I(B,2.1)' 4,79,430 - 7,72,846 5,32,445 13,21,955 10,76,677
investments
Load Income 21,83,486 13 9,18,119 1,068 15,62,056 5,11,553
W/back of Unrealised Depreciation - 12,92,328 - 1,49,79,473 - -
Other Income - 27 90,000 76 75 129
Total 2,79,86,870 3,39,70,866 6,48,48,586 5,66,10,163 11,50,18,655 11,20,26,854
EXPENSES AND LOSSES
Unrealised depreciation in the value of 'I(B,2.2)' - - - - - -
investments
Loss on sale / redemption of 'I(B,2.1)' 48,01,964 12,35,774 58,74,571 65,02,458 16,04,239 12,531
transfers / sale)
Loss on interscheme transfer / sale of - - 4,70,611 10,84,315 19,27,631 71,529
investments
Management fees 'I(C,6)' 5,13,745 9,96,491 23,24,969 15,41,760 33,93,209 26,31,068
Service Tax on Management Fees 71,032 1,23,168 3,30,970 1,90,561 4,88,604 3,25,201
Trusteeship fees 'I(C,7)' 5,720 11,826 15,508 17,684 27,717 54,099
Advertisement and Marketing expenses 804 - 2,807 - 1,805 -
Audit fees 4,985 13,054 14,241 23,191 5,299 60,138
Custodian fees 'I(C,8)' 58,551 44,539 1,20,819 56,965 1,96,560 1,63,095
Distributor Fee 93,250 2,17,457 6,32,569 11,28,390 10,38,911 5,24,933
Registrar & Transfer Agent's fees 1,23,125 2,28,812 2,17,805 2,57,112 5,54,076 6,64,716
Investor Education and related 46,377 51,430 1,33,409 71,907 2,38,447 2,31,885
expenses
Other operating expenses 32,891 11,242 1,24,410 13,921 2,25,169 20,069
Interest on borrowing - - - - - -
Total 57,52,444 29,33,793 1,02,62,689 1,08,88,264 97,01,667 47,59,264
Net Surplus / ( Deficit ) for the period 2,22,34,426 3,10,37,073 5,45,85,897 4,57,21,899 10,53,16,988 10,72,67,590
Contd...
23
ule 2014 2014
to to to to to to
2016 2015 2016 2015 2015
Less : Dividend distributed 3,953 93,170 43,39,155 80,65,657 2,36,661 66,82,886

Less : Tax on Dividend 1,520 31,673 21,36,406 31,72,280 96,523 22,69,455
Net Surplus / ( Deficit ) carried

2,22,28,953 3,09,12,230 4,81,10,336 3,44,83,962 10,49,83,804 9,83,15,249
forward
Notes Forming Part Of Financial 'I'

Statements
FRN: 018086N
Sd/- Sd/- Sd/- Sd/-


Sd/- Sd/- Sd/-
Place: New Delhi

Date: 28/07/2016
Contd...
24
INDIABULLS ARBITRAGE FUND INDIABULLS INDIABULLS VAL- INDIABULLS FMP
MONTHLY UE DISCOVERY SERIES V
INCOME PLAN FUND (PLAN 1) -
1175 DAYS
Schedule 01st April, 19th December, 2nd December, 8th September, 29th March,
2015 2014 2015 2015 2016
to to to to to
31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2016 31st March, 2016
INCOME
Dividend I(B,2.3) 5,870,411 55,500 47,616 1,271,732 -
Interest G & 62,645,067 2,004,255 5,103,575 1,290,837 704,218
I(B,2.3)
Profit on sale / redemption of investments (Other I(B,2.1) 299,531,431 23,088,473 343,657 2,078,461 -
than inter-scheme transfer / sale)
Profit on inter scheme transfer / sale of invest- I(B,2.1) 431,005 23 - - -
ments
Load Income 31,171 6,849 88,371 125,617 -
Other Income 15,690 19 - - -
Total 368,524,775 25,155,119 5,583,219 4,766,647 704,218
EXPENSES AND LOSSES
Unrealised depreciation in the value of investments I(B,2.2) 20,981,523 - 230,668 6,524,917 -
Loss on sale / redemption of investments (Other I(B,2.1) 223,635,068 24,749,334 515,327 12,385,965 -
than inter-scheme transfers / sale)
Loss on interscheme transfer / sale of investments 2,773,587 4 41 - -
Management fees I(C,6) 3,542,081 199,483 381,283 292,206 15,892
Service Tax on Management Fees 501,659 24,656 55,287 41,967 2,304
Trusteeship fees I(C,7) 34,196 2,087 1,539 3,068 54
Advertisement and Marketing expenses 1,484 - - - -
Audit fees 23,441 2,754 - - -
Custodian fees I(C,8) 568,723 14,357 27,517 37,342 579
Distributor Fee 6,093,498 249,156 451,709 3,040,445 10,920
Registrar & Transfer Agents fees 991,509 50,921 29,174 88,564 -
Investor Education and related expenses 299,174 13,080 13,860 27,392 402
Other operating expenses 1,406,443 43,836 53,911 138,217 977
Expense reimbursed by Asset Management - (24,176) - - -
Company
Total 260,852,386 25,325,492 1,760,316 22,580,083 31,128
Net Surplus / ( Deficit ) for the period 107,672,389 (170,373) 3,822,903 (17,813,436) 673,090
Contd...
25
MONTHLY UE DISCOVERY SERIES V
INCOME PLAN FUND (PLAN 1) -
1175 DAYS
01st April, 19th December, 2nd December, 8th September, 29th March,
Schedule
2015 2014 2015 2015 2016
to to to to to
Net Available Surplus
Less : Dividend distributed 94,153,876 - - - -
Less : Tax on Dividend - - - - -
Net Surplus / ( Deficit ) carried forward 13,518,513 (170,373) 3,822,903 (17,813,436) 673,090
Notes Forming Part Of Financial Statements I

FRN: 018086N
Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/- Sd/-

Director Head Fixed Income Fund Manager -
Equity
Place : New Delhi

Date: 28/07/2016
26
Cash Flow Statement for the year / period ended 31st March, 2016
INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM INDIABULLS BLUE CHIP FUND
FUND
01st April, 2015 01st April, 2014 01st April, 2015 01st April, 2014 01st April, 2015 01st April, 2014
to to to to to to
31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015
A. Cash flow from Operating Activity
Surplus/(Deficit) for the Year/Period 2,731,247,467 2,019,345,234 697,207,236 206,960,932 (360,754,358) 16,770,749
Adjustments for:-
Change in provision for net unreal- (15,233,761) - (3,805,307) - 101,954,971 -
ised loss in value of investments
(Increase)/Decrease in investments (3,762,330,018) (5,445,981,028) (2,579,958,551) (2,078,054,237) (1,860,087,866) (134,604,258)
at cost
(Increase)/Decrease in other current (3,984,652,746) 502,502,891 (1,351,636,887) 1,207,793,478 (235,537,922) (3,180,324)
assets
Increase/(Decrease) in current (31,951,976) 149,664,907 493,080,926 233,541,471 428,485,856 1,254,657
liabilities
Net cash generated/(used) in

(5,062,921,034) (2,774,467,996) (2,745,112,583) (429,758,356) (1,925,939,319) (119,759,176)
operations (A)
B. Cash flow from Financing Activities

Increase/(Decrease) in unit capital 3,189,087,698 4,132,616,841 2,298,227,845 303,062,719 1,336,632,612 86,854,896
Increase/(Decrease) in unit premium 2,071,625,854 (812,613,312) 619,634,020 140,443,518 1,197,319,269 34,223,908
reserve
Adjustments for:-
Increase/(Decrease) in redemption 23,068 4 - (874) (3,601,568) 299,142
payable for units redeemed by
investors
(Increase)/Decrease in subscription (10,000) - (21,060,657) 889,900 (4,195,000) (2,427,000)
receivable for units issued to
investors
(Increase)/Decrease in subscription - - (1,776,567) - - -
received for units pending allotment
to investors
Dividend and tax thereon paid during (224,373,920) (475,545,195) (47,718,097) (30,199,191) (555,666,641) -
the period
Net cash generated/(used) from

5,036,352,700 2,844,458,338 2,847,306,544 414,196,072 1,970,488,672 118,950,946
financing activities (B)
Net Cash Flow for the period

(26,568,334) 69,990,342 102,193,961 (15,562,284) 44,549,353 (808,230)
(A + B)
Contd...
27
FUND
to to to to to to
31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015
Components of cash and cash
equivalents
Balances with banks in current 49,930,328 76,498,662 127,012,160 24,818,199 49,554,828 1,009,798
accounts
Margin deposit with Clearing Corpo- 35,100,000 35,100,000 - - - -
ration of India Limited
Collateralised borrowing & lending - - - - - 3,995,677
obligation
Less: - Opening Balance 111,598,662 41,608,320 24,818,199 40,380,483 5,005,475 5,813,705
Net Cash Flow for the period (26,568,334) 69,990,342 102,193,961 (15,562,284) 44,549,353 (808,230)
FRN: 018086N
Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/- Sd/-

Place : New Delhi

Date: 28/07/2016
Contd...
28
to to to to to to
31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015 31st March, 2016 31st March,
2015
Surplus/(Deficit) for the Year/ 22,234,426 31,037,073 54,585,897 45,721,899 105,316,988 107,267,590
Period
Adjustments for:-
Change in provision for net 6,369,054 - (10,937,553) - (2,381,216) -
unrealised loss in value of
investments
(Increase)/Decrease in (27,705,654) (34,337,665) (2,526,957,717) 171,508,846 (1,282,967,619) 356,601,816
investments at cost
(Increase)/Decrease in other 669,083 (699,818) (1,206,842,345) 5,650,085 (420,488,938) (2,991,051)
current assets
Increase/(Decrease) in current (247,966) 247,123 1,862,166 (39,418) 1,311,045 705,124
liabilities
Net cash generated/(used) in

1,318,943 (3,753,287) (3,688,289,552) 222,841,412 (1,599,209,740) 461,583,479
operations (A)

Increase/(Decrease) in unit capital 2,474,094 24,568,103 2,899,186,621 (195,123,997) 1,274,315,959 (397,614,046)
Increase/(Decrease) in unit (6,178,862) (7,564,030) 796,431,851 (10,445,309) 337,248,393 (56,490,081)
premium reserve
Adjustments for:-
Increase/(Decrease) in - - - 23,068 - (15,733)
redemption payable for units
redeemed by investors
(Increase)/Decrease in 85,000 - - 60,000 - 251,000
subscription receivable for units
issued to investors
Dividend and tax thereon paid (5,473) (124,844) (6,475,561) (11,244,635) (333,184) (8,961,897)
during the period
Net cash generated/(used) from

(3,625,241) 16,879,229 3,689,142,911 (216,730,873) 1,611,231,168 (462,830,757)
financing activities (B)
Net Cash Flow for the period

(2,306,298) 13,125,942 853,359 6,110,539 12,021,428 (1,247,278)
(A + B)
Contd...
29
to to to to to to
31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015 31st March, 2016 31st March,
2015
Components of cash and cash
equivalents
Balances with banks in current
14,152,221 1,474,731 7,374,878 528,004 19,452,974 3,935,329
accounts
Collateralised borrowing & lending
14,983,788 5,993,515 - 3,496,217
obligation
Less: - Opening Balance 16,458,519 3,332,577 6,521,519 410,980 7,431,546 8,678,824
Net Cash Flow for the period (2,306,298) 13,125,942 853,359 6,110,539 12,021,428 (1,247,278)

FRN: 018086N
Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/- Sd/-
Place: New Delhi

Date: 28/07/2016
Contd...
30
MONTHLY INCOME UE DISCOVERY SERIES V (PLAN
PLAN FUND 1) - 1175 DAYS
01st April, 2015 19th December, 2nd December, 8th September, 29th March, 2016
2014 2015 2015
to to to to to
Surplus/(Deficit) for the Year/Period 107,672,389 (170,373) 3,822,903 (17,813,436) 673,090
Adjustments for:-
Change in provision for net unrealised loss in
14,507,388 - 230,668 6,524,917 -
value of investments
(Increase)/Decrease in investments at cost (1,085,745,011) (230,780,015) (170,642,346) (215,941,060) (255,928,057)
(Increase)/Decrease in other current assets (271,037,621) (13,591,359) (47,819,001) (9,143,888) (5,037,507)
Increase/(Decrease) in current liabilities 48,832,531 4,295,926 3,243,121 1,358,073 33,941
Net cash generated/(used) in operations

(1,185,770,324) (240,245,821) (211,164,655) (235,015,394) (260,258,533)
(A)

Increase/(Decrease) in unit capital 1,220,881,068 244,971,005 212,005,851 250,510,900 367,136,965
Increase/(Decrease) in unit premium reserve 59,914,712 388,531 (58,037) 1,899,628 -
Adjustments for:-
Increase/(Decrease) in redemption payable 3,601,568 - - - -
for units redeemed by investors
(Increase)/Decrease in subscription - - (30,000) (115,000) -
receivable for units issued to investors
Dividend and tax thereon paid during the (94,153,876) - - - -
period
Net cash generated/(used) from financing

1,190,243,472 245,359,536 211,917,814 252,295,528 367,136,965
activities (B)
Net Cash Flow for the period (A + B) 4,473,148 5,113,715 753,159 17,280,134 106,878,432
Contd...
31
INDIABULLS INDIABULLS INDIABULLS VAL- INDIABULLS FMP
ARBITRAGE MONTHLY INCOME UE DISCOVERY SERIES V (PLAN
FUND PLAN FUND 1) - 1175 DAYS
01st April, 2015 19th December, 2nd December, 8th September, 29th March, 2016
2014 2015 2015
to to to to to
Components of cash and cash equivalents
Balances with banks in current accounts 9,586,863 3,615,336 753,159 17,280,134 106,878,432
Collateralised borrowing & lending obligation - 1,498,379 - - -
Less: - Opening Balance 5,113,715 - - - -
Net Cash Flow for the period 4,473,148 5,113,715 753,159 17,280,134 106,878,432
FRN: 018086N
Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/- Sd/-

Director Head Fixed Income Fund Manager -
Equity
Place : New Delhi

Date 28/07/2016
32
SCHEDULES forming part of financial statements as at 31st MARCH, 2016
INDIABULLS LIQUID FUND INDIABULLS ULTRA SHORT TERM FUND
31st March, 2016 31st March, 2015 31st March, 2016 31st March, 2015
Units Amount (`) Units Amount (`) Units Amount (`) Units Amount (`)
SCHEDULE A
UNIT CAPITAL (Face Value of ` 1000/- Each) (Face Value of ` 1000/- Each) (Face Value of ` 1000/- Each) (Face Value of ` 1000/- Each)
Growth Option -
Regular
Opening 3,101,882.861 3,101,882,861 135,163.317 135,163,317 116,891.456 116,891,456 64,468.747 64,468,747
Subscription :
- Issued during new
- - - - - - -
fund offer
- During the period 228,325,478.331 228,325,478,331 102,489,947.460 102,489,947,460 2,063,384.411 2,063,384,411 2,752,290.518 2,752,290,518
Less : Redemption
(229,045,152.420) (229,045,152,420) (99,523,227.916) (99,523,227,916) (1,951,209.832) (1,951,209,832) (2,699,867.809) (2,699,867,809)
during the period
Growth Option -
Regular (Closing 2,382,208.772 2,382,208,772 3,101,882.861 3,101,882,861 229,066.035 229,066,035 116,891.456 116,891,456
Balance)
Dividend Option -
Regular
Opening - - - - - - - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
- During the period - - - - - - - -
Less : Redemption
- - - - - - - -
during the period
Dividend Option
- Regular - - - - - - - -
(Closing Balance)
Daily Dividend Option -

Regular
Opening 735.183 735,183 2,001,442.946 2,001,442,946 158,764.473 158,764,473 403,870.771 403,870,771
Subscription :
- Issued during new
- - - - - - - -
fund offer
- During the period 2,338,325.388 2,338,325,388 22,645,756.686 22,645,756,686 263,971.081 263,971,081 182,957.612 182,957,612
Less : Redemption
(2,332,916.416) (2,332,916,416) (24,646,464.449) (24,646,464,449) (71,705.002) (71,705,002) (428,063.910) (428,063,910)
during the period
Daily Dividend Option
- Regular 6,144.155 6,144,155 735.183 735,183 351,030.552 351,030,552 158,764.473 158,764,473
(Closing Balance)
Weekly Dividend
Option - Regular
Opening 1.581 1,581 61.166 61,166 792.702 792,702 598.778 598,778
Subscription :
- Issued during new
- - - - - - - -
fund offer
- During the period 4,281.728 4,281,728 2.823 2,823 49.541 49,541 945.514 945,514
Less : Redemption
(3,447.528) (3,447,528) (62.408) (62,408) (37.236) (37,236) (751.590) (751,590)
during the period
Weekly Dividend
Option - Regular 835.781 835,781 1.581 1,581 805.007 805,007 792.702 792,702
(Closing Balance)
Contd...
33
Fortnightly Dividend
Option - Regular
Opening - - - - - - - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
- - - - - - - -
during the period
Option - Regular
- - - - - - - -
(Closing
Balance)
Monthly Dividend
Option - Regular
Opening - - - - 1,785.343 1,785,343 1,691.267 1,691,267

Subscription :
- Issued during new
- - - - - - - -
fund offer
- During the period 119.945 119,945 - - 874.746 874,746 39,968.596 39,968,596
Less : Redemption
(65.000) (65,000) - - (2,325.628) (2,325,628) (39,874.520) (39,874,520)
during the period
Monthly Dividend
Option - Regular 54.945 54,945 - - 334.461 334,461 1,785.343 1,785,343
(Closing Balance)
Quarterly Option -
Regular
Opening - - - - - - - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
- - - - - - - -
during the period
Quarterly Option -
Regular (Closing - - - - - - - -
Balance)
Half Yearly Dividend

Option - Regular
Opening - - - - - - - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
- - - - - - - -
during the period
Contd...
34
Option - Regular - - - - - - - -
(Closing Balance)
Direct Growth
Opening 3,386,753.721 3,386,753,721 6,363,266.660 6,363,266,660 1,701,703.321 1,701,703,321 1,309,205.592 1,309,205,592
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
(898,421,112.575) (898,421,112,575) (505,608,940.230) 505,608,940,230) (26,761,868.546) (26,761,868,546) (4,795,516.906) (4,795,516,906)
during the period
Direct Growth (Closing
12,137,990.473 12,137,990,473 3,386,753.721 3,386,753,721 3,770,211.727 3,770,211,727 1,701,703.321 1,701,703,321
Balance)
Direct Bonus
Opening - - - - - - - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
- - - - - - - -
during the period
Direct Bonus (Closing
- - - - - - - -
Balance)
Direct Dividend
Opening - - - - - - - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
- - - - - - - -
during the period
Direct Dividend (Clos-
- - - - - - - -
ing Balance)
Direct Daily Dividend

Opening 6,404,126.225 6,404,126,225 260,920.813 260,920,813 3,150.769 3,150,769 22,491.039 22,491,039
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
(168,555,936.064) (168,555,936,064) (247,083,394.973) (247,083,394,973) (7,085,769.021) (7,085,769,021) (1,032,860.273) (1,032,860,273)
during the period
1,553,714.874 1,553,714,874 6,404,126.225 6,404,126,225 24,648.898 24,648,898 3,150.769 3,150,769
(Closing Balance)
Direct Weekly Dividend

Opening 3.161 3,161 - - 16,624.230 16,624,230 15,466.187 15,466,187
Subscription : - -
- Issued during new
- - - - - - - -
fund offer
- During the period 1,919.765 1,919,765 4,863.906 4,863,906 1,366.965 1,366,965 1,158.043 1,158,043.0
Contd...
35
Less : Redemption
(332.105) (332,105) (4,860.745) (4,860,745) (17,109.267) (17,109,267) - -
during the period
1,590.821 1,590,821 3.161 3,161 881.928 881,928 16,624.230 16,624,230
(Closing Balance)
Direct Fortnightly Dividend
Opening - - - - 117,058.56 117,058,557 - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
- During the period - - - - 54,540.643 54,540,643 132,073.23 132,073,233
Less : Redemption
- - - - (135,470.963) (135,470,963) (15,014.68) (15,014,676
during the period
Direct Fortnightly
Dividend (Closing - - - - 36,128.240 3,61,28,237 117,058.557 117,058,557
Balance)
Direct Monthly Dividend

Opening - - 30.989 30,989 4,597.893 4,597,893 513.644 513,644
Subscription :
- Issued during new
- - - - - - - -
fund offer
- During the period 57.985 57,985 0.199 199.00 166,765.735 166,765,735 4,632.501 4,632,501
Less : Redemption
(7.376) (7,376) (31.188) (31,188.00) (164,873.884) (164,873,884) (548.252) (548,252)
during the period
Direct Monthly Divi-
50.609 50,609 - - 6,489.744 6,489,744 4,597.893 4,597,893
dend (Closing Balance)
Direct Quarterly Dividend

Opening - - - - - - - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
- - - - - - - -
during the period
Direct Quarterly
Dividend (Closing - - - - - - - -
Balance)
Direct Half Yearly Dividend

Opening - - - - - - - -
Subscription :
- Issued during new
- - - - - - - -
fund offer
Less : Redemption
- - - - - - - -
during the period
Direct Half Yearly
Balance)
Total
Opening 12,893,502.732 12,893,502,732 8,760,885.891 8,760,885,891 2,121,368.744 2,121,368,744 1,818,306.025 1,818,306,025
Subscription :
- Issued during new
- - - - - - - -
fund offer
- During the period 1,301,548,057.182 1,301,548,057,182 880,999,598.750 880,999,598,750 38,488,597.224 38,488,597,224 9,315,560.655 9,315,560,655
Contd...
36
Less : Redemption
(1,298,358,969.484) (1,298,358,969,484) (876,866,981.909) (876,866,981,909) (36,190,369.379) (36,190,369,379) (9,012,497.936) (9,012,497,936)
during the period
Unit Capital
16,082,590.430 16,082,590,430 12,893,502.732 12,893,502,732 z4,419,596.589 4,419,596,589 2,121,368.744 2,121,368,744
(Closing Balance)
SCHEDULE B
Reserves & Surplus
Unit Premium
Opening Balance 363,566 (78,302) (493,121) 851,408
Add\(Less) : Net Addi-
tions\(Deductions) during (9,608,136,235) (812,613,312) (1,266,345,341) 140,443,518
the period
Less:-Transferred (to)
/ from Equalisation 5,832,264,164 813,055,180 941,087,027 (141,788,047)
Account
Closing Balance (3,775,508,505) 363,566 (325,751,435) (493,121)
Equalisation Account
Opening Balance - - -
Transferred (to) / from
5,832,264,164 (813,055,180) 941,087,027 141,788,047
Unit Premium Reserve
Less: Transferred to /
(5,832,264,164) 813,055,180 (941,087,027) (141,788,047)
(from) Revenue Account
Closing Balance - - - -
Unrealised Appre-
ciation in Value of
Investments
Opening Balance 565,326 4,273,406 2,352,010 6,851
Add:Net change during
15,233,761 (4,273,406) 3,805,307 (6,851)
the period
Less:Transferred to
- 565,326 - 2,352,010
Revenue Account
Closing Balance 15,799,087 565,326 6,157,317 2,352,010
Appropriation Account
Opening Balance 2,338,628,611 1,607,471,272 635,613,270 316,864,169
Surplus/(Deficit) carried
2,506,873,547 1,544,212,519 649,489,139 176,961,054
forward
Add: Transferred to /
5,832,264,164 (813,055,180) 941,087,027 141,788,047
Total Reserves &
6,918,056,904 2,339,557,503 1,906,595,318 637,472,159
Surplus
Contd...
37
INDIABULLS BLUE CHIP FUND INDIABULLS GILT FUND
SCHEDULE A
Growth Option - Regular

Opening 9,241,643.422 92,416,434 4,198,922.037 41,989,221 10,116.971 10,116,987 21,793.924 21,793,932.00
Subscription :
- Issued during new - - - - - - - -
fund offer
- During the period 9,733,037.610 97,330,376 8,775,168.644 87,751,686 104.707 104,715 13,651.000 13,651,008
Less : Redemption (3,679,510.614) (36,795,106) (3,732,447.259) (37,324,473) (435.415) (435,415) (25,327.953) (25,327,953)
during the period
Growth Option -
Regular 15,295,170.418 152,951,704 9,241,643.422 92,416,434 9,786.263 9,786,287 10,116.971 10,116,987
(Closing Balance)
Dividend Option - Regular

Opening 3,450,544.167 34,505,442 806,800.499 8,068,006 - - - -
Subscription :
fund offer
- During the period 287,216,244.482 2,872,162,445 3,138,588.820 31,385,888 - - - -
Less : Redemption - - - -
(165,983,568.738) (1,659,835,687) (494,845.152) (4,948,452)
during the period
Dividend Option -
Regular (Closing 124,683,219.911 1,246,832,200 3,450,544.167 34,505,442 - - - -
Balance)
Daily Dividend Option - Regular

Opening - - - - - - - -
Subscription :
fund offer
- During the period - - - - - - -
Less : Redemption - - - - - - -
during the period
Daily Dividend Option
- Regular - - - - - - - -
(Closing Balance)
Contd...
38
Weekly Dividend
Option - Regular
Opening - - - - 48.184 48,184 326.166 326,166
Subscription :
- Issued during new - - - - - -
fund offer
- During the period - - - - 2.084 2,084 37.970 37,970
Less : Redemption
- - - - - - (315.952) (315,952)
during the period
Weekly Dividend
Option - Regular - - - - 50.268 50,268 48.184 48,184
(Closing Balance)
Option -
Regular
Opening - - - - 5.669 5,669 15.873 15,873
Subscription :
fund offer
- During the period - - - - - - 0.378 378
Less : Redemption
- - - - - - (10.582) (10,582)
during the period
Option - Regular - - - - - 5.669 5,669 5.669 5,669
(Closing Balance)
Monthly Dividend
Option - Regular
Opening - - - - 33.894 33,894 42.220 42,220
Subscription :
fund offer
Less : Redemption
- - - - (4.776) (4,776) (10.580) (10,580)
during the period
Monthly Dividend
Option - Regular - - - - 35.590 35,590 33.894 33,894
(Closing Balance)
Quarterly Option -
Regular
Opening - - - - - - - -
Subscription :
fund offer
Less : Redemption - - - - - - - -
during the period
Quarterly Option
- Regular - - - - - - - -
(Closing Balance)
Contd...
39
Option - Regular
Opening - - - - - - - -
Subscription :
fund offer
during the period
Option - Regular - - - - - - - -
(Closing Balance)
Direct Growth
Opening 1,216,604.946 12,166,049 389,166.110 3,891,661 118,168.937 118,168,937 81,617.369 81,617,369
Subscription :
fund offer
- During the period 1,672,306.503 16,723,065 1,128,137.004 11,281,370 289,497.213 289,497,213 139,973.488 139,973,488
Less : Redemption (102,345.865) (1,023,459) (300,698.169) (3,006,982) (255,410.858) (255,410,858) (103,421.920) (103,421,920)
during the period
Direct Growth
2,786,565.584 27,865,655 1,216,604.946 12,166,049 152,255.292 152,255,292 118,168.937 118,168,937
(Closing Balance)
Direct Bonus
Opening - - - - 31,286.338 31,286,338 31,296.338 31,296,338
Subscription :
fund offer
Less : Redemption - - - - (31,286.338) (31,286,338) (10.000) (10,000)
during the period
Direct Bonus
- - - - - - 31,286.338 31,286,338
(Closing Balance)
Direct Dividend
Opening 179,683.890 1,796,839 8,098.15 80,981 - - - -
Subscription :
fund offer
- During the period 4,809,106.466 48,091,065 171,970.652 1,719,707 - - - -
Less : Redemption (2,008.662) (20,087) (384.915) (3,849) - - - -
during the period
Direct Dividend
4,986,781.694 49,867,817 179,683.890 1,796,839 - - - -
(Closing Balance)
Contd...
40
Opening - - - - - - - -
Subscription :
fund offer
during the period
- - - - - - - -
(Closing Balance)

Opening - - - - - - - -
Subscription :
- Issued during new - - - - - - -
fund offer
- During the period - - - - - - 106,530.417 106,530,417
Less : Redemption - - - - - - (106,530.417) (106,530,417)
during the period
- - - - - - - -
(Closing Balance)
Direct Fortnightly
Dividend
Opening - - - - - - - -
Subscription :
- Issued during new - - - - - - -
fund offer
- During the period - - - - 0.505 505 - -
during the period
Direct Fortnightly
Dividend (Closing - - - - 0.505 505 - -
Balance)
Direct Monthly
Dividend
Opening - - - - - - - -
Subscription :
fund offer
- During the period - - - - 0.500 500 - -
during the period
Direct Monthly Divi-
- - - - 0.500 500 - -
dend (Closing Balance)
Contd...
41
Direct Quarterly
Dividend
Opening - - - - - - - -
Subscription :
fund offer
during the period
Direct Quarterly
Balance)
Direct Half Yearly

Dividend
Opening - - - - - - - -
Subscription :
fund offer
during the period
Direct Half Yearly
Balance)
Total
Opening 14,088,476.425 140,884,764 5,402,986.800 54,029,868 159,659.993 159,659,993 135,091.890 135,091,890
Subscription :
fund offer
- During the period 303,430,695.061 3,034,306,951 13,213,865.120 132,138,651 289,611.481 289,611,481 260,195.507 260,195,507
Less : Redemption (169,767,433.879) (1,697,674,339) (4,528,375.495) (45,283,755) (287,137.387) (287,137,387) (235,627.404) (235,627,404)
during the period
Unit Capital (Closing
147,751,737.607 1,477,517,376 14,088,476.425 140,884,764 162,134.087 162,134,087 159,659.993 159,659,993
Balance)
SCHEDULE B
Reserves & Surplus
Unit Premium
Opening Balance 25,132,285 755,994 (3,389,522) (1,088,366)
Add\(Less) : Net 1,046,991,953 34,223,908 (96,680,528) (7,564,030)
Additions\(Deductions)
during the period
Less:-Transferred (to) 86,489,133 (9,847,617) 48,435,360 5,262,874
/ from Equalisation
Account
Closing Balance 1,158,613,371 25,132,285 (51,634,690) (3,389,522)
Contd...
42
Opening Balance - - - -
Transferred (to) / from 86,489,133 9,847,617 48,435,360 (5,262,874)
Unit Premium Reserve
Less: Transferred to / (86,489,133) (9,847,617) (48,435,360) 5,262,874
Unrealised Appre-
ciation in Value of
Investments
Opening Balance 22,650,950 11,880,611 8,026,335 -
Add:Net change during
(101,954,971) (10,116,161) (8,026,335) -
the period
Less:Transferred to (79,304,021) 20,886,500 1,657,281 8,026,335
Revenue Account
Closing Balance - 22,650,950 1,657,281 8,026,335
Opening Balance 22,539,511 (4,078,855) 35,864,938 10,215,582
Surplus/(Deficit) carried (916,420,999) 16,770,749 22,228,953 30,912,230
forward
Add: Transferred to / 86,489,133 9,847,617 48,435,360 (5,262,874)
Total Reserves &
351,221,016 70,322,746 56,551,842 40,501,751
Surplus
Contd...
43
INDIABULLS INCOME FUND INDIABULLS SHORT TERM FUND
Units Amount (`) Units Amount (`) Units Amount (`)
SCHEDULE A
Opening 2,611,150.318 26,111,503 19,608,542.680 196,085,427 32,605.535 32,605,535 60,360.541 60,360,541
Subscription :
- Issued during new fund offer - - - - - - - -
- During the period 900,070.446 9,000,704 323,925.494 3,239,255 281,609.712 281,609,712 60,386.600 60,386,600
Less : Redemption during
(72,552.756) (725,528) (17,321,317.857) (173,213,179) (65,793.407) (65,793,407) (88,141.606) (88,141,606)
the period
3,438,668.008 34,386,679 2,611,150.318 26,111,503 248,421.840 248,421,840 32,605.535 32,605,535
(Closing Balance)
Opening - - - - - - - -
Subscription :
- - - - - - - -
the period
- - - - - - - -
(Closing Balance)

Regular
Opening - - - - - - - -
Subscription :
- - - - - - - -
the period
Regular (Closing - - - - - - - -
Balance)
Weekly Dividend Option -

Regular
Opening - - - - 1,585.723 1,585,723 2,154.30 2,154,301
Subscription : - - - - - - - -
- Issued during new fund
- - - - - - - -
offer
- - - - (1,487.886) (1,487,886) (1,251.210) (1,251,210)
the period
Weekly Dividend Option -
Regular (Closing - - - - 720.092 720,092 1,585.723 1,585,723
Balance)
Contd...
44
Units Amount (`) Units Amount (`) Units Amount (`)
Fortnightly Dividend Option
- Regular
Opening - - - - - - - -
Subscription : - - - - - - - -
- - - - - - - -
the period
Fortnightly Dividend Option
- Regular - - - - - - - -
(Closing Balance)
Monthly Dividend Option -

Regular
Opening 103,145.270 1,031,452 453,666.161 4,536,661 530.775 530,775 1,385.830 1,385,830
Subscription :
- During the period 3,675.850 36,759 10,643.903 106,439 9,355.931 9,355,931 111.181 111,181
(32,216.238) (322,162) (361,164.794) (3,611,648) (68.772) (68,772) (966.236) (966,236)
the period
Monthly Dividend Option -
Regular (Closing 74,604.882 746,049 103,145.270 1,031,452 9,817.934 9,817,934 530.775 530,775
Balance)
Quarterly Option - Regular
Opening 3,125,873.258 31,258,733 2,960,762.915 29,607,630 - - - -

Subscription :
- During the period 2,230.080 22,301 230,154.346 2,301,543 - - - -
(3,107,714.546) (31,077,145) (65,044.003) (650,440) - - - -
the period
20,388.792 203,889 3,125,873.258 31,258,733 - - - -
(Closing Balance)
Half Yearly Dividend Option

- Regular
Opening 8,304.007 83,040 152,574.084 1,525,741 - - - -
Subscription :
- During the period - - 5,897.188 58,972 - - - -
Less: Redemption during
(1,581.780) (15,818) (150,167.265) (1,501,673) - - - -
the period
Half Yearly Dividend Option
- Regular (Closing Balance) 6,722.227 67,222 8,304.007 83,040 - - - -
Contd...
45
Direct Growth
Opening 15,282,129.815 152,821,298 17,987,411.004 179,874,110 586,506.748 586,506,748 954,912.236 954,912,236
Subscription :
- During the period 318,818,478.220 3,188,184,782 59,654.018 596,540 3,928,956.701 3,928,956,701 671,827.698 671,827,698

(26,467,157.047) (264,671,570) (2,764,935.207) (27,649,352) (2,881,765.157) (2,881,765,157) (1,040,233.186) (1,040,233,186)
the period
Direct Growth (Closing
307,633,450.988 3,076,334,510 15,282,129.815 152,821,298 1,633,698.292 1,633,698,292 586,506.748 586,506,748
Balance)
Direct Bonus
Opening - - - - - - - -
Subscription :
- - - - - - - -
the period
Direct Bonus (Closing
- - - - - - - -
Balance)
Direct Dividend
Opening - - - - - - - -
Subscription :
- - - - - - - -
the period
Direct Dividend (Closing
- - - - - - - -
Balance)

Opening - - - - - - - -
Subscription :
- - - - - - - -
the period
- - - - - - - -
(Closing Balance)
Contd...
46
Opening - - - - - - - -
Subscription :
- During the period - - - - 287.485 287,485 501,055.269 501,055,269
- - - - (11.702) (11,702) (501,055.269) (501,055,269)
the period
- - - - 275.783 275,783 - -
(Closing Balance)

Opening - - - - - - - -
Subscription :
- During the period - - - - 1,186.926 1,186,926 - -
- - - - - - - -
the period
- - - - 1,186.926 1,186.926 - -
(Closing Balance)

Opening 7,863,374.420 78,633,745 7,334,311.242 73,343,113 16.661 16,661 46.580 46,580
Subscription :
- Issued during new fund offer - - - - - -
- During the period 21,652,310.231 216,523,102 531,960.454 5,319,605 1,423.873 1,423,873 1.343 1,343
Less : Redemption during (21,776,926.508) (217,769,265) (2,897.276) (28,973) - - (31.262) (31,262)
the period
7,738,758.143 77,387,582 7,863,374.420 78,633,745 1,440.534 1,440,534 16.661 16,661
(Closing Balance)

Opening 2,505.914 25,059 2,505.914 25,059 - - - -
Subscription :
- During the period 46.168 462 - - - - - -
- - - - - - - -
the period
2,552.082 25,521 2,505.914 25,059 - - - -
(Closing Balance)

Opening 13,779.215 137,791 22,887.978 228,879 - - - -
Subscription :
- During the period - - 1,499.749 14,997 - - - -
- - (10,608.51) (106,085) - - - -
the period
13,779.215 137,791 13,779.215 137,791 - - - -
(Closing Balance)
Contd...
47
Total
Opening 29,010,262.217 290,102,621 48,522,661.979 485,226,618 621,245.442 621,245,442 1,018,859.488 1,018,859,488
Subscription :
- During the period 341,376,810.995 3,413,768,110 1,163,735.152 11,637,352 4,223,442.883 4,223,442,883 1,234,064.723 1,234,064,723
Less : Redemption during (51,458,148.875) (514,581,489) (20,676,134.914) (206,761,349) (2,949,126.924) (2,949,126,924) (1,631,678.769) (1,631,678,769)
the period
Unit Capital (Closing
318,928,924.337 3,189,289,242 29,010,262.217 290,102,621 1,895,561.401 1,895,561,401 621,245.442 621,245,442
Balance)
SCHEDULE B
Reserves & Surplus
Unit Premium
Opening Balance 3,659,245 5,146,291 (980,021) (596,877)
Add\(Less) : Net Additions\
(Deductions) during the (870,487,082) (10,445,309) (715,006,713) (56,490,081)
period
Less:-Transferred (to) / from
827,990,690 8,958,263 524,936,945 56,106,937
Closing Balance (38,837,147) 3,659,245 (191,049,789) (980,021)
Transferred (to) / from Unit
827,990,690 (8,958,263) 524,936,945 (56,106,937)
Premium Reserve
Less: Transferred to / (from)
(827,990,690) 8,958,263 (524,936,945) 56,106,937
Revenue Account
Unrealised Appreciation in
Value of Investments
Opening Balance 3,453,651 - 871,375 1,503,745
Add:Net change during the
10,937,553 - 2,381,216 (1,503,745)
period
Less:Transferred to Revenue
- 3,453,651 - 871,375
Account
Closing Balance 14,391,204 3,453,651 3,252,591 871,375
Opening Balance 31,748,986 6,223,287 99,906,245 57,697,933
Surplus/(Deficit) carried
48,110,336 34,483,962 104,983,804 98,315,249
forward
Add: Transferred to / (from)
827,990,690 (8,958,263) 524,936,945 (56,106,937)
Revenue Account
Total Reserves & Surplus 883,404,069 38,861,882 542,029,796 99,797,599
Contd...
48
INDIABULLS ARBITRAGE FUND INDIABULLS MONTHLY INDIABULLS VALUE DISCOV-
INCOME PLAN ERY FUND
SCHEDULE A
UNIT CAPITAL (Face Value (Face Value (Face Value (Face Value
of ` 10/- of ` 10/- of ` 10/- of ` 10/-
Each) Each) Each) Each)

Opening 793,532.578 7,935,326 - - - - - -
Subscription :
- Issued during new fund offer - 587,235.736 5,872,357 8,791,241.328 87,912,413 4,788,371.740 47,883,717
- During the period 34,009,845.624 340,098,456 606,099.496 6,060,995 288,503.890 2,885,039 3,475,088.206 34,750,882
Less : Redemption during the period (815,279.624) (8,152,796) (399,802.654) (3,998,027) 0.000 - (1,507,401.049) (15,074,010)

33,988,098.578 339,880,986 793,532.578 7,935,325 9,079,745.218 90,797,452 6,756,058.897 67,560,589
(Closing Balance)

Opening 20,339,014.225 203,390,142 - - - - - -
Subscription :
- Issued during new fund offer - 14,504,407.302 145,044,073 203,490.000 2,034,900 15,531,000.000 155,310,000
- During the period 102,856,685.810 1,028,566,858 5,863,586.923 58,635,869 498,128.862 4,981,289 2,500,371.539 25,003,715
Less : Redemption during the period (30,977,272.443) (309,772,724) (28,980.000) (289,800) - - - -

92,218,427.592 922,184,276 20,339,014.225 203,390,142 701,618.862 7,016,189 18,031,371.539 180,313,715
(Closing Balance)
Opening - - - - - - - -
Subscription :
- During the period - - - -
Less : Redemption during the period - - - - - - - -
- - - - - - - -
(Closing Balance)
Weekly Dividend Option - Regular
Opening - - - - - - - -
Subscription :
- During the period - - - -
- - - - - - - -
(Closing Balance)
Contd...
49
Fortnightly Dividend Option -
Regular
Opening - - - - - - - -
Subscription :
Fortnightly Dividend Option -
- - - - - - - -
Regular (Closing Balance)
Monthly Dividend Option - Regular
Opening - - - - - - - -
Subscription :
Monthly Dividend Option - Regular - - - - - - - -
(Closing Balance)
Quarterly Option - Regular & Direct

Opening - - - - - - - -
Subscription :
Quarterly Option - Regular - - - - - - - -
(Closing Balance)
Half Yearly Dividend Option - Regular

& Direct
Opening - - - - - - - -
Subscription :
Half Yearly Dividend Option -
- - - - - - - -
Regular & Direct (Closing Balance)
Direct Growth
Opening 108,595.634 1,085,956 - - - - - -
Subscription :
- Issued during new fund offer - 118,400.000 1,184,000 5,146,900 51,469,000 5,850 58,500
- During the period 9,078,126.297 90,781,263 394.923 3,949 1,149,728.187 11,497,282 281,155.926 2,811,559
Less : Redemption during the period (1,928,940.570) (19,289,406) (10,199.289) (101,993) (1,494.069) (14,941) (27,301.039) (273,010)
Direct Growth (Closing Balance) 7,257,781.361 72,577,813 108,595.634 1,085,956 6,295,134.118 62,951,341 259,704.887 2,597,049
Contd...
50
Direct Bonus
Opening - - - - - - - -
Subscription :
Direct Bonus (Closing Balance) - - - - - - - -
Direct Dividend
Opening 3,255,958.117 32,559,581 - - - - - -
Subscription :
- Issued during new fund offer - - 4,061,430.989 40,614,310 6,117,550.000 61,175,500 1,900.000 19,000
- During the period 256,431,576.276 2,564,315,763 1,506,895.794 15,068,958 - - 3,188.558 31,886
Less : Redemption during the period (246,566,634.576) (2,465,666,346) (2,312,368.666) (23,123,687) (993,463.013) (9,934,630) (1,133.771) (11,338)
Direct Dividend (Closing Balance) 13,120,899.817 98,649,417 3,255,958.117 32,559,581 5,124,086.987 51,240,870 3,954.787 39,548

Opening - - - - - - - -
Subscription :
Direct Daily Dividend (Closing - - - - - - - -
Balance)

Opening - - - - - - - -
Subscription :
Direct Weekly Dividend (Closing - - - - - - - -
Balance)

Opening - - - - - - - -
Subscription :
Direct Fortnightly Dividend (Closing - - - - - - - -
Balance)
Contd...
51
Opening - - - - - - - -
Subscription :
Direct Monthly Dividend (Closing - - - - - - - -
Balance)

Opening - - - - - - - -
Subscription :
Direct Quarterly Dividend (Closing - - - - - - - -
Balance)

Opening - - - - - - - -
Subscription :
Direct Half Yearly Dividend (Closing - - - - - - - -
Balance)
Total
Opening 24,497,100.554 244,971,005 - - - - - -
Subscription :
- Issued during new fund offer - - 19,271,474.027 192,714,740 20,259,181.328 202,591,813 20,327,121.740 203,271,217
- During the period 402,376,234.007 4,023,762,340 7,976,977.136 79,769,771 1,936,360.939 19,363,609 6,259,804.229 62,598,042
Less : Redemption during the period (280,288,127.213) (2,802,881,272) (2,751,350.609) (27,513,506) (994,957.082) (9,949,571) (1,535,835.859) (15,358,359)
Unit Capital (Closing Balance) 146,585,207.348 1,465,852,073 24,497,100.554 244,971,005 21,200,585.185 212,005,851 25,051,090.110 250,510,900
Contd...
52
SCHEDULE B
Reserves & Surplus
Unit Premium
Opening Balance 1,632,811 - - -
Add\(Less) : Net Additions\(Deduc- (42,645,193) 388,531 (58,037) 35,482,802
tions) during the period
Less:-Transferred (to) / from Equalisa- 54,517,020 1,244,280 (3,764,795) (16,791,587)
tion Account
Closing Balance 13,504,638 1,632,811 (3,822,832) 18,691,215
Transferred (to) / from Unit Premium 54,517,020 (1,244,280) 3,764,795 (16,791,587)
Reserve
Less: Transferred to / (from) Revenue (54,517,020) 1,244,280 (3,764,795) 16,791,587
Account
Unrealised Appreciation in Value of
Investments
Opening Balance 6,474,135 - - -
Add:Net change during the period 14,507,388 - - -
Less:Transferred to Revenue Account (20,981,523) 6,474,135 - -
Closing Balance - 6,474,135 - -
Opening Balance (1,414,653) - - -
Surplus/(Deficit) carried forward 13,518,513 (170,373) 3,822,903 (17,813,436)
Add: Transferred to / (from) Revenue 54,517,020 (1,244,280) 3,764,795 (16,791,587)

Account
Total Reserves & Surplus 80,125,518 6,692,293 3,764,866 (15,913,808)
Contd...
53
INDIABULLS FMP SERIES V (PLAN 1) - 1175 DAYS
31st March, 2016 31st March, 2016
Units Amount (`)
SCHEDULE A
UNIT CAPITAL (Face Value of ` 10/- Each) (Face Value of ` 10/- Each)
Growth Option - Regular & Direct

Opening - -
Subscription :
- Issued during new fund offer 33,213,696.531 332,136,965
- During the period -
Less : Redemption during the period -
Growth Option - Regular (Closing Balance) 33,213,696.531 332,136,965

Opening - -
Subscription :
- Issued during new fund offer - -
- During the period - -
Less : Redemption during the period - -
Dividend Option - Regular (Closing Balance) - -

Opening - -
Subscription :
Daily Dividend Option - Regular (Closing Balance) - -

Opening - -
Subscription :
Weekly Dividend Option - Regular - -
(Closing Balance)
Fortnightly Dividend Option - Regular & Direct
Opening - -
Subscription :
Fortnightly Dividend Option - Regular - -
(Closing Balance)
Contd...
54

Units Amount (`)
Monthly Dividend Option - Regular & Direct
Opening - -
Subscription :
Monthly Dividend Option - Regular - -
(Closing Balance)

Opening - -
Subscription :
Quarterly Option - Regular (Closing Balance) - -
Half Yearly Dividend Option - Regular

Opening - -
Subscription :
Half Yearly Dividend Option - Regular - -
(Closing Balance)
Direct Growth
Opening - -
Subscription :
- Issued during new fund offer 3,500,000 35,000,000
Direct Growth (Closing Balance) 3,500,000 35,000,000
Direct Bonus
Opening - -
Subscription :
Contd...
55
Direct Bonus (Closing Balance) - -

31st March, 2016
Units Amount (`)
Direct Dividend
Opening - -
Subscription :
Direct Dividend (Closing Balance) - -

Opening - -
Subscription :
Direct Daily Dividend (Closing Balance) - -

Opening - -
Subscription :
Direct Weekly Dividend (Closing Balance) - -

Opening - -
Subscription :
Direct Fortnightly Dividend (Closing Balance) - -

Opening - -
Subscription :
Direct Monthly Dividend (Closing Balance) - -
Contd...
56
Units Amount (`)
Opening
Subscription :
Direct Quarterly Dividend (Closing Balance) - -
Opening
Subscription :
Direct Half Yearly Dividend (Closing Balance) - -
Total
Opening - -
Subscription :
- Issued during new fund offer 36,713,696.531 367,136,965
Unit Capital (Closing Balance) 36,713,696.531 367,136,965
SCHEDULE B
Reserves & Surplus
Unit Premium
Opening Balance - -
Add\(Less) : Net Additions\(Deductions) during the period - -
Less:-Transferred (to) / from Equalisation Account - -
Closing Balance - -
Opening Balance - -
Transferred (to) / from Unit Premium Reserve - -
Less: Transferred to / (from) Revenue Account - -
Closing Balance - -
Unrealised Appreciation in Value of Investments - -
Opening Balance - -
Add:Net change during the period - 596,668
Less:Transferred to Revenue Account -
Closing Balance - 596,668
Opening Balance -
Surplus/(Deficit) carried forward 673,090
Add: Transferred to / (from) Revenue Account -
Total Reserves & Surplus 1,269,758
Contd...
57
FUND
31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2016 2015 2016 2015 2016 2015
SCHEDULE C
CURRENT LIABILITIES & PROVISIONS
Current liabilities:
Purchase contract outstanding - 1,727,204,750 492,791,000 231,818,250 163,713,478 -
Management Fees Payable 2,698,736 6,475,694 1,615,754 2,145,348 2,975,019 281,030
Trusteeship Fees Payable 174,883 381,084 28,981 40,770 17,995 2,179
Payable To AMC 1,685,666 - 3,474,365 - - -
Redemption Payable (other than Inter Scheme) - - - - 248,628,213 493,287
Allotment Pending - - 1,776,567 - - -
Sundry Creditors 7,286,594 3,312,593 1,051,443 540,991 4,716,136 213,026
Load Payable - - 3,787 3,787 - -
Borrowing 2,175,000,000 479,481,563 225,000,000 - - -
Dividend distribution payable 211 - 99 - - -
Distributor Fee payable - - - - 7,209,968 1,422,060
Investor Education and related expenses payable 7,249,307 7,773,669 822,597 1,175,025 105,951 35,347
Dividend distribution tax payable 708,251 1,223,243 731,956 13,150 - -
Tax Deducted at Source - 879,960 - 254,869 - 35,543
Total 2,194,803,648 2,226,732,556 727,296,549 235,992,190 427,366,760 2,482,472
SCHEDULE D
INVESTMENTS
Equity - - - - 1,638,211,316 201,159,371
Corporate Debentures - 250,233,500 700,195,792 437,786,550 - -
Commercial Paper 7,366,766,840 4,090,900,623 1,664,548,225 735,325,750 - -
Certificate of Deposit 12,906,807,920 10,786,861,858 2,928,572,040 1,786,439,899 - -
Treasury Bill - 2,218,015,000 - - - -
Term Deposit 850,000,000 - 250,000,000 - - -
Unit of Mutual Fund - - - - 400,384,971 -
Total 21,123,574,760 17,346,010,981 5,543,316,057 2,959,552,199 2,038,596,287 201,159,371
Contd...
58
FUND
2016 2015 2016 2015 2016 2015
SCHEDULE E
DEPOSITS
- Margin deposit with Clearing Corporation of India 35,100,000 35,100,000 - - - -
Limited
- Collateralised borrowing & lending obligation - - - - - 3,995,677
Total 35,100,000 35,100,000 - - - 3,995,677
SCHEDULE F
OTHER CURRENT ASSETS
Balances with Banks in Current Account 49,930,328 76,498,662 127,012,160 24,818,199 49,554,828 1,009,798
Sales Contract outstanding 3,966,602,000 - 1,368,187,946 - - 4,998,131
Outstanding and Accrued Income 4,136,817 438,699 14,666,088 9,788,232 - -
Dividend Receivable - - - - 412,398 -
Subscription Receivable (other than Inter Scheme) 13,083,456 (3) - 195,001 1,352,605 2,527,005
Receivable from AMC - 1,744,452 - 479,462 1,908,122 -
Initial margin money utilised for equity derivatives - - - - 163,328,606 -
Stock Options - Premiums - - - - 952,306 -
Other Receivable 3,023,621 - 306,205 - - -
Total 4,036,776,222 78,681,810 1,510,172,399 35,280,894 217,508,865 8,534,934
SCHEDULE G
INTEREST
Collateralised Lending 21,535,805 34,069,105 8,728,760 7,242,713 7,368,258 374,542
Reverse Repo - - - - - -
Commercial Paper 1,653,551,871 845,355,830 325,496,687 103,301,940 149,070 -
Certificate of Deposit 948,127,188 994,580,777 191,303,451 75,658,848 - -
Government Securities 281,777,940 53,797,475 3,842,753 - - -
Non Covertible Debentures 28,432,828 7,399,479 197,019,909 24,501,571 469,475 -
Term Deposit 10,390,937 135,822,534 883,562 2,402,400 - -
Margin deposit with Clearing Corporation of India 146,917 190,455 - - - -
Limited
Total 2,943,963,486 2,071,215,655 727,275,122 213,107,472 7,986,803 374,542
Contd...
59
2016 2015 2016 2015 2016 2015
SCHEDULE C
Purchase contract outstanding - - 360,000 - - -
Management Fees Payable 41,717 224,572 1,169,993 331,177 1,224,891 557,618
Trusteeship Fees Payable 816 3,455 7,554 4,650 14,934 14,956
Payable To AMC 18,962 - 115,401 - 201,078 -
Redemption Payable (other than Inter Scheme) - - - 23,068 - -
Sundry Creditors 34,998 58,836 101,038 87,141 247,962 152,896
Dividend distribution payable - - - - 4,066 -
Distributor Fee payable 120,789 147,470 3,351,768 3,141,190 593,543 262,580
Investor Education and related expenses payable 112,186 116,290 234,802 188,507 355,247 296,685
Dividend distribution tax payable 235 9 336,919 - 24,960 661
Tax Deducted at Source - 27,037 - 39,576 - 70,240
Total 329,703 577,669 5,677,475 3,815,309 2,666,681 1,355,636
SCHEDULE D
INVESTMENTS
Corporate Debentures - - 2,496,975,100 278,275,330 1,395,139,075 291,896,970
Commercial Paper - - - - 19,228,480 420,010,800
Government Securities 201,963,300 180,626,700 154,402,050 32,674,950 - -
Certificate of Deposit - - 197,468,400 - 582,889,050 -
Total 201,963,300 180,626,700 2,848,845,550 310,950,280 1,997,256,605 711,907,770
SCHEDULE E
DEPOSITS
- Collateralised borrowing & lending obligation - 14,983,788 - 5,993,515 - 3,496,217
Total - 14,983,788 - 5,993,515 - 3,496,217
SCHEDULE F
Balances with Banks in Current Account 14,152,221 1,474,731 7,374,878 528,004 19,452,974 3,935,329
Sales Contract outstanding - - 1,145,896,226 - 349,057,450 -
Outstanding and Accrued Income 2,900,111 3,654,194 76,244,132 15,308,013 53,430,192 3,059,361
Subscription Receivable (other than Inter Scheme) - - 10,000 - 21,060,657 -
Total 17,052,332 5,128,925 1,229,525,236 15,836,017 443,001,273 6,994,690
Contd...
60
2016 2015 2016 2015 2016 2015
SCHEDULE G
INTEREST
Collateralised Lending 1,012,309 1,309,331 3,670,852 742,652 2,260,196 1,678,164
Commercial Paper - - 3,896,134 - 40,574,815 34,300,261
Certificate of Deposit - - 3,652,412 - 8,538,674 60,060,220
Government Securities 16,954,878 19,482,789 8,574,706 10,749,461 - -
Non Covertible Debentures - - 38,559,884 19,729,271 59,541,574 13,297,649
Total 17,967,187 20,792,120 58,353,988 31,221,384 110,915,259 109,336,294
Contd...
61
INDIABULLS INDIABULLS FMP
INDIABULLS VALUE
INDIABULLS ARBITRAGE FUND MONTHLY INCOME SERIES V (PLAN 1) -
DISCOVERY FUND
PLAN 1175 DAYS
SCHEDULE C
Purchase contract outstanding 50,672,872 3,813,570 3,004,430 50,116 -
Management Fees Payable 639,953 48,903 148,657 78,964 18,196
Trusteeship Fees Payable 7,996 1,671 1,044 1,204 49
Payable To AMC 708,643 - 49,148 - -
Redemption Payable (other than Inter Scheme) 3,601,568 - - - -
Sundry Creditors 507,106 168,946 33,156 307,820 4,374
Stock Options Premium - - - 471,088 -
Distributor Fee payable 591,887 243,032 - 447,458 10,920
Investor Education and related expenses payable - 10,808 6,686 1,423 402
Tax Deducted at Source - 8,996 - - -
Total 56,730,025 4,295,926 3,243,121 1,358,073 33,941
SCHEDULE D
INVESTMENTS
Equity 1,033,491,773 173,635,319 19,926,787 209,416,143 -
Corporate Debentures - - 133,384,346 - 190,435,665
Commercial Paper - 29,118,831 17,100,545 - 66,089,060
Term Deposit 275,000,000 34,500,000 - - -
Total 1,308,491,773 237,254,150 170,411,678 209,416,143 256,524,725
SCHEDULE E
DEPOSITS
- Collateralised borrowing & lending obligation - 1,498,379 - - -
Total - 1,498,379 - - -
SCHEDULE F
Balances with Banks in Current Account 9,586,863 3,615,336 753,159 17,280,134 106,878,432
Sales Contract outstanding 181,071,436 8,037,069 42,221,783 - -
Outstanding and Accrued Income 5,530,925 121,532 3,913,148 - 5,037,377
Dividend Receivable 84,000 - - 77,573 -
Subscription Receivable (other than Inter Scheme) 4,195,000 - 30,000 115,000 -
Receivable from AMC - 24,176 - 160,276 130
Initial margin money utilised for equity derivatives 93,721,154 4,626,622 962,208 8,906,039 -
Marked-to-market margin for equity derivatives - 781,960 - - -
Stock Options - Premiums - - 37,793 - -
Other Receivable 26,465 - 684,069 - -
Total 294,215,843 17,206,695 48,602,160 26,539,022 111,915,939
Contd...
62
INDIABULLS INDIABULLS FMP
INDIABULLS VALUE
INDIABULLS ARBITRAGE FUND MONTHLY INCOME SERIES V (PLAN 1) -
DISCOVERY FUND
PLAN 1175 DAYS
SCHEDULE G
INTEREST
Collateralised Lending 3,872,052 307,303 2,038,935 1,290,837 517,869
Commercial Paper 19,368,160 982,913 697,812 - 17,326
Certificate of Deposit 1,150,647 2,897 305,500 - -
Non Covertible Debentures 25,166,416 - 2,061,328 - 169,023
Term Deposit 13,087,792 711,142 - - -
Total 62,645,067 2,004,255 5,103,575 1,290,837 704,218
Contd...
63
SCHEDULE H
RELATED PARTY TRANSACTIONS
The Schemes have entered into transactions with certain related parties. The information required in this regard in accordance with Accounting Standard 18 on Relat-
ed Party Disclosures issued by the Institute of Chartered Accountants of India and Regulation 25(8) of the SEBI Regulations, is provided below.
(i) Related party relationships
Name Relationship
Indiabulls Housing Finance Limited (IHFL) Sponsor
Indiabulls Asset Management Company Limited Investment Manager of the Fund
Indiabulls Trustee Company Limited Trustee of the Fund
Indiabulls Insurance Advisors Limited (IBIAL) Subsidiary of IHFL
Indiabulls Finance Company Pvt Limited Subsidiary of IHFL
Indiabulls Infrastructure Credit Limited Subsidiary of IHFL
Ibulls Sales Limited Subsidiary of IHFL
Indiabulls Advisory Services Limited Subsidiary of IHFL
Indiabulls Collection Agency Limited Subsidiary of IHFL
Indiabulls Asset Holding Company Limited Subsidiary of IHFL
Indiabulls Life Insurance Company Limited Subsidiary of IHFL
Indiabulls Asset Management Company Limited Subsidiary of IHFL
Indiabulls Trustee Company Limited Subsidiary of IHFL
Indiabulls Holdings Limited (IHL) Subsidiary of IHFL
Indiabulls Venture Capital Trustee Company Limited Subsidiary of IHL
Indiabulls Asset Reconstruction Company Limited Subsidiary of IHFL
Indiabulls Capital Services Limited Subsidiary of IHFL & AMC Directorship
Nilgiri Financial Consultants Limited Subsidiary of IBIAL & AMC Directorship
Indiabulls Venture Capital Management Company Limited Subsidiary of IHL & AMC Directorship
Shelton Tax Services (India) Pvt Limited AMC Directorship
GHCL Limited AMC Directorship
Chaturvedi & Shah Consulting Private Limited AMC Directorship
Indiabulls Industrial Infrastructure Limited AMC Directorship
Satnam Apartments Limited AMC Directorship
Salins Commodities Private Limited AMC Directorship
Golden Greens Golf and Resorts Limited AMC Directorship
Max India Limited AMC Directorship
Inventive Green Technology Solutions Private Limited AMC Directorship
Indiabulls Real Estate Limited AMC Directorship
Oriental Bank of Commerce AMC Directorship
Industrial Finance Corporation of India Limited AMC Directorship
Schemes of the Fund under common control
Indiabulls Liquid Fund
Indiabulls Ultra Short Term Fund
Indiabulls Blue Chip Fund
Indiabulls Gilt Fund
Indiabulls Income Fund
Indiabulls Short Term Fund
Indiabulls Arbitrage Fund
Indiabulls Monthly Income Plan
Indiabulls Value Discovery Fund
Indiabulls FMP Series V (Plan 1) - 1175 Days
Contd...
64
(ii) Transactions covered by Accounting Standard-18
2015 - 2016
Name of Related Parties Nature of Transactions INDIABULLS INDIABULLS INDIABULLS INDIABULLS
LIQUID FUND ULTRA SHORT GILT FUND SHORT TERM
TERM FUND FUND
Indiabulls Trustee Company Limited Fees for trusteeship services 817878.61 190752.75 5720.03 27716.95
Indiabulls Asset Management Company Limited Fees for investment management services 40697606 17967847 584777.37 3881813
Indiabulls Asset Management Company Limited Receivable/(Payable) for other expenses
IFCI Ltd Purchase of investments 1478909000
Sale of investments
Indiabulls Housing Finance Ltd Purchase of investments 10213803300 15879091250 390887800
Sale of investments 6673302770 13472724450 19921480
Indiabulls Infrastructure Credit Limited Purchase of investments 794246000
Sale of investments
Indiabulls Real Est. Ltd Purchase of investments 500000000 200000000
Sale of investments
Oriental Bank of Commerce Purchase of investments 1975668500 245186000
Sale of investments 2884817200 798943900

BLUE CHIP INCOME FUND ARBITRAGE VALUE
FUND FUND DISCOVERY
FUND
Indiabulls Trustee Company Limited Fees for trusteeship services 45436.87 15508.27 34196 3067.73
Indiabulls Asset Management Company Limited Fees for investment management services 10117328 2655939 4319387 334173
IFCI Ltd Purchase of investments
Sale of investments
Indiabulls Housing Finance Ltd Purchase of investments 640606110 350620100
Sale of investments 390898400 150319950
Indiabulls Infrastructure Credit Limited Purchase of investments
Sale of investments
Indiabulls Real Est. Ltd Purchase of investments
Sale of investments
Oriental Bank of Commerce Purchase of investments
Sale of investments
Name of Related Parties Nature of Transactions INDIABULLS INDIABULLS

MONTHLY FMP SERIES V-
INCOME PLAN (PLAN1) 1175
DAYS
Indiabulls Trustee Company Limited Fees for trusteeship services 1539.42 53.71
Indiabulls Asset Management Fees for investment management services 436569.98 18598.7
Company Limited
IFCI Ltd Purchase of investments
Sale of investments
Indiabulls Housing Finance Ltd Purchase of investments 20560940
Sale of investments 20573600
Indiabulls Infrastructure Credit Limited Purchase of investments
Sale of investments
Indiabulls Real Est. Ltd Purchase of investments
Sale of investments
Oriental Bank of Commerce Purchase of investments
Sale of investments
Contd...
65
Interscheme Transfers
2015 - 2016
Name of Related Parties Nature of Transactions Transaction Value
Indiabulls Arbitrage Fund Purchase of investments 250,642,430
Indiabulls Income Fund Sale of investments 250,642,430
Indiabulls Arbitrage Fund Purchase of investments 4,061,731,295
Indiabulls Liquid Fund Sale of investments 4,061,731,295
Indiabulls Short Term Fund Sale of investments 93,474,340
Indiabulls Arbitrage Fund Purchase of investments 1,824,305,375
Indiabulls Ultra Short Term Fund Sale of investments 1,824,305,375
Indiabulls Blue Chip Fund Purchase of investments 214,782,260
Indiabulls Liquid Fund Sale of investments 214,782,260
Indiabulls Blue Chip Fund Purchase of investments 279,455,960
Indiabulls Ultra Short Term Fund Sale of investments 279,455,960
Indiabulls FMP - Series V - (Plan 1) - 1175 Days Purchase of investments 29,963,550
Indiabulls Arbitrage Fund Sale of investments 29,963,550
Indiabulls Monthly Income Fund Sale of investments 2,438,203
Indiabulls Income Fund Purchase of investments 50,004,450
Indiabulls Blue Chip Fund Sale of investments 99,862,400
Indiabulls Gilt Fund Sale of investments 50,950,000
Indiabulls Income Fund Purchase of investments 1,525,673,500
Indiabulls Liquid Fund Purchase of investments 2,028,527,035
Indiabulls Arbitrage Fund Sale of investments 2,028,527,035
Indiabulls Liquid Fund Purchase of investments 14,931,330
Indiabulls Blue Chip Fund Sale of investments 14,931,330
Indiabulls Monthly Income Plan Sale of investments 19,865,300
Indiabulls Short Term Fund Sale of investments 2,601,215,090
Indiabulls Monthly Income Plan Purchase of investments 92,928,604
Contd...
66
Indiabulls Short Term Fund Purchase of investments 319,584,400
Indiabulls Short Term Fund Purchase of investments 3,497,750,080
Indiabulls Ultra Short Term Fund Purchase of investments 2,481,975,855
Indiabulls Arbitrage Fund Sale of investments 2,481,975,855
Indiabulls Ultra Short Term Fund Purchase of investments 70,002,660
Interscheme Transfers
2014 - 2015
Contd...
67
(ii) Transactions covered by Accounting Standard-18
2014 - 2015
LIQUID FUND ULTRA SHORT FMP SERIES III - GILT FUND
TERM FUND 370 DAYS
Indiabulls Trustee Company Limited Fees for trusteeship services 937,770 89,150 6,072 11,826
Indiabulls Asset Management Company Fees for investment management services 24,355,953 6,375,069 77,690 996,491
Limited
Indiabulls Asset Management Company Receivable/(Payable) for other expenses 1,744,452 479,462 - -
Limited
Ibulls Sales Limited Purchase of investments 1,198,400,000 237,500,000 - 30,000,000
Sale of investments 1,198,818,268 240,649,054 - 30,228,524
Indiabulls Advisory Services Limited Purchase of investments 4,497,400,000 20,000,000 - -
Sale of investments 4,498,868,036 20,603,956 - -
Indiabulls Asset Management Co Ltd Purchase of investments 14,038,686,203 680,000,000 - -
Indiabulls Asset Reconstruction Co Limited Purchase of investments 12,013,700,000 70,000,000 - -
Sale of investments 12,017,671,381 72,113,849 13,753,375 -
Indiabulls Capital Services Ltd Purchase of investments 11,360,660,578 50,000,000 - -
Indiabulls Collection Agency Ltd Purchase of investments 6,953,600,000 35,000,000 - -
Indiabulls Housing Finance Limited Purchase of investments 327,180,000,000 2,300,000,000 - 20,000,000
Sale of investments 333,482,512,563 2,926,325,036 - -
Indiabulls Infrastructure Credit Ltd Purchase of investments 1,800,000,000 477,883,424 - 52,500,000
Indiabulls Insurance Advisors Ltd Purchase of investments 5,868,000,000 20,000,000 - -
Nilgiri Financial Consultants Ltd Purchase of investments 4,539,894,956 262,500,000 - 60,228,524
Sale of investments 4,541,487,897 266,378,367 13,753,375 63,560,685
Indiabulls Finance Company Pvt Ltd Purchase of investments 3,100,000,000 477,883,424 - 100,093,793
Sale of investments 3,101,970,063 483,605,585 - 102,949,753

SHORT TERM BLUE CHIP FUND INCOME FUND ARBITRAGE
FUND FUND
Indiabulls Trustee Company Limited Fees for trusteeship services 54,099 4,912 17,684 2,087
Indiabulls Asset Management Company Fees for investment management services 2,631,068 1,441,948 1,541,760 199,483
Limited
Indiabulls Asset Management Company Receivable/(Payable) for other expenses - - - 24,176
Limited
Ibulls Sales Limited Purchase of investments - - - -
Sale of investments - - - -
Indiabulls Advisory Services Limited Purchase of investments - - - -
Indiabulls Asset Management Co Ltd Purchase of investments 100,000,000 - - -
Sale of investments 109,537,849 - - -
Indiabulls Asset Reconstruction Co Limited Purchase of investments - - - -
Indiabulls Capital Services Ltd Purchase of investments - - - -
Contd...
68
SHORT TERM BLUE CHIP FUND INCOME FUND ARBITRAGE
FUND FUND
Indiabulls Collection Agency Ltd Purchase of investments 120,000,000 - - -
Indiabulls Housing Finance Limited Purchase of investments - - - -
Indiabulls Infrastructure Credit Ltd Purchase of investments 553,172,901 - - -
Indiabulls Insurance Advisors Ltd Purchase of investments - - - -
Nilgiri Financial Consultants Ltd Purchase of investments - - - -
Indiabulls Finance Company Pvt Ltd Purchase of investments 452,623,203 - - -
Contd...
69
Schedule I
SIGNIFICANT ACCOUNTING POLICIES AND NOTES FORMING PART OF FINANCIAL STATEMENTS
A. BACKGROUND
Indiabulls Mutual Fund has been established as a Trust in accordance with the provisions of the Indian Trusts Act, 1882 (2 of 1882). Indiabulls Asset Management Company Limited has been appointed as the
asset manager of the Mutual Fund.
In accordance with the Securities and Exchange Board of India (SEBI) (Mutual Funds) Regulations, 1996 (the SEBI Regulations), the Board of Directors of the Indiabulls Trustee Company Limited (the Trus-
tee) has appointed Indiabulls Asset Management Company Limited (the AMC) to manage the Funds affairs and operate its Schemes.
The key features of the following Indiabulls Mutual Fund schemes are as below:
Scheme Name Nature of Scheme NFO Launch Date Options Currently Offered Investment Objective
Under Regular & Direct Plan To provide a high level of
: Growth liquidity with returns commen-
Dividend: - Daily Dividend (Re- surate with low risk through a
investment) - Weekly Dividend portfolio of money market and
INDIABULLS LIQUID FUND An open-ended liquid scheme October 24, 2011 (Reinvestment) debt securities with maturity of
- Fortnightly Dividend (Rein- up to 91 days. However, there
vestment & Payout) can be no assurance that the
- Monthly Dividend (Reinvest- investment objective of the
ment & Payout) scheme will be achieved.
Under Regular & Direct Plan
To provide liquidity with return
: Growth
commensurate with low risk
Dividend: - Daily Dividend (Re-
through a portfolio of money
investment) - Weekly Dividend
INDIABULLS ULTRA SHORT market and debt securities.
An open-ended debt scheme January 5, 2012 (Reinvestment)
TERM FUND However, there can be no
- Fortnightly Dividend (Rein-
assurance that the investment
vestment & Payout)
objective of the scheme will be
- Monthly Dividend (Reinvest-
achieved.
ment & Payout)
The primary investment objec-
tive of the Scheme is to seek
to provide long-term capital
appreciation from a portfolio
Under Regular & Direct Plan:
that is invested predominantly
INDIABULLS BLUE CHIP Growth
An open-ended equity scheme January 20, 2012 in equity and equity- related
FUND Dividend (Reinvestment &
securities of blue-chip large-
Payout)
cap companies. However,
there is no assurance that the
investment objective of the
Under Regular & Direct Plan : The Scheme seeks to
Growth generate income and capital
Dividend : appreciation predominantly in
- Weekly Dividend (Reinvest- sovereign securities issued by
ment & Payout) Central Government (including
- Fortnightly Dividend (Rein- Treasury Bills) and/or by state
vestment & Payout) government, without any re-
INDIABULLS GILT FUND An open-ended gilt scheme 28th December, 2013
- Monthly Dividend (Reinvest- strictions on the maturity of the
ment & Payout) portfolio. However, there is no
Bonus - assurance that the investment
Auto Investment Redemption objective of the scheme will be
Facility (AIRF) realized and the scheme does
Auto Bonus Units Redemption not assure or guarantee any
Facility (ABRF) returns.
The primary investment
Under Regular & Direct Plan :
objective of the Scheme is to
Growth
generate a steady stream of
Dividend :
income and/or medium to long
- Monthly Dividend (Reinvest-
term capital appreciation/gain
INDIABULLS INCOME FUND An open-ended debt scheme 12th February, 2013 ment & Payout)
through investment in fixed
- Quarterly Dividend (Reinvest-
income securities. However,
ment & Payout)
there can be no assurance that
- Half Yearly Dividend (Rein-
the investment objective of the
vestment & Payout)
Contd...
70
Under Regular & Direct Plan : The Scheme will endeavor
Growth to generate stable returns
Dividend : over short term with a low risk
- Weekly Dividend (Reinvest- strategy while maintaining
INDIABULLS SHORT TERM ment & Payout) liquidity through a portfolio
An open-ended debt scheme 22nd August, 2013
FUND - Fortnightly Dividend (Rein- comprising debt and money
vestment & Payout) market instruments. However,
- Monthly Dividend (Reinvest- there can be no assurance
ment & Payout) that the investment objective of
the scheme will be achieved.
To generate income by
predominantly investing in
arbitrage opportunities in the
cash and
derivative segments of the eq-
Under Regular & Direct Plan : uity markets and the arbitrage
Growth opportunities available
INDIABULLS ARBITRAGE
An open-ended debt scheme 19th December, 2014 Dividend (Reinvestment & within the derivative segment
FUND
Payout) and by investing the balance in
Bonus debt and money market
instruments.
However, there is no assurance
or guarantee that the invest-
ment objective of the scheme
will be realized.
The primary objective of the
Scheme is to seek to generate
capital appreciation by
investing in a portfolio of Equity
and Equity related securities
of companies that meet the
relative value criteria and fall
Under Regular & Direct Plan :
within top 500 by market cap.
Growth
INDIABULLS VALUE DISCOV- An Open-Ended Diversified A company is considered as
September 3, 2015 Dividend (Reinvestment &
ERY FUND Equity Scheme showing high relative value if
Payout)
it has a combination of higher
RoCE and higher earnings
yield.
However, there is no assurance
that the investment objective
of the Scheme will be realized
and the Scheme does not as-
sure or guarantee any returns.
The primary objective of
the Scheme is to generate
regular monthly returns through
investment primarily in debt
securities. The secondary
objective of the Scheme is
Under Regular & Direct Plan : to generate long-term capital
An Open-Ended Debt Scheme.
Growth appreciation by investing a
INDIABULLS MONTHLY Monthly Income is not assured
10 November,2015 Dividend (Reinvestment & portion of the Schemes assets
INCOME PLAN and is subject to availability of
Payout) in equity securities. Monthly
distributable surplus
Income is not assured and
is subject to availability of
distributable surplus.
However, there can be no
assurance that the investment
objective of the scheme will be
achieved.
Contd...
71
The Primary Investment
Objective of the Scheme is to
Under Regular & Direct Plan : generate returns and capital
Growth appreciation by investing in a
Dividend (Reinvestment & portfolio of Debt and Money
Payout) Market Securities. The Scheme
INDIABULLS FMP - SERIES
A Closed Ended Debt Scheme March 04, 2016 The Dividend option has the will invest only in such
V - (PLAN 1) - 1175 DAYS
following facilities: Quarterly/ securities which mature on
Annual Dividend Transfer Facil- or before the date of maturity
ity, Quarterly/Annual Dividend of the Scheme. There is no
Pay-out Facility assurance that the investment
objective of the Scheme will be
realized.
B SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1 BASIS OF ACCOUNTING
The Scheme maintains books of accounts on an accrual basis. These financial statements have been prepared in accordance with the accounting policies and standards
1.1 specified in the Ninth Schedule of The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto, as applicable (the Regula-
tions).
2 REVENUE RECOGNITION
Profit/loss on sale of investments is accounted for in the period in which the contract for sale is entered into. The cost is calculated on the basis of weighted average cost of
2.1
investment.
In accordance with the Guidance Note on Accounting for Investments in the Financial Statements of Mutual Funds issued by the Institute of Chartered Accountants of
India (pursuant to the Eleventh Schedule of the SEBI Regulations), the net unrealised gain or loss in the value of investments is determined separately for each category
2.2
of investments. The net unrealised gain, if any, on investments sold/transferred during the period is adjusted in the unrealised appreciation reserve and the net unrealised
loss, if any, is charged to the revenue account as recommended by the Guidance Note.
Dividend income is recognised on the ex-dividend date. In respect of interest bearing investments including those purchased on a Reverse Repo basis, interest income is
2.3
accrued daily.
2.4 Income other than above and of miscellaneous nature is accounted for, as and when realised.
3 UNIT PREMIUM RESERVE
Upon issue and redemption of units, the net premium or discount to the face value of units is adjusted against the unit premium reserve of the scheme, after an appropriate
3.1
portion of the issue proceeds and redemption payout is credited or debited respectively to the income equalization reserve.
4 EQUALISATION ACCOUNT
The purpose of Equalisation Account is to maintain per unit distributable surplus so that continuing unitholders share of distributable surplus remains unchanged on issue
or redemption of units. The total distributable surplus (without considering unrealised appreciation) upto the date of issue/ redemption of units have been taken into account
4.1
for the purpose of ascertaining the amount to be transferred to Equalisation Account. The net balance in this account is transferred to the Revenue Account at the end of
the period.
5 LOAD CHARGES
During New Fund Offer, load collected is used to meet expenses relating to brokerage/commission and Advertisement and Marketing Expenses incurred during the New
5.1
Fund Offer period.
No entry load is being charged for purchase / additional purchase / switch-in accepted by Indiabulls Mutual Fund in accordance to SEBI circular no. SEBI/IMD/CIR
5.2
No.4/168230/09 dated June 30, 2009
As per regulation 51A of the Securities & Exchange Board of India (Mutual Funds) (Second Amendment) Regulations, 2012,the exit load charged, if any, from 1 October
2012, shall be credited to the scheme. As per SEBI circular No. CIR/IMD/DF/21/2012, dated September 13, 2012, from 1 October 2012, service tax on exit load, if any,
5.3
shall be paid out of the exit load proceeds and exit load net of service tax, if any, shall be credited to the scheme. Prior to this change, out of the exit load charged to the
investors, a maximum amount of 1% of redemption proceeds was maintained in a separate account as load and the balance was credited to the scheme.
6 INVESTMENTS
Investments are accounted on the trade date. In case of interest bearing securities though investments are accounted on the trade date, interest accrues from the settle-
6.1 ment date. However, the effect of all investments traded during the financial year is recorded and reflected in the financial statements for that year. The cost of investments
includes cost of acquisition, brokerage, securities transaction tax and stamp duty, if any.
Contd...
72
6.2 Rights/Bonus entitlements, if any, are accounted on ex-right/ex-bonus date of the principal stock exchange.
7 VALUATION OF INVESTMENTS
The valuation of investments has been carried out as per the valuation policy mentioned below.
7.1 Equity and related securities
Asset Class Traded / Non-traded Basis of Valuation

On the valuation day, at the last quoted closing price on the National Stock Exchange (NSE)/ Bombay
Stock Exchange (BSE) or other stock exchange, where such security is listed. If not traded on the
Traded primary stock exchange, the closing price on the other stock exchange will be considered. NSE will be
the primary stock exchange.
1. When a security is not traded on any stock exchange, on the date of valuation, then the previous clos-
ing price on NSE / any other Stock Exchange will be used, provided such closing price is not exceeding
a period of 30 calendar days.
2. In all other cases
a. Equity Shares: Valuation price will be in accordance with the norms prescribed as per SEBI Circular
no. MFD/CIR/8/92/2000 dated September 18, 2000 as detailed below
Based on the latest available Balance Sheet, Net Worth shall be calculated as follows:
i) Net Worth per share = [Share Capital+ Reserves (excluding Revaluation Reserves) Miscellaneous
expenditure and Debit Balance in Profit and Loss Account] / Number of Paid up Shares.
ii) Average Capitalization rate (P/E ratio) for the industry based upon either BSE or NSE data (which
shall be followed consistently and changes, if any, noted with proper justification thereof) shall be taken
and discounted by 75 per cent i.e. only 25 per cent. Of the industry average P/E shall be taken as
Capitalization rate (P/E ratio). Earnings per share (EPS) of the latest audited annual accounts shall be
considered for this purpose.
iii) The value as per the Net Worth value per share and the capital earning value calculated as above
shall be averaged and further discounted by 10 per cent. for illiquidity so as to arrive at the fair value
per share.
iv) In case the EPS is negative, EPS value for that year shall be taken as zero for arriving at capitalised
earning.
v) In case where the latest Balance Sheet of the company is not available within nine months from
the close of the year, unless the accounting year is changed, the shares of such companies shall be
valued at zero.
vi) In case an individual security accounts for more than 5 per cent. of the total assets of the scheme,
an independent valuer shall be appointed for the valuation of the said security. To determine if a security
Equity Shares, Non Traded
accounts for more than 5 per cent. Of the total assets of the scheme, it shall be valued by the procedure
Preference Shares, above and the proportion which it bears to the total net assets of the scheme to which it belongs will be
Equity Warrants compared on the date of valuation206.
vii) In case trading in an equity security is suspended up to thirty days, then the last traded price shall
be considered for valuation of that security. If an equity security is suspended for more than thirty days,
then the AMC(s) or Trustees shall decide the valuation norms to be followed and such norms shall be
documented and recorded.
b. Preference Shares: Preference shares can be convertible or non-convertible. The non-convertible
preference share will be valued at the present value of all the future expected dividend payments and
the maturity value, discounted at the expected return on preference share.
The value of convertible preference share can be arrived as follows,
Value of Convertible Preference share = (Preference shares dividend/expected return on preference
share) x (Face Value)
c. Equity Warrants / Rights entitlement / Partly Paid up rights shares: Valuation price will be arrived,
after applying appropriate discount (valuation committee delegated the power to decide the discount
factor), after reducing the exercise price / issuance price from the closing price of the underlying cash
equity security. The ratio of rights i.e. (no of rights offered / no. of original shares held) will be adjusted in
the quantity directly while booking the rights and hence not considered again for valuation.
d. Demerger: Where at least one resultant company is not immediately listed, valuation price will be
worked out by using cum-price, before demerger reduced for quoted price of the listed resultant com-
pany (ies). OR In case of a demerger pending listing, the resultant company/ies shall be valued at the
intrinsic value arrived at on the date of corporate action.
e. Amalgamation/Merger /Spin off/ Differential voting rights: Valuation for the same shall be arrived
at in good faith by the Valuation Committee of the AMC.
Valuation will be computed on the basis of average of book value and the price computed on the basis
of the PE ratio (after appropriate discount to industry PE), further discounted for illiquidity.
Definition of thinly traded equity/ equity related security: When trading in an equity/equity related secu-
Thinly Traded rity in a calendar month is both less than INR 5 lacs and the total volume is less than 50,000 shares, it
shall be considered as a thinly traded security. The valuation shall be as per guidelines specified vide
SEBI Circular no. MFD/CIR/8/92/2000 dated September 18, 2000 as listed under Non-traded section
above.
On the valuation day, at the closing price provided by the respective stock exchanges.
Traded
Futures & Options When a security is not traded on the respective stock exchange on the date of valuation, then the
Non Traded
settlement price / any other derived price provided by the respective stock exchange.
Contd...
73
7.2 Fixed Income and related securities
Asset Category Valuation Policy w.e.f. July 11, 2016
In cases, where Security Level pricing is provided by the Agency/Agencies appointed by the AMC, simple average of the prices provided
by the agencies proposed by AMFI (Currently CRISIL & ICRA) to be used on each valuation day.
In cases, where Security Level pricing is not available from the agencies, if the security is traded in the market, market price should be
considered. If the market price is not available, purchase price will be considered.
Valuation Methodology
In case of T+0 trade, where the Agency/Agencies do not provide the prices on trade date
Money Market Instruments Price arrived with linear amortization (Market price or Purchase Price + One day Amortisation
(CP/CD/ZCB/ BRDS) Income)
Debt Securities having maturity

above 60 days Coupon bearing securities
Market Price or Purchase Price
(Bond)
In case of T+N trade, where the Agency/Agencies do not provide the prices on trade date
Market Price or Purchase Price till settlement date
Money Market Instruments E.g. New security bought on Friday with settlement date Monday.
(CP/CD/ZCB/ BRDS) Friday to Sunday Valuation @ Market Price or Purchase Price
Monday Valuation @ SLP
Market Price or Purchase Price till settlement date
Coupon bearing securities E.g. New security bought on Friday with settlement date Monday.
(Bond) Friday to Sunday Valuation @ Market Price or Purchase Price
Monday Valuation @ SLP
The Fund will not be investing in Securitized Debt. Valuation norms in this respect are thus not covered in the policy.
Instruments will be valued by amortisation on a straight line basis to maturity from cost or last valuation price whichever is more recent
as long as it is within 0.10% of the reference price. Benchmark yields for calculating reference price to be provided by CRISIL/ICRA.
Illiquidity Changes:At the time of first purchase and additional transaction the spread between the purchase yield (or transaction yield as
the case may be) and the benchmark yield should be fixed. The spread would be kept constant through the life of the instrument and will
Debt Securities having maturity be changed only if there is justification for the change and the same will be recorded. In case the variance exceeds 0.10%, the valuation
below or equal to 60 days. shall be adjusted to bring it within the 0.10% band.
Qualification criteria for considering the trades on the public platform: at least five trades aggregating to `. 250 crores or more.
If market trades satisfying the above criteria are not available on the public platforms, AMCs own trade to be considered.
Qualification criteria for considering AMCs own trades: trade of market lot or more i.e. `. 5 crore or more. In case of AMCs own trades of
less than ` 5 Cr, then the previous days valuation price will be used.
Pricing of all the scrips would be uniform across all the Schemes.
The Interscheme trades in debt and money market instrument (inclusive of G-sec & T-Bills) will be valued at the weighted average traded
price/yield available on public platform.
Qualification criteria for considering the trades on the public platform: trade of market lot or more i.e. `. 5 crore or more.
Inter - scheme Transfers If same security on a public platform is not available at the time of inter-scheme, then the previous days valuation price will be used.
Note: Outlier trades, if any, should be ignored after suitable justification by the Fund Managers.
Notes:
1. Public Platform refers to:
a)FIMMDA:
b)NSE WDM
c) BSE WDM
d) NDS-OM/CCIL: For Government securities &Treasury bills
2. Government Securities and Treasury bills (> 60 days of residual maturity) will be valued at simple average
of prices provided by the agencies proposed by AMFI (Currently CRISIL & ICRA) on each valuation day
3. Government Securities and Treasury bill (<= 60 days of residual maturity) will be valued at the amortized price based on straight line basis to maturity from cost or last valuation
price whichever is more recent as long as it is within 0.10% of the reference price. Benchmark yields for calculating reference price to be provided by the agencies proposed by
AMFI (Currently CRISIL & ICRA). In case the variance exceeds 0.10%, the valuation shall be adjusted to bring it within the 0.10% band.
4. Following assets will be valued at cost plus accruals / amortization:
a) Bank Fixed Deposits
b) CBLO / Reverse Repo
5. Units / shares of mutual funds will be valued at the last published NAV.
6. Weighted average YTM shall be rounded up to four digits after decimal point.
Contd...
74
C. NOTES ON FINANCIAL STATEMENTS
1) The Cost and Market Value/Fair Value of Investments as on March 31, 2016 is given below:
Book Cost Market Value Book Cost Market Value

Securities
` ` ` `
Equity - -
Commercial Paper 7,338,548,727 7,366,766,840 1,654,939,370 1,664,548,255
Certificate of Deposit 12,864,251,004 12,906,807,920 2,917,763,390 2,928,572,040
Gilt - -
Fixed Income - Corporate
686,178,257 700,195,792
Bonds
TOTAL 20,202,799,731 20,276,481,835 5,258,881,017 5,293,760,081

Securities
`. `. ` `
Equity 1,717,900,307 1,638,211,316 - -

Mutual Fund 400,000,001 400,384,971
Commercial Paper - - - -
Certificate of Deposit - - - -
Gilt - - 200,306,030 201,963,300
- - - -
Bonds
TOTAL 2,117,900,307 2,038,596,287 200,306,030 201,963,300
INDIABULLS INCOME FUND INDIABULLS FMP Series V (Plan 1) - 1175 Days

Securities
` ` ` `
Equity - -
Commercial Paper 65,948,123 66,089,060
Certificate of Deposit 197,027,800 197,468,400 - -
Gilt 153,058,640 154,402,050 - -
Fixed Income- Corporate
2,483,588,440 2,496,975,100 189,818,012 190,435,665
Bonds
TOTAL 2,833,674,880 2,848,845,550 255,766,135 256,524,725
INDIABULLS SHORT TERM FUND INDIABULLS ARBITRAGE FUND

Securities
` ` ` `
Equity 1,047,039,287 1,033,491,773
Commercial Paper 19,037,551 19,543,480 -
Certificate of Deposit 580,323,900 582,889,050 - -
Gilt - -
1,390,904,837 1,395,139,075 - -
Bonds
TOTAL 1,990,266,289 1,997,571,605 1,047,039,287 1,033,491,773
Contd...
75
INDIABULLS MONTHLY INCOME PLAN INDIABULLS VALUE DISCOVERY FUND
Securities
` ` ` `
Equity 20,591,368 19,926,787 215,941,060 209,416,143
Commercial Paper 16,966,250 17,100,545 - -
Gilt - - - -
132,959,592 133,384,346 - -
Bonds
TOTAL 170,517,210 170,411,679 215,941,060 209,416,143
1) The Cost and Market Value/Fair Value of Investments as on March 31, 2015 is given below:

Securities
` ` ` `
Equity - - - -
Commercial Paper 4,076,076,493 4,090,900,623 729,677,250 735,325,750
Certificate of Deposit 10,742,873,305 10,786,861,858 1,781,296,126 1,786,439,899
Gilt 2,217,753,402 2,218,015,000 - -
250,041,240 250,233,500 436,769,790 437,786,550
Bonds
TOTAL 17,286,744,440 17,346,010,981 2,947,743,166 2,959,552,199

Securities
` ` ` `
Equity 180,272,871 201,159,371 - -

Gilt - - 172,600,365 180,626,700
- - - -
Bonds
TOTAL 180,272,871 201,159,371 172,600,365 180,626,700
INDIABULLS INCOME FUND INDIABULLS FMP SERIES III-370 DAYS JULY 2013 (3)

Securities
` ` ` `
Equity - - - -
Gilt 30,855,506 32,674,950 - -
276,641,123 278,275,330 - -
Bonds
TOTAL 307,496,629 310,950,280 0 0
Contd...
76
INDIABULLS SHORT TERM FUND INDIABULLS ARBITRAGE FUND

Securities
` ` ` `
Equity - - 167,943,169 173,635,319

Commercial Paper 415,040,830 420,010,800 29,084,240 29,118,831
Gilt - - - -
291,163,200 291,896,970 - -
Bonds
TOTAL 706,204,030 711,907,770 197,027,409 202,754,150
2) Appreciation/(Depreciation) in value of investments as at March 31, 2016 and adjustment for the Year / Period in respect thereof is under:
Appreciation in the value of Depreciation in the value of Net Appreciation / (Deprecia-
Scheme Name Investments as on 31.03.16 Investments as on 31.03.16 tion) as on 31.03.16
(`) (`) (`)
INDIABULLS LIQUID FUND 15,859,469 60,383 15,799,087
6,660,971 503,654 6,157,317
TERM FUND
INDIABULLS BLUE CHIP
25,119,280 104,423,301 (79,304,021)
FUND
INDIABULLS GILT FUND 1,657,270 - 1,657,270
INDIABULLS INCOME FUND 14,425,079 33,875 14,391,204
INDIABULLS FMP Series V
596,668 - 596,668
(Plan 1) - 1175 Days
INDIABULLS SHORT TERM
3,696,369 443,791 3,252,577
FUND
INDIABULLS MONTHLY
682,537 913,205 (230,668)
INCOME PLAN
INDIABULLS VALUE DISCOV-
9,295,660 15,820,577 (6,524,917)
ERY FUND
38,698,080 52,245,595 (13,547,515)
FUND
March 31, 2015
Appreciation in the value of Depreciation in the value of Net Appreciation / (Deprecia-
Scheme Name Investments as on 31.03.15 Investments as on 31.03.15 tion) as on 31.03.15
(`) (`) (`)
INDIABULLS LIQUID FUND 1,939,462 1,374,136 565,326
2,620,008 267,998 2,352,010
TERM FUND
INDIABULLS BLUE CHIP
24,210,314 3,323,814 20,886,500
FUND
INDIABULLS GILT FUND 8,026,335 - 8,026,335
INDIABULLS INCOME FUND 3,913,401 459,750 3,453,651
INDIABULLS FMP SERIES
- - -
III-370 DAYS JULY 2013 (3)
INDIABULLS SHORT TERM
871,375 - 871,375
FUND
11,429,359 4,955,225 6,474,134
FUND
Contd...
77
3) Net Asset Value (NAV) per unit as on March 31, 2016 as under
Indiabulls Liquid Fund Indiabulls Ultra Short Term Fund Indiabulls Blue Chip Fund
Regular Direct Regular Direct Regular Direct
Growth 1,472.5653 1,477.0680 1,454.3383 1,477.7521 14.06 14.72
Bonus - - - - - -
Dividend - - - - 12.12 12.41
Quarterly Dividend - - - - - -
Daily Dividend 1,001.1451 1,001.0600 1,002.6200 1,004.3508 - -
Weekly Dividend 1,003.0973 1,001.5179 1,004.4800 1,004.5906 - -
Fortnightly Dividend 1,000.0000 1,000.0000 1,000.0000 1,004.0585 - -
Half Yearly Dividend - - - - - -
Monthly Dividend 1,012.2326 1,027.7470 1,004.1200 1,003.7902 - -
Indiabulls Gilt Fund Indiabulls Income Fund Indiabulls Short Term Fund
Growth 1,306.4424 1,351.6985 12.3604 12.8302 1,250.8728 1,293.5393
Bonus 1,000.0000 1,000.0000 - - - -
Dividend - - - - - -
Quarterly Dividend - - 11.1352 11.0062 - -
Daily Dividend - - - - - -
Weekly Dividend 1,053.9660 1,000.0000 - - 1,013.3713 1,004.5515
Fortnightly Dividend 1,116.4516 1,014.5525 - - 1,000.0000 1,002.5700
Half Yearly Dividend - - 10.8156 10.9798 - -
Monthly Dividend 1,043.9644 1,025.7060 10.3376 10.5889 1,012.3500 1,012.2400
Indiabulls Arbitrage Fund Value Discovery Fund** Monthly Income Fund**

Growth 11.0100 11.1096 9.3635 9.4838 10.1513 10.2001
Bonus - - - - - -
Dividend 10.3500 10.4384 9.3635 9.4838 10.1513 10.2001
Quarterly Dividend - - - - - -
Daily Dividend - - - - - -
Weekly Dividend - - - - - -
Fortnightly Dividend - - - - - -
Half Yearly Dividend - - - - - -
Monthly Dividend - - - - - -
INDIABULLS FMP SERIES V-(PLAN1)-1175

DAYS
Regular Direct
Growth 10.0346 10.0349
Bonus - -
Dividend - -
Quarterly Dividend - -
Daily Dividend - -
Weekly Dividend - -
Fortnightly Dividend - -
Half Yearly Dividend - -
Monthly Dividend - -
Contd...
78
Net Asset Value (NAV) per unit as on March 31, 2015 as under
Scheme INDIABULLS INDIABULLS INDIABULLS INDIABULLS GILT INDIABULLS INDIABULLS
LIQUID FUND * ULTRA SHORT BLUE CHIP FUND* INCOME FUND** SHORT TERM
NAV (March 31, TERM FUND * FUND** NAV (March 31, NAV (March 31, FUND**
2015) NAV (March 31, NAV (March 31, 2015) 2015) NAV (March 31,
2015) 2015) 2015)
Direct Growth 1,361.4178 1,350.8839 15.32 1,255.8802 11.8651 1,162.2438
Option
Direct Dividend - - 15.32 - - -
Option
Direct Daily Divi- 1,000.4324 1,004.3508 - - - -
dend Option
Direct Weekly 1,009.0225 1,002.2179 - - - -
Dividend Option
Direct Fortnightly - 1,002.9778 - - - -
Dividend Option
Direct Monthly - 1,002.9378 - - 10.6061 1,012.4752
Dividend Option
Direct Quarterly - - - - 10.1783 -
Dividend
Direct Bonus - - - 1,255.8583 - -
Direct Half Yearly - - - - 10.1540 -
Dividend
Growth Option 1,358.7353 1,338.9140 14.96 1,222.9702 11.5920 1,141.5584
Dividend Option - - 14.96 - - -
Daily Dividend 1,000.5175 1,002.1120 - - - -
Option
Weekly Dividend 1,007.7546 1,002.1447 - 1,045.9267 - 1,011.3746
Option
Fortnightly Dividend - - - 1,044.7821 - -
Option
Monthly Dividend - 1,003.3956 - 1,045.3189 10.3542 1,012.5131
Option
Quarterly Dividend - - - - 10.4464 -
Bonus - - - - - -
Half Yearly Dividend - - - - 10.1432 -
Scheme INDIABULLS ARBITRAGE FUND**
NAV (March 31,
2015)
Direct Growth 10.2857

Option
Direct Dividend 10.2857
Option
Growth Option 10.2712
Dividend Option 10.2712
* Face Value per unit is `. 1000.00
** Face Value per unit is `. 10.00
Contd...
79
4) A full list of Investments along with the total value of Investments falling under each major Industry Group of the scheme is given in ANNEXURE I.
5) Income Tax
No provision for income tax has been made since the income of the scheme is exempt under Section 10 (23D) of the Income tax Act 1961.
6) Management Fees
Investment Management Fees has been computed on the basis of Average Daily Net Assets of the Scheme accrued on a daily basis. No Management fees is charged on
Indiabulls Asset Management Company Limiteds investment in the scheme.
As on 31st March 2016
Average Daily Net Management Fees % of Average Daily Net Assets
Scheme Name
Assets (`) Charged (`) (annualised)
Indiabulls Arbitrage Fund 1,490,015,239 3,542,081 0.24%
Indiabulls Blue Chip Fund 2,010,016,039 8,839,969 0.44%
Indiabulls FMP - Series V - (Plan 367,983,470 15,892 0.53%
1) - 1175 Days
Indiabulls Gilt Fund 231,200,431 513,745 0.22%
Indiabulls Income Fund 665,941,873 2,324,969 0.35%
Indiabulls Liquid Fund 34,002,094,410 35,705,261 0.11%
Indiabulls Monthly Income Plan 209,331,368 381,283 0.55%
Indiabulls Short Term Fund 1,190,041,608 3,393,209 0.29%
Indiabulls Ultra Short Term Fund 8,103,362,492 15,779,299 0.19%
Indiabulls Value Discovery Fund 242,440,671 292,206 0.21%
As on 31st March 2015
Scheme Name Average Daily Net Management Fees % of Average Daily Net Assets
Assets (`) Charged (`) (annualised)
INDIABULLS LIQUID FUND 23,335,035,786 24,355,953 0.10%
INDIABULLS ULTRA SHORT 2,263,691,857 6,375,069 0.28%
TERM FUND
INDIABULLS BLUE CHIP FUND 118,379,039 1,441,948 1.22%
INDIABULLS GILT FUND 257,137,977 996,491 0.39%
INDIABULLS INCOME FUND 359,451,255 1,541,760 0.43%
INDIABULLS SHORT TERM 1,159,322,661 2,631,068 0.23%
FUND
INDIABULLS ARBITRAGE FUND 231,741,110 199,483 0.31%
7) Trustee Fees:
The schemes has paid or provided for trustee fees in accordance with the agreement with the Trustees as amended from time to time and the Offer Document. In terms of
Offer Document, the Trustee is entitled to receive such fees upto an annual rate of 0.01% of schemes average daily net assets or ` 10 Lacs annually, whichever is less.
8) Custodian Fees
HDFC Bank Ltd provides custodial services to the scheme for which it receives the custody fees including transaction and safe keeping fees.
9) As per the disclosure under Regulation 25(8) of the SEBI Regulations, brokerage/commission paid to associate brokers are as follows:
Current Year
Brokerage paid to associates/related parties/group companies of Sponsor/AMC
Name of associate/related Nature of Association/ Period covered Value of transaction ( in ` Cr. & Brokerage ( Rs Cr & % of total
parties/group companies of Nature of relation % of total value of transaction of brokerage paid by the fund)
Sponsor/AMC the fund )
`. Cr. % `. Cr. %
None Not Applicable April 01, 2015

to ---------- NIL ----------
March 31, 2016
Contd...
80
Commission paid to associates/related parties/group companies of Sponsor/AMC
None Not Applicable April 01, 2015 `. Cr. % `. Cr. %
to
March 31, 2016 ---------- NIL ----------
Previous Year
Brokerage paid to associates/related parties/group companies of Sponsor/AMC
April 01, 2014 `. Cr. % `. Cr. %
None Not Applicable to
March 31, 2015 ---------- NIL ----------
Commission paid to associates/related parties/group companies of Sponsor/AMC

None Not Applicable April 01, 2014 `. Cr. % `. Cr. %
to
March 31, 2015 ---------- NIL ----------
10) Aggregate Value of Purchases and Sales made during the period expressed as a percentage of average daily net assets value.
Current Year : 2015 - 2016
Scheme Name Total Purchase of % of Average Daily Net Total Sale of Investment (`) % of Average Daily Net
Investment (`) Assets Assets
Indiabulls Arbitrage Fund 41,774,420,971 2803.62% 25,577,294,055 1716.58%
Indiabulls Blue Chip Fund 43,292,806,261 2153.85% 12,579,998,800 625.87%
Indiabulls FMP - Series V - (Plan 1,824,043,083 743.23% - 0.00%
1) - 1175 Days
Indiabulls Gilt Fund 4,282,661,257 1852.36% 685,261,880 296.39%
Indiabulls Income Fund 22,077,023,398 3315.16% 4,067,282,714 610.76%
Indiabulls Liquid Fund 637,622,686,410 1875.25% 244,072,450,183 717.82%
Indiabulls Monthly Income Plan 7,776,168,892 3714.77% 137,979,256 65.91%
Indiabulls Short Term Fund 21,198,614,134 1781.33% 9,216,574,314 774.47%
Indiabulls Ultra Short Term Fund 179,837,848,960 2219.30% 127,879,000,189 1578.10%
Indiabulls Value Discovery Fund 4,976,508,826 2052.67% 215,012,072 88.69%
Previous Year : 2014 - 2015

Scheme Name Total Purchase of % of Average Daily Net Total Sale of Investment (`) % of Average Daily Net
Investment (`) Assets Assets
Indiabulls Liquid Fund 394,608,708,206 1691.06% 388,817,617,732 1666.24%
Indiabulls Ultra Short Term Fund 50,657,052,351 2237.81% 48,762,570,292 2154.12%
Indiabulls Blue Chip Fund 281,583,738 237.87% 166,126,922 140.33%
Indiabulls Gilt Fund 861,563,160 335.06% 839,168,427 326.35%
Indiabulls Income Fund 856,130,351 238.18% 1,045,440,059 290.84%
Indiabulls Short Term Fund 7,753,243,490 668.77% 8,206,300,604 707.85%
Indiabulls Arbitrage Fund 462,312,674 199.50% 274,397,037 118.41%
Contd...
81
11) During the half year ended 31st March 2016, below schemes of Indiabulls Mutual Fund has invested in securities of Sponsor and the Associate / Group Compa-
nies of the Sponsor.
Issuer Nature of Instruments Scheme Aggregate

Investment
(` Cr)
GHCL Limited Equity Indiabulls Value Discovery 0.50
Fund
Corporate Bonds/ NCD Indiabulls Short Term Fund 20.00
Indiabulls Real Estate Limited Corporate Bonds/ NCD Indiabulls Ultra Short Term 50.00
Fund
Corporate Bonds/ NCD Indiabulls Income Fund 4.87
Industrial Finance Corporation of Corporate Bonds/ NCD Indiabulls Monthly Income 1.97
India Ltd Plan
Max India Ltd Equity Indiabulls Value Discovery 0.26
Fund
Oriental Bank Of Commerce Certificate of Deposit Indiabulls Liquid Fund 649.49
Indiabulls Monthly Income 4.99
Plan
Indiabulls Ultra Short Term 153.21
Fund
Equity Indiabulls Arbitrage Fund 2.48
Equity Future Indiabulls Arbitrage Fund 2.05
Previous Year : 2014 - 2015

Scheme Name Issuer Nature of Instruments Aggregate
Investment (`
Crores)
Indiabulls Liquid Fund Oriental Bank of Com- Certificate of Deposit 1,724.53
merce
Indiabulls Short Term Fund 19.83
Indiabulls Ultra Short Term Fund 109.41
12) Disclosure under Regulation 25(11) of SEBI (Mutual Funds) Regulations 1996 is as per ANNEXURE II.
13) Unit Capital movement during the period ended March 31, 2016 is as per SCHEDULE A.
14) There are no deferred revenue expenses.
15) Percentage of Income to Average Daily Net Assets (excluding unrealised appreciation) and Percentage of Expenses to Average Daily Net Assets (excluding
unrealised depreciation) is as follows :
Scheme Name % of Income to Average % of Expenses to Average
Daily Net Assets Daily Net Assets
(annualised)
Indiabulls Arbitrage Fund 3.12% 0.95%
Indiabulls Blue Chip Fund -14.48% 2.47%
Indiabulls FMP - Series V - (Plan 23.30% 1.03%
1) - 1175 Days
Indiabulls Gilt Fund 10.03% 0.41%
Indiabulls Income Fund 8.77% 0.59%
Indiabulls Liquid Fund 8.44% 0.21%
Indiabulls Monthly Income Plan 2.40% 0.48%
Indiabulls Short Term Fund 9.37% 0.52%
Indiabulls Ultra Short Term Fund 8.99% 0.39%
Indiabulls Value Discovery Fund -3.03% 1.43%
Contd...
82
Scheme Name % of Income to Average % of Expenses to Average
Daily Net Assets Daily Net Assets
(annualised)
INDIABULLS LIQUID FUND 8.87% 0.20%
INDIABULLS ULTRA SHORT 9.70% 0.48%
TERM FUND
INDIABULLS BLUE CHIP FUND 20.66% 2.71%
INDIABULLS GILT FUND 13.21% 0.66%
INDIABULLS INCOME FUND 15.75% 0.92%
INDIABULLS SHORT TERM 9.66% 0.40%
FUND
INDIABULLS ARBITRAGE FUND 10.85% 0.88%
16) The details of unclaimed Dividend and Redemption for the year ended 31st March 2016 and 31st March 2015 are as follows :
Unclaimed Redemption as on March 31, 2016
Scheme Plan Amount
Indiabulls Blue Chip Fund GP 49395.88
Indiabulls Income Fund RH 1152.74
Unclaimed Dividend as on March 31, 2016

Scheme Plan Amount
Indiabulls Blue Chip Fund DP 1900
Indiabulls Blue Chip Fund DP 2297.06
Indiabulls Blue Chip Fund D1 3904.12

Scheme Plan Amount

Scheme Plan Amount
Indiabulls Income Fund RG 3003.6
Contd...
83
17) Details of unit holdings over 25% of the net assets as at 31st March 2016 is as follows
March 31, 2016
Scheme Count of Investors Percentage of holding
Indiabulls Arbitrage Fund 1 32.33
Indiabulls Blue Chip Fund 1 54.93
Indiabulls Gilt Fund 1 37.20
Indiabulls Income Fund 1 51.55
Indiabulls Liquid Fund 1 60.97
Indiabulls Short Term Fund 1 78.81
Indiabulls Ultra Short Term Fund 1 55.50
March 31, 2015
Scheme Name Count of Investors Percentage of Holding
Indiabulls Ultra Short Term Fund 1 26.32%
Indiabulls Short Term Fund 2 59.27%
18) Borrowings:
In order to meet temporary liquidity needs for the purpose of redemption of units during the period, the following schemes, in accordance with the
SEBI (Mutual Funds) Regulations 1996, have borrowed as per below details:
Current Year 2015 - 2016
Scheme Name Source of Borrowing Amount Borrowed
(`) in Crores
Indiabulls Liquid Fund Laxmi Vilas Bank 98.5
Indiabulls Liquid Fund The Clearing Corporation 40,340.45
of India
Indiabulls Liquid Fund Punjab National Bank 150
Indiabulls Ultra Short Term Fund Laxmi Vilas Bank 22.5
Current Year 2014 - 2015
Scheme Name Source of Borrowing Amount Borrowed
(`) in Crores
Indiabulls Liquid Fund Andhra Bank 50
Indiabulls Liquid Fund The Clearing Corporation 4,017.50
of India
19) Segment Reporting: As per the disclosure requirement under Accounting Standard 17 on Segment Reporting issued by ICAI, the Schemes of Indiabulls Mutual Fund
operate only in one segment viz to primarily generate returns, based on Schemes Investment Objectives.
20) Expense other than management fees are inclusive of service Tax, wherever applicable.
21) The previous year figures have been regrouped and re-arranged wherever necessary
22) Disclosure under SEBI circular no. CIR/IMD/DF/23/2012 dated November 15, 2012.
1. No. of transactions during the year - NIL
2. Amount of protection bought during the year NIL
3. No. of transactions where credit event payment was received during the year:
a. Pertaining to current years transactions. NIL
b. Pertaining to previous year (s) transactions. NIL
4. Outstanding transactions as on year end:
a. No. of transactions NIL
b. Amount of protection
NIL
5. Net income/ expense in respect of CDS transactions during year-to-date:
a. Premium Paid NIL
b. Credit event payments received NIL
(net of value of derivable obligations)
Contd...
84
23) The expenses have been charged from accumulated load balance :
2015-2016 - Nil
2014-2015 - Nil
24) INDIABULLS MONTHLY INCOME PLAN, INDUIABULLS VALUE DISCOVERY FUND AND INDIABULLS FIXED MATURITY PLAN 1175 DAYS were launched during
the year and hence no prior period comparatives are available.
25) FMP Matured in 2015-16 : Nil
26) Contingent Liability as at March 31, 2016 and March 31, 2015 is NIL.
27) Pursuant to SEBI circular no. SEBI/HO/IMD/DF2/CIR/P/2016/42 dated 18 March, 2016, the AMC does not have any soft dollar arrangements with any of its
brokers.
Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/- Sd/-

Place : New Delhi

Date : 28/07/2016
85
Perspective Historical Per Unit Statistics
INDIABULLS LIQUID FUND
Year/Period ended Year/Period ended Year/Period ended
March 31, 2016 March 31, 2015 March 31, 2014
a. Net assets value, at the end of the year/period
Growth Option 1,472.5653 1,477.0680 1,358.7353 1,361.4178 1246.4550 1247.8610
Daily Dividend Option 1,001.1451 1,001.0600 1,000.5175 1,000.4324 1000.5175 1000.4324
Weekly Dividend Option 1,003.0973 1,001.5179 1,007.7546 1,009.0225 1002.1484 -
Quarterly Dividend Option - - - - - -
Dividend Option - - - - - -
Monthly Dividend Option 1,012.2326 1,027.7470 - - - 1007.8141
Forthnightly Dividend Option 1,000.0000 1,000.0000 - -
Half Yearly Dividend Option - - - - - -
Bonus Option - - - - - -
- -
b. Gross Income
(i) Income other than profit on sale of 173.448 159.474 132.723
investments
(ii) Income from profit / (loss) on inter 0.162 0.002 (0.035)
scheme sales/transfer of investment
(iii) Income from profit / (loss) on sale of 0.583 0.845 -5.450
investment to third party
(iv) Transfer to revenue account from past - - -
years reserve
c. Aggregate of expenses, writeoff, 4.367 3.703 -0.367
amortisation and charges (excluding
change in unrealised depreciation in
investments)
d. Net Income (excluding change in 169.826 156.617 127.828
unrealised depreciation in investments)
e. Unrealised appreciation / (deprecia- 0.035 0.044 0.488
tion) in value of investments
f. Redemption Price:
Highest Price
Growth Option 1,472.5653 1,477.0680 1,358.7353 1,361.4178 1245.6297 1247.0245
Monthly Dividend Option 1,012.2326 1,027.7470 - 1,008.0612 1007.5909 1033.9733
Forthnightly Dividend Option - - - - - -
Lowest Price
Growth Option 1,359.0927 1,361.7778 1,246.7572 1,248.1670 1141.3085 1141.4797
Weekly Dividend Option 1,000.0352 999.8758 999.3991 1,000.0104 997.5734 -
Monthly Dividend Option 1,000.0000 999.4732 - 1,000.1075 1000.0039 1000.0219
Contd...
86
Purchase Price
zHighest Price
Growth Option 1,472.5653 1,477.0680 1,358.7353 1,361.4178 1245.6297 1247.0245
Monthly Dividend Option 1,012.2326 1,027.7470 - 1,008.0612 1007.5909 1033.9733
Lowest Price
Growth Option 1,359.0927 1,361.7778 1,246.7572 1,248.1670 1141.3085 1141.4797
Monthly Dividend Option 1,000.0000 999.4732 - 1,000.1075 1000.0039 1000.0219
Price Earning Ratio

Non-annualised NA NA NA NA NA NA
Annualised NA NA NA NA NA NA
g. Ratio of expenses to average daily 0.29% 0.19% 0.25% 0.19% 0.30% 0.21%
net assets by percentage
h. Ratio of gross income to average 8.25% 8.87% 9.03%
daily net assets by percentage
(excluding transfer to revenue account
from past years reserve but including
unrealised appreciation / depreciation
on investments).
* Refers to computed NAV
The per unit calculations are based on the number of units outstanding at the end of the financial year/period.
@ Figures are not annualized since the scheme is launched during the period.
Price Earning Ratio is not applicable since the units of the scheme are not traded.
Contd...
87
INDIABULLS ULTRA SHORT TERM FUND
Growth Option 1,454.338 1,477.752 1,338.914 1,350.884 1223.5972* 1230.6530*
Daily Dividend Option 1,002.624 1,004.351 1,002.112 1,004.351 1002.8154* 1005.1178*
Weekly Dividend Option 1,004.481 1,004.591 1,002.145 1,002.218 1004.4022* 1004.6058*
Monthly Dividend Option 1,004.122 1,003.790 1,003.396 1,002.938 1004.2945* 1003.5981*
Forthnightly Dividend Option 1000.000 1,004.059 - 1,002.978 - -
b. Gross Income
investments
(ii) Income from profit / (loss) on inter (0.415) 0.110 0.078
(iii) Income from profit / (loss) on sale of 0.770 0.247 -15.687
years reserve
c. Aggregate of expenses, writeoff, 7.096 0.834 7.131
amortisation and charges
(excluding change in unrealised depre-
ciation in investments)
Highest Price
Growth Option 1,454.338 1,477.752 1,338.914 1,350.884 1222.739 1229.714
Weekly Dividend Option 1,004.481 1,004.591 1,002.529 1,002.624 1003.698 1003.839
Quarterly Dividend Option - - - -
Dividend Option - - - -
Monthly Dividend Option 1,009.517 1,009.470 1,010.362 1,009.834 1009.959 1008.474
Forthnightly Dividend Option - 1,007.943 - 1,004.599 - -
Half Yearly Dividend Option - - - -
Bonus Option - -
Lowest Price
Growth Option 1,341.011 1,353.088 1,224.188 1,231.281 1127.124 1127.547
Contd...
88
Bonus Option - - - -
Purchase Price
Highest Price
Growth Option 1,454.338 1,477.752 1,338.914 1,350.884 1222.739 1229.714
Bonus Option - -
Lowest Price
Growth Option 1,341.011 1,353.088 1,224.188 1,231.281 1127.124 1127.547
Price Earning Ratio
h. Ratio of gross income to average 9.20% 9.70% 9.14%
on investments).
Contd...
89
INDIABULLS BLUE CHIP FUND
Growth Option 14.060 14.720 14.96 z 15.32 11.57 11.72
Daily Dividend Option - - - - - -
Weekly Dividend Option - - - - - -
Dividend Option 12.120 12.410 14.96 15.32 11.57 11.72
Monthly Dividend Option - - - - - -
b. Gross Income
(i) Income other than profit on 0.250 0.144 0.24
sale of investments
(ii) Income from profit / (loss) on 0.000 0.000 -
inter scheme sales/transfer of
investment
(iii) Income from profit / (loss) on -1.810 1.406 -0.05
sale of investment to third party
(iv) Transfer to revenue account - - -
from past years reserve
c. Aggregate of expenses, 0.340 0.25 0.29
writeoff, amortisation and
charges (excluding change
in unrealised depreciation in
investments)
d. Net Income (excluding (1.900) 1.301 (0.10)
change in unrealised deprecia-
tion in investments)
e. Unrealised appreciation 0.140 1.620 1.87
/ (depreciation) in value of
investments
Highest Price
Growth Option 15.71 16.25 15.59 15.96 11.45 11.60
Dividend Option 15.71 16.25 15.59 15.96 11.45 11.60
Lowest Price
Growth Option 12.45 13.02 11.39 11.55 9.28 9.35
Contd...
90
Dividend Option 11.71 12.00 11.39 11.55 9.28 9.35
Purchase Price
Highest Price
Growth Option 15.87 16.41 15.75 16.12 11.57 11.72
Dividend Option 15.87 16.41 15.75 16.12 11.57 11.72
Lowest Price
Growth Option 12.58 13.15 11.51 11.67 9.37 9.44
Dividend Option 11.83 12.12 11.51 11.67 9.37 9.44
Bonus Option - - 0.000 0.000
Price Earning Ratio
g. Ratio of expenses to average 2.54% 0.58% 2.84% 1.69% 2.85% 1.85%
h. Ratio of gross income to 10.77% 20.66% 7.75%
average daily net assets by
percentage (excluding transfer
to revenue account from past
years reserve but including
unrealised appreciation / depre-
ciation on investments).
Contd...
91
INDIABULLS GILT FUND
Growth Option 1,306.442 1,351.699 1,222.970 1,255.880 1053.0772* 1070.6328*
Weekly Dividend Option 1,053.966 1000.000 1,045.927 - 988.8608* -
Monthly Dividend Option 1,043.964 1,025.706 1,045.319 - 987.4199* -
Forthnightly Dividend Option 1,116.452 1,014.553 1,044.782 - 987.3433* -
Bonus Option - - - 1,255.858 - 1070.6140*
b. Gross Income
investments
(ii) Income from profit / (loss) on inter 2.957 0.000 -
(iii) Income from profit / (loss) on sale of 15.757 0.826 (35.157)
years reserve
e. Unrealised appreciation / (deprecia- 49.504 0.623 (9.570)
Highest Price
Growth Option 1,338.182 1,293.378 1,222.970 1,255.880 1085.301 1090.443
Weekly Dividend Option - 1,080.598 1,047.283 1,040.435 1040.432 1040.545
Monthly Dividend Option 1,037.636 1,076.090 1,061.278 - 1066.910 -
Forthnightly Dividend Option 1,037.116 1,105.287 1,050.225 - 1045.382 -
Bonus Option 1,247.347 1,247.347 - 1,255.858 - 1090.424
Lowest Price
Growth Option 1,227.939 1,193.973 1,038.742 1,056.221 987.612 995.486
Weekly Dividend Option - 1,017.209 975.400 1,022.640 927.390 930.346
Monthly Dividend Option 989.691 1,020.528 973.979 - 926.036 -
Forthnightly Dividend Option 989.604 1,020.049 973.905 - 925.957 -
Contd...
92
Bonus Option 990.000 14.187 - 1,056.202 - 995.469
Purchase Price
Highest Price
Growth Option 1,351.699 1,306.442 1,222.970 1,255.880 1085.301 1090.443
Weekly Dividend Option - 1,091.513 1,047.283 1,040.435 1040.432 1040.545
Monthly Dividend Option 1,048.117 1,086.959 1,061.278 - 1066.910 -
Forthnightly Dividend Option 1,047.592 1,116.452 1,050.225 - 1045.382 -
Bonus Option 1,259.946 1,259.946 - 1,255.858 - 1090.424
Lowest Price
Growth Option 1,240.342 1,206.034 1,038.742 1,056.221 992.575 1000.489
Weekly Dividend Option - 1,027.484 975.400 1,022.640 932.050 935.021
Monthly Dividend Option 999.688 1,030.837 973.979 - 930.690 -
Forthnightly Dividend Option 999.600 1,030.353 973.905 - 930.610 -
Bonus Option 1,000.000 14.330 - 1,056.202 - 1000.471
Price Earning Ratio
h. Ratio of gross income to average 12.11% 13.21% @ 17.00%
on investments).
Contd...
93
INDIABULLS INCOME FUND
Growth Option 12.360 12.830 11.592 11.865 10.1866* 10.3261*
Quarterly Dividend Option 11.135 11.006 10.446 10.178 10.1508* 9.9582*
Monthly Dividend Option 10.338 10.589 10.354 10.606 10.0010* 10.1903*
Half Yearly Dividend Option 10.816 10.980 10.143 10.154 10.0114* 10.0135*
b. Gross Income
investments
(ii) Income from profit / (loss) on inter 0.001 (0.043) (0.002)
(iii) Income from profit / (loss) on sale of -0.004 0.262 (0.619)
years reserve
e. Unrealised appreciation / (deprecia- 0.011 0.268 (0.309)
Highest Price
Growth Option 12.237 12.702 11.244 11.509 10.405 10.433
Daily Dividend Option - - - -
Weekly Dividend Option - - - -
Quarterly Dividend Option 11.024 10.896 10.559 10.274 10.383 10.405
Monthly Dividend Option 10.324 10.588 10.223 10.373 10.283 10.296
Forthnightly Dividend Option - - - -
Half Yearly Dividend Option 10.707 10.870 10.500 10.540 10.383 10.405
Lowest Price
Growth Option 11.446 11.729 10.042 10.181 9.363 9.416
Contd...
94
Purchase Price
Highest Price
Growth Option 12.360 12.830 11.592 11.865 10.510 10.538
Lowest Price
Growth Option 11.561 11.848 10.093 10.232 9.458 9.511
Price Earning Ratio
h. Ratio of gross income to average 9.74% 15.75% @ 9.40%
on investments).
Contd...
95
INDIABULLS SHORT TERM FUND
Growth Option 1,250.873 1,293.539 1,141.558 1,162.244 1050.6221* 1058.1258*
Weekly Dividend Option 1,013.371 1,004.552 1,011.375 - 1012.2990* -
Forthnightly Dividend Option 1,000.000 1,002.573 - - - -
b. Gross Income
investments
(iii) Income from profit / (loss) on sale of -0.203 0.085 0.000
years reserve
Highest Price
Growth Option 1,238.364 1,280.604 1,130.143 1,150.621 1047.405 1054.773
Forthnightly Dividend Option - 996.154 - - - -
Lowest Price
Growth Option 1,131.864 1,152.544 1,048.165 1,055.727 999.845 999.988
Weekly Dividend Option 999.953 990.000 999.860 998.610 999.845 999.988
Forthnightly Dividend Option - 990.000 - - - -
Contd...
96
Purchase Price
Highest Price
Growth Option 1,250.873 1,293.539 1,141.558 1,162.244 1050.030 1057.416
Forthnightly Dividend Option - 1,006.216 - - - -
Lowest Price
Growth Option 1,143.297 1,164.186 1,050.792 1,058.373 1002.351 1002.494
Forthnightly Dividend Option - 1,000.000 - - - -
Price Earning Ratio
h. Ratio of gross income to average 9.67% @ 9.66% @ 5.65%
on investments).
Contd...
97
INDIABULLS ARBITRAGE FUND INDIABULLS MONTHLY INCOME PLAN
Year/Period ended March 31, 2016 Year/Period ended March 31, 2015 Year/Period ended March 31, 2016
Growth Option 11.014 11.110 10.271 10.286 10.151 10.200
Dividend Option 10.345 10.438 10.271 10.286 10.151 10.200
b. Gross Income
investments
(iii) Income from profit / (loss) on sale of 0.518 (0.129) (0.008)
years reserve
amortisation and charges (excluding
change in unrealised depreciation in
investments)
d. Net Income (excluding change in 0.878 (0.013) (0.008)
Highest Price
Growth Option 10.987 11.082 10.220 10.234 10.050 10.098
Dividend Option 10.438 10.492 10.220 10.234 10.050 10.098
Lowest Price
Growth Option 10.223 10.237 9.955 9.956 9.901 9.902
Dividend Option 10.188 10.209 9.955 9.956 9.901 9.902
Contd...
98
INDIABULLS ARBITRAGE FUND INDIABULLS MONTHLY INCOME PLAN
Year/Period ended March 31, 2016 Year/Period ended March 31, 2015 Year/Period ended March 31, 2016
Bonus Option - 9.975 - - - -
Purchase Price
Highest Price
Growth Option 11.014 11.110 10.271 10.286 10.151 10.200
Dividend Option 10.464 10.518 10.271 10.286 10.151 10.200
Lowest Price
Growth Option 10.274 10.289 10.005 10.006 10.001 10.002
Dividend Option 10.239 10.260 10.005 10.006 10.001 10.002
Bonus Option - 10.000 - - - -
Price Earning Ratio
h. Ratio of gross income to average @ 24.73% @ 10.85% @ 0.19%
on investments).
Contd...
99
INDIABULLS VALUE DISCOVERY FUND INDIABULLS FMP SERIES V (PLAN 1) - 1175 DAYS
Year/Period ended March 31, 2016 Year/Period ended March 31, 2016
Regular Direct Regular Direct
Growth Option 9.364 9.484 10.035 10.035
Dividend Option 9.364 9.484 - -
Monthly Dividend Option - - - -
b. Gross Income
(i) Income other than profit on sale of investments 0.107 0.019
(ii) Income from profit / (loss) on inter scheme sales/ 0.000 0.000
transfer of investment
(iii) Income from profit / (loss) on sale of investment to (0.412) 0.000
third party
(iv) Transfer to revenue account from past years reserve - -
c. Aggregate of expenses, writeoff, amortisation and 0.147 0.001
charges (excluding change in unrealised depreciation
in investments)
d. Net Income (excluding change in unrealised (0.451) 0.018
depreciation in investments)
e. Unrealised appreciation / (depreciation) in value of 0.000 0.000
investments
Highest Price
Growth Option 10.422 10.441 10.035 10.035
Dividend Option 10.422 10.441
Lowest Price
Growth Option 8.597 8.603 10.020 10.020
Daily Dividend Option - - -
Contd...
100
Year/Period ended March 31, 2016 Year/Period ended March 31, 2016
Purchase Price
Highest Price
Growth Option 10.527 10.546 10.035 10.035
Lowest Price
Growth Option 8.597 8.690 10.020 10.020
Dividend Option 8.597 8.690 NA NA
Price Earning Ratio
Non-annualised NA NA NA NA
Annualised NA NA NA NA
g. Ratio of expenses to average daily net assets by 2.56% 0.21% 1.07% 0.66%
percentage
h. Ratio of gross income to average daily net assets @ 0.00% @ 0.00%
by percentage (excluding transfer to revenue account
from past years reserve but including unrealised
appreciation / depreciation on investments).
101
KEY STATISTICS for the year / period ended March 31, 2016
1. NAV per unit (`):
Open
Growth Option 1,358.7353 1,361.4178 1,246.4550 1247.8610 1141.0192* 1141.1885*
Daily Dividend Option 1,000.5175 1,000.4324 1000.5175 1000.4324 1000.7784* 1000.7833*
Weekly Dividend Option 1,007.7546 1,009.0225 1002.1484 ^^ 1001.6196* ^^
Fortnightly Dividend Option - - - - - -
Monthly Dividend Option ^^ ^^ ^^ 1007.8141 1007.3364* ^^
High
Growth Option 1,472.5653 1,477.0680 1,358.7353 1,361.4178 1,245.6297 1,247.0245
Daily Dividend Option 1,001.1451 1,001.0600 1,000.5175 1,000.4324 1,000.5175 1,000.4324
Weekly Dividend Option 1,024.0461 1,036.9363 1,011.4651 1,009.0225 1,002.1300 -
Monthly Dividend Option - 1,027.7470 - 1,008.0612 1,007.5909 1,033.9733
Low
Growth Option 1,359.0927 1,361.7778 1,246.7572 1,248.1670 1,141.3085 1,141.4797
Monthly Dividend Option - 999.4732 - 1,000.1075 1,000.0039 1,000.0219
End
Growth Option 1,472.5653 1,477.0680 1,358.7353 1,361.4178 1,246.4550 1247.8610
Weekly Dividend Option 1,003.0973 1,001.5179 1,007.7546 1,009.0225 1002.1484 ^^
Fortnightly Dividend Option 1,000.0000 1,000.0000 - - - -
Monthly Dividend Option 1,012.2326 1,027.7470 ^^ ^^ ^^ 1007.8141
Contd...
102
2. Closing Assets Under Management (` in
Lakhs)
End 35,150.03 1,94,856.44 42,153.75 1,10,176.85 21,710.15 82,015.37
Average (AAuM) 48,949.02 2,91,071.92 50,039.76 1,83,310.59 32,613.93 97,921.03
Days
3.Gross income as % of AAuM1 8.25% 8.87% 9.03%
4. Expense Ratio:
a. Total Expense as % of AAuM (excluding unreal- 0.29% 0.19% 0.25% 0.19% 0.30% 0.21%
ised depreciation)
b. Management Fee as % of AAuM (plan wise) 0.11% 0.10% 0.11%
5. Net Income as a percentage of AAuM2 8.03% 8.65% 8.58%
(excluding unrealised appreciation)
6. Portfolio turnover ratio3 NA NA NA NA NA NA
7. Total Dividend per unit distributed during
the period (plan wise)
Daily Dividend Option 79.6165 80.9488 86.3027 87.1433 88.6647 89.7338
Weekly Dividend Option 86.0034 89.9232 44.2270 19.9205 87.9155 -
Monthly Dividend Option - - 8.2501 28.4910 81.0050
8. Returns:
a. Last One Year
Scheme 8.38% 8.49% 9.01% 9.10% 9.24% 9.35%
Benchmark 8.06% 8.06% 8.98% 8.98% 9.46% 9.46%
b. Since Inception (Simple Return)
Scheme 9.12% 8.97% 9.33% 9.19% 9.47% @@ 9.28%
Benchmark 8.71% 8.78% 8.90% 9.10% 8.88% @@ 9.22%
1. Gross income = amount against (A) in the Revenue account i.e. Income.
2. Net income = amount against (C) in the Revenue account i.e. NET REALISED GAINS / (LOSSES) FOR THE YEAR / PERIOD
3. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year/period.
4. AAuM=Average daily net assets
^^ There were no investors in the plan
@@ Since the scheme has not completed one year since inception the returns are calculated in absolute terms
Contd...
103
Open
Growth Option 1,338.9140 1,350.8839 1223.5972* 1230.6530* 1124.6433* 1125.0563*
Daily Dividend Option 1,002.1120 1,004.3508 1002.8154* 1005.1178* 1001.1260* 1001.1420*
Weekly Dividend Option 1,002.1447 1,002.2179 1004.4022* 1004.6058* 1002.5407* 1002.5652*
Fortnightly Dividend Option - 1,002.9778 - - - -
Monthly Dividend Option 1,003.3956 1,002.9378 1004.2945* 1003.5981* 1002.4849* -
High
Growth Option - - 1,338.9140 1,350.8839 1,222.7388 1,229.7139
Daily Dividend Option 1,002.6238 1,004.3508 1,002.1120 1,004.3508 1,002.5724 1,004.3508
Weekly Dividend Option - - 1,002.5293 1,002.6237 1,003.6976 1,003.8392
Fortnightly Dividend Option - 1,007.9434 - 1,004.5990 - -
Monthly Dividend Option - - 1,010.3619 1,009.8343 1,009.9592 1,008.4735
Low
Growth Option - - 1,224.1878 1,231.2808 1,127.1236 1,127.5467
Weekly Dividend Option - - 1,001.1894 1,001.2487 992.0496 991.8773
Fortnightly Dividend Option - 1,000.8332 - 1,000.2148 - -
Monthly Dividend Option - - 1,001.2208 1,000.4025 996.1867 1,000.2006
End
Growth Option 1,454.3383 1,477.7521 1,338.9140 1,350.8839 1223.5972* 1230.6530*
Daily Dividend Option 1,002.6238 1,004.3508 1,002.1120 1,004.3508 1002.8154* 1005.1178*
Weekly Dividend Option 1,004.4812 1,004.5906 1,002.1447 1,002.2179 1004.4022* 1004.6058*
Fortnightly Dividend Option 1,000.0000 1,004.0585 - 1,002.9778 - -
Contd...
104
Lakhs)
End 6,862.36 56,398.70 3,181.93 24,406.48 4,861.92 16,498.37
Average (AAuM) 5,560.79 75,472.84 5,746.46 16,890.46 9,778.25 21,333.86
Days
3.Gross Income as % of AAuM1 9.20% 9.70% 9.14%
4. Expense Ratio:
a. Total Expense as % of AAuM (excluding 1.17% 0.33% 0.71% 0.39% 0.64% 0.34%
unrealised depreciation)
5. Net Income as a percentage of AAuM2 8.60% 9.14% 7.44%
Daily Dividend Option 82.2535 90.1845 90.9745 94.6642 82.7752 86.0089
Fortnightly Dividend Option 88.9637 - 27.2435 - -
8. Returns:
a. Last One Year
Scheme 8.62% 9.39% 9.42% 9.77% 8.80% 9.39%
Benchmark 8.06% 8.06% 8.98% 8.98% 9.46% 9.46%
Scheme 9.25% 9.51% 9.43% 9.56% 9.45% @@ 9.41%
Benchmark 8.71% 8.78% 8.91% 9.10% 8.90% @@ 9.22%
Contd...
105
Open
Growth Option 14.96 15.32 11.57 11.72 10.15* 10.17*
Dividend Option 14.96 15.32 11.57 11.72 10.15* 10.17*
High
Growth Option 15.87 16.41 15.75 16.12 11.57 11.72

Dividend Option 15.87 16.41 15.75 16.12 11.57 11.72
Low
Growth Option 12.58 13.15 11.51 11.67 9.37 9.44
Dividend Option 11.83 12.12 11.51 11.67 9.37 9.44
End
Growth Option 14.06 14.72 14.96 15.32 11.57 11.72

Dividend Option 12.12 12.41 14.96 15.32 11.57 11.72
Contd...
106
Lakhs)
End 17,258.29 1,029.24 1,898.18 213.90 579.32 46.55
Average (AAuM) 19,447.69 652.47 1,054.30 129.49 519.90 37.72
Days
3.Gross income as % of AAuM1 10.77% 20.66% 7.75%
4. Expense Ratio:
5. Net Income as a percentage of AAuM2 -17.95% 14.17% (0.97)%
6. Portfolio turnover ratio 2.1491 1.4033 0.31
Dividend Plan 1.9000 2.2500
8. Returns:
a. Last One Year
Scheme (6.02)% (3.92)% 29.30% 30.72% 13.87% 15.11%
Benchmark (8.86)% (8.86)% 26.65% 26.65% 17.82% 17.82%
Scheme 8.58% 10.57% 13.68% 17.27% 7.05% @@ 7.51%
Benchmark 9.17% 8.43% 15.41% 17.14% 10.52% @@ 10.06%
Contd...
107
Open
Growth Option 1,222.9702 1,255.8802 1053.0772* 1070.6328* 1010.9349* 1013.7445*
Weekly Dividend Option 1,045.9267 - 988.8608* ^^ 1001.8418* 1002.3394*
Fortnightly Dividend Option 1,044.7821 - 987.3433* ^^ 1001.8362* ^^
Monthly Dividend Option 1,045.3189 - 987.4199* ^^ 1001.9380* ^^
Bonus Option - 1,255.8583 ^^ 1070.6140* - -
High
Growth Option 1,306.4424 1,351.6985 1,222.9702 1,255.8802 1,085.3007 1,090.4433
Weekly Dividend Option 1,091.5130 - 1,047.2834 1,040.4345 1,040.4322 1,040.5450
Fortnightly Dividend Option 1,116.4516 1,047.5922 1,050.2251 - 1,045.3817 -
Monthly Dividend Option 1,086.9594 1,048.1174 1,061.2775 - 1,066.9100 -
Bonus Option - 1,259.9463 - 1,255.8583 - 1,090.4242
Low
Growth Option 1,206.0337 1,240.3422 1,038.7422 1,056.2208 992.5753 1,000.4888
Weekly Dividend Option 1,027.4838 - 975.4000 1,022.6398 932.0504 935.0210
Fortnightly Dividend Option 1,030.3528 999.6000 973.9054 - 930.6097 -
Monthly Dividend Option 1,030.8367 999.6880 973.9792 - 930.6898 -
Bonus Option - 1,000.0000 - 1,056.2024 - 1,000.4713
End
Growth Option 1,306.4424 1,351.6985 1,222.9702 1,255.8802 1053.0772* 1070.6328*
Weekly Dividend Option 1,053.9660 1,000.0000 1,045.9267 - 988.8608* ^^
Fortnightly Dividend Option 1,116.4516 1,014.5525 1,044.7821 - 987.3433* ^^
Monthly Dividend Option 1,043.9644 1,025.7060 1,045.3189 - 987.4199* ^^
Bonus Option - - - 1,255.8583 ^^ 1070.6140*
Contd...
108
Lakhs)
End 128.82 2,058.04 124.65 1,876.97 233.31 1,208.89
Average (AAuM) 124.31 2,187.69 213.27 2,358.11 387.35 1,874.87
Days
3.Gross income as % of AAuM1 12.11% 13.21% @ 17.00%
4. Expense Ratio:
5. Net Income as a percentage of AAuM2 9.62% 12.07% @ 4.79%
Weekly Dividend Option 61.8615 96.6892 1.0649 55.3168 57.8425
Monthly Dividend Option 71.0669 96.0020 - 57.6623 -
Fortnightly Dividend Option 96.6670 - 56.9737 -
8. Returns:
a. Last One Year
Scheme 6.83% 7.63% 16.03% 17.20% 4.17% 5.61%
Benchmark 8.22% 8.22% 15.58% 15.58% 1.13% 1.13%
Scheme 8.65% 9.80% 9.47% 10.78% @@ 4.32% @@ 5.74%
Benchmark 8.97% 8.97% 9.37% 9.37% @@ 1.95% @@ 1.95%
Contd...
109
Open
Growth Option 11.5920 11.8651 10.1866* 10.3261* 10.0324* 10.0401*
Monthly Dividend Option 10.3542 10.6061 10.0010* 10.1903* 10.0118* 10.0133*
Quarterly Dividend Option 10.4464 10.1783 10.1508* 9.9582* 10.0116* 10.0132*
Half Yearly Dividend Option 10.1432 10.1540 10.0114* 10.0135* 10.0116* 10.0133*
High
Growth Option 12.3604 12.8302 11.5920 11.8651 10.5100 10.5381
Low
Growth Option 11.5613 11.8477 10.0926 10.2323 9.4578 9.5112
End
Growth Option 12.3604 12.8302 11.5920 11.8651 10.1866* 10.3261*
Monthly Dividend Option 10.3376 10.5889 10.3542 10.6061 10.0010* 10.1903*
Quarterly Dividend Option 11.1352 11.0062 10.4464 10.1783 10.1508* 9.9582*
Half Yearly Dividend Option 10.8156 10.9798 10.1432 10.1540 10.0114* 10.0135*
Contd...
110
Lakhs)
End 435.74 40,291.19 640.75 2,648.90 27,901.63 2,058.34
Average (AAuM) 455.47 6,203.94 1,084.76 2,509.76 4,073.97 2,390.83
Days
3.Gross income as % of AAuM1 9.74% 15.75% @ 9.40%
4. Expense Ratio:
5. Net Income as a percentage of AAuM2 8.20% 12.72% @ 0.44%
Fortnightly Dividend Option - - - -
Quarterly Dividend Option 1.0583 1.1985 0.0149 0.3419
Half Yearly Dividend Option 1.2048 1.2986 0.1539 0.2846
8. Returns:
a. Last One Year
Scheme 6.63% 8.13% 13.74% 14.85% 1.53% 2.84%
Benchmark 8.24% 8.24% 14.54% 14.54% 4.32% 4.32%
Scheme 7.13% 8.44% 7.34% 8.55% @@ 1.69% @@ 2.97%
Benchmark 8.94% 8.94% 9.26% 9.26% @@ 4.56% @@ 4.56%
Contd...
111
Open
Growth Option 1,141.5584 1,162.2438 1050.6221* 1058.1258* ^^ ^^
Weekly Dividend Option 1,011.3746 ^^ 1012.2990* - ^^ ^^
Monthly Dividend Option 1,012.5131 1,012.4752 1012.3268* 1012.3652* ^^ ^^
High
Growth Option 1,250.8728 1,293.5393 1,141.5584 1,162.2438 1,050.0297 1,057.4161
Weekly Dividend Option 1,019.7235 1,015.1821 1,011.6689 1,011.2897 1,012.8195 1,011.2545
Monthly Dividend Option 1,025.3512 1,051.8464 1,017.4796 1,018.0994 1,018.6123 1,019.4092
Low
Growth Option 1,143.2967 1,164.1855 1,050.7924 1,058.3727 1,002.3509 1,002.4937
Weekly Dividend Option 1,010.0538 1,000.0000 1,009.9593 1,008.6970 1,002.3509 1,002.4937
Monthly Dividend Option 1,010.0370 1,009.8674 1,010.0370 1,009.8656 1,002.3509 1,002.4938
End
Growth Option 1,250.8728 1,293.5393 1,141.5584 1,162.2438 1050.6221* 1058.1258*
Weekly Dividend Option 1,013.3713 1,004.5515 1,011.3746 ^^ 1012.2990* -
Fortnightly Dividend Option 1,000.0000 1,002.5731 - - - -
Contd...
112
Lakhs)
End 3,214.13 21,161.78 393.62 6,816.81 670.00 10,104.64
Average (AAuM) 818.54 11,081.87 487.73 11,105.50 783.75 9,860.07
Days
3.Gross income as % of AAuM1 9.67% @ 9.66% @ 5.65%
4. Expense Ratio:
5. Net Income as a percentage of AAuM2 8.85% @ 9.25% @ 5.46%
Fortnightly Dividend Option - 10.6598 - - - -
8. Returns:
a. Last One Year
Scheme 9.58% 11.30% 8.64% 9.83% NA NA
Benchmark 10.36% 8.47% 10.31% 10.31% NA NA
Scheme 9.18% 10.63% @@ 8.91% @@ 10.18% @@ 5.00% @@ 5.74%
Benchmark 9.74% 9.74% @@ 10.56% @@ 10.56% @@ 5.83% @@ 5.83%
Contd...
113
INDIABULLS ARBITRAGE FUND INDIABULLS MONTHLY INCOME
PLAN
Open
Growth Option 10.2712 10.2857 - -
High
Growth Option 11.0142 11.1096 10.2712 10.2857 10.1513 10.2001
Dividend Option 10.4643 10.5180 10.2712 10.2857 10.1513 10.2001
Low
Growth Option 11.0142 11.1096 10.0048 10.0056 10.0011 10.0015
Dividend Option 10.3454 10.4384 10.0048 10.0056 10.0011 10.0015
End
Growth Option 11.0142 11.1096 10.2712 10.2857 10.1513 10.2001
Dividend Option 10.3454 10.4384 10.2712 10.2857 10.1513 10.2001
Contd...
114
INDIABULLS ARBITRAGE FUND INDIABULLS MONTHLY INCOME
PLAN
Lakhs)
End 13,283.85 2,175.92 2,170.57 346.07 992.93 1,164.78
Average (AAuM) 8,727.47 6,172.68 1,765.75 551.67 941.24 1169.52009
Days
3.Gross income as % of AAuM1 @ 24.73% @ 10.85% @ 0.19%
4. Expense Ratio:
5. Net Income as a percentage of AAuM2 @ 7.23% - @ 0.07% @ 1.81%
6. Portfolio turnover ratio3 3.5347 1.1841
Dividend Plan 0.6500 0.6500
8. Returns:
a. Last One Year
Scheme 7.23% 8.01% NA NA NA NA
Benchmark 8.06% 8.06% NA NA NA NA
Scheme 7.83% 8.55% @@ 2.71% @@ 2.86% @@(6.37%) @@(5.16%)
Benchmark 8.24% 8.24% @@ 2.43% @@ 2.43% @@ 0.58% @@ 0.58%
Contd...
115
Year/Period ended Year/Period ended
March 31, 2016 March 31, 2016
Open
Growth Option
Dividend Option
High
Growth Option - - 10.035 10.035
Low
Growth Option - - 10.000 10.000
End
Growth Option 9.364 9.484 10.035 10.035
Contd...
116
Year/Period ended Year/Period ended
March 31, 2016 March 31, 2016
Lakhs)
End 2,320.97 25.00 3,332.85 351.22
Average (AAuM) 240,084,182.61 2,356,488.50 332,736,533.34 35,063,757.04
Days
3.Gross income as % of AAuM1 @ 0.00% @ 0.00%
4. Expense Ratio:
a. Total Expense as % of AAuM (excluding 2.56% 0.21% 1.07% 0.66%
b. Management Fee as % of AAuM (plan wise) 0.21% 0.53%
5. Net Income as a percentage of AAuM 2
- @ 7.35% @ 0.18%
6. Portfolio turnover ratio3 0.4834
8. Returns:
a. Last One Year
Scheme NA NA NA NA
Benchmark NA NA NA NA
Scheme @@ 1.51% @@ 2.00% @@ 0.35% @@ 0.35%
Benchmark @@ 2.08% @@ 2.08% @@ 0.30% @@ 0.30%
117
Annexure I
INDIABULLS ARBITRAGE FUND
SUPPLEMENTARY INVESTMENT PORTFOLIO INFORMATION AND INDUSTRY WISE CLASSIFICATION
Details of investment portfolio and industry wise classification of the Schemes investments in each category of investments at March 31, 2016 are presented below.
The industry and company exposures are stated as a percentage of the Schemes net assets
Industry and Company Quantity Amount (`) Percentage to Percentage to
Particulars Net Assets (%) Investment category (%)
Equity & Equity Related
Auto 233,625 109,048,987.50 7.05 10.54
TATA Motors Ltd 228,000 88,144,800.00 5.70 8.53
Maruti Suzuki India Ltd 5,625 20,904,187.50 1.35 2.01
Banks 309,100 221,130,915.00 14.30 21.39
HDFC Bank Ltd 140,000 149,961,000.00 9.70 14.51
Kotak Mahindra Bank Ltd. 93,100 63,368,515.00 4.10 6.13
Karnataka Bank Ltd 76,000 7,801,400.00 0.50 0.75
Cement 486,000 41,917,500.00 2.71 4.06
India Cements Ltd 486,000 41,917,500.00 2.71 4.06
Construction Project 61,500 74,827,050.00 4.84 7.24
Larsen And Toubro Limited 61,500 74,827,050.00 4.84 7.24
Finance 3,786,300 290,183,415.00 18.77 28.10
IDFC Ltd 3,554,100 143,763,345.00 9.30 13.91
Housing Development Finance 73,200 80,929,920.00 5.23 7.84
Corporation Ltd
Reliance Capital Ltd. 120,000 44,202,000.00 2.86 4.28
Sks Microfinance Ltd 39,000 21,288,150.00 1.38 2.07
Petroleum Products 142,000 148,418,400.00 9.60 14.36
Reliance Industries Ltd 142,000 148,418,400.00 9.60 14.36
Pharmaceuticals 110,800 147,965,505.00 9.58 14.31
Lupin Ltd 89,100 131,801,175.00 8.53 12.75
Aurobindo Pharma Ltd 21,700 16,164,330.00 1.05 1.56
5,129,325 1,033,491,773 66.85 100.00
Term Deposits 275,000,000 17.79

HDFC Bank Fd 24-Jun-2016 120,000,000 7.76
Punjab National Bank FD 01-NOV-2016 9,900,000 0.64
Punjab National Bank Fd 02-Nov-2016 9,900,000 0.64
Punjab National Bank Fd 24-Oct-2016 9,900,000 0.64
Contd...
118
Annexure I
Punjab National Bank Fd 10-Nov-2016 400,000 0.03
Punjab National Bank Fd 31-Oct-2016 400,000 0.03
Other Current Assets 237,485,819 15.36
Total Assets 1,545,977,591 100.00
Less: Current Liabilities -
Net Assets 1,545,977,591 100.00
* Non traded / thinly traded investments
Contd...
119
Annexure I
Industry and Company Quantity Amount (`) Percentage to Percentage to Investment
Particulars Net Assets (%) category (%)
EQUITY & EQUITY RELATED
AUTO 287,162 194,592,901 10.64 11.87
MARUTI SUZUKI INDIA Ltd 27,205 101,101,942 5.53 6.17
TATA MOTORS LIMITED - DVR. 252,983 72,947,648 3.99 4.45
HERO MOTOCORP LTD 6,974 20,543,312 1.12 1.25
BANKS 749,810 331,682,578 18.14 20.23
HDFC BANK LTD 97,378 104,306,445 5.70 6.37
INDUSIND BANK LIMITED 79,964 77,373,166 4.23 4.72
ICICI BANK LTD 270,560 64,028,024 3.50 3.90
AXIS BANK LIMITED 109,361 48,572,688 2.66 2.96
STATE BANK OF INDIA 192,547 37,402,255 2.05 2.28
CEMENT 15,163 31,091,109 1.70 1.90
ULTRATECH CEMENT LTD. 5,489 17,722,609 0.97 1.08
ACC LTD 9,674 13,368,501 0.73 0.82
CHEMICALS 45,561 17,026,146 0.93 1.04
TATA CHEMICALS LTD 45,561 17,026,146 0.93 1.04
CONSTRUCTION PROJECT 71,429 86,907,664 4.75 5.31
LARSEN AND TOUBRO 71,429 86,907,664 4.75 5.31
LIMITED
CONSUMER NON DURABLES 477,094 264,818,993 14 16
ITC LTD 231,649 76,038,784 4.16 4.64
BRITANNIA INDUSTRIES LTD 24,922 66,952,953 3.66 4.09
ASIAN PAINTS LTD 53,522 46,478,505 2.54 2.84
HINDUSTAN UNILEVER LTD 47,332 41,155,174 2.25 2.51
KANSAI NEROLAC PAINTS LTD 62,775 17,614,665 0.96 1.07
JYOTHY LABORATORIES LTD 56,894 16,578,912 0.91 1.01
FERROUS METALS 48,552 15,522,074 0.85 0.95
TATA STEEL LTD 48,552 15,522,074 0.85 0.95
FINANCE 147,029 105,272,512 5.76 6.43
HOUSING DEVELOPMENT 84,029 92,902,462 5.08 5.67
FINANCE CORPORATION LTD
DEWAN HOUSING FINANCE 63,000 12,370,050 0.68 0.76
CORPORATION LTD
PETROLEUM PRODUCTS 149,997 152,136,887 8.32 9.29
RELIANCE INDUSTRIES LTD 117,066 122,357,383 6.69 7.47
BHARAT PETROLEUM CORPO- 32,931 29,779,503 1.63 1.82
RATION LTD
PHARMACEUTICALS 165,971 103,094,895 5.64 6.29
CIPLA LTD 100,300 51,348,585 2.81 3.13
AUROBINDO PHARMA LTD 61,820 46,049,718 2.52 2.81
LUPIN LTD 3,851 5,696,592 0.31 0.35
Contd...
120
Annexure I
POWER 132,807 18,473,454 1.01 1.13
Power Grid Corporation of 132,807 18,473,454 1.01 1.13
India Ltd.
Retailing 41,630 6,084,225 0.33 0.37
Aditya Birla Fashion and Retail 41,630 6,084,225 0.33 0.37
Ltd
Services 20,702 17,029,465 0.93 1.04
Aditya Birla Nuvo Limited 20,702 17,029,465 0.93 1.04
Software 243,111 244,158,391 13.36 14.92
Infosys Limited 89,623 109,187,701 5.97 6.67
Hcl Technologies Ltd. 74,201 60,407,034 3.30 3.69
Tata Consultancy Services Ltd 18,044 45,476,293 2.50 2.78
Tech Mahindra Ltd 61,243 29,087,363 1.59 1.78
Telecom - Services 44,356 15,560,085 0.85 0.95
Bharti Airtel Ltd 44,356 15,560,085 0.85 0.95
Textile Products 100,188 27,386,390 1.50 1.67
Arvind Ltd 100,188 27,386,390 1.50 1.67
Transportation 40,862 7,373,548 0.40 0.45
Cox & Kings Limited 40,862 7,373,548 0.40 0.45
Total 2,781,424 1,638,211,316 89.59 100.00
Mutual Fund 271,067.392 400,384,971 21.89 100.00

Indiabulls Liquid Fund - Direct 271,067.392 400,384,971 21.89 100.00
Growth
TOTAL 271,067 400,384,971 21.89 100.00
Other Current Assets - -
TOTAL ASSETS 2,038,596,287 111.48
Less: Current Liabilities 209,843,517 11.48
NET ASSETS 1,828,752,770 100.00
Contd...
121
Annexure I
Commercial Paper
Construction 350,000 34,330,905 9.34 51.95
S D Corporation Private Ltd Cp 350,000 34,330,905 9.34 51.95
21.06.2016
Construction Project 325,000 31,758,155 8.62 48.05
Shapoorji Pallonji & Com Pvt Ltd 325,000 31,758,155 8.62 48.05
07July2016 Cp
TOTAL 675,000 66,089,060.00 17.96 100.00
DEBENTURES AND BONDS

Listed Non Convertible Deben- 1,680,000.00 190,435,664.96 51.69 100.00
tures and Bonds
FERROUS METALS 300,000 30,692,190 8.33 16.12
9.30% STEEL AUTHORITY OF 300,000 30,692,190 8.33 16.12
INDIA - 25-MAY-2019
FINANCE 550,000 61,374,286 16.66 32.22

CORP. LTD ZCB 30-APR-2019 -
PUT OPTION
11.10% IL &FS TRANSPOR- 300,000 30,020,070 8.15 15.76
TATION NETWORK LTD
M-10102018* P/C 10-AUG-16

9.40% PIRAMAL ENTERPRISES 300,000 30,072,270 8.16 15.79
LIMITED (OPTION 2) 01-JAN-
2019
POWER 330,000 33,924,099 9.21 17.82

HERO WIND ENERGY ZCB 330,000 33,924,099 9.21 17.82
08-APR-2019
RETAILING 200,000 34,372,820 9.33 18.05

TRENT LTD ZCB 30-JUN-2017 200,000 34,372,820 9.33 18.05
TOTAL 1,680,000 190,435,665 51.69 100.00

OTHER CURRENT ASSETS 111,881,999 30.37
TOTAL ASSETS 368,406,724 100.00
LESS: CURRENT LIABILITIES - -
NET ASSETS 368,406,724 100.00
Contd...
122
Annexure I
GOVERNMENT SECURITIES 2,000,000 201,963,300 92.36 100.00

7.88% GOI - 19-MAR-2030 1,000,000 100,396,200 45.91 49.71
8.27% GOI 09-JUN-2020. 500,000 51,467,350 23.53 25.48
7.72% GOI 25-MAY-2025 500,000 50,099,750 22.92 24.81
TOTAL 2,000,000 201,963,300 92.36 100.00
CBLO / REPO - -
CBLO - -
TOTAL ASSETS 218,685,927 100.00
NET ASSETS 218,685,927 100.00
Contd...
123
Annexure I
GOVERNMENT SECURITIES 1,500,000 154,402,050 3.79 100.00
8.27% GOI 09-JUN-2020. 1,500,000 154,402,050 3.79 100.00
TOTAL 1,500,000 154,402,050 3.79 100.00
Debentures and Bonds

Listed Non Convertible Deben- 23,280,000 2,496,975,100 61.32 100.00
tures and Bonds
CHEMICALS 500,000 51,045,000 1.25 2.04
8.50% NUCLEAR POWER COR- 500,000 51,045,000 1.25 2.04
PORATION OF INDIA LIMITED
- 16-NOV-2019
CONSTRUCTION 1,480,000 239,160,600 5.87 9.58
NORTH KARNATAKA EX- 1,480,000 239,160,600 5.87 9.58
PRESSWAY ZCB 15-JUL-2019
CONSTRUCTION PROJECT 1,000,000 102,652,300 2.52 4.11
8.95% LARSEN AND TOUBRO 1,000,000 102,652,300 2.52 4.11
LIMITED NCD 26-MAY-2020
ENERGY 2,000,000 203,031,100 4.98 8.12
8.40% POWER GRID CORP. OF 1,000,000 101,174,900 2.48 4.05
INDIA - 27-MAY-2020
8.85% POWER GRID COPR OF 500,000 51,372,600 1.26 2.05
INDIA - 19-OCT-2019
8.32% POWER GRID CORP. OF 500,000 50,483,600 1.24 2.02
INDIA 23-DEC-2020
FINANCE 10,300,000 1,092,313,800 26.83 43.75
DEWAN HOUSING FINANCE 2,000,000 251,836,200 6.18 10.09
PUT OPTION
8.52% POWER FINANCE CORP 1,500,000 152,038,200 3.73 6.09
LTD 09-DEC-2019
8.60% TATA SONS LTD 22- 1,500,000 150,254,700 3.69 6.02
JAN-2020
9.02% RURAL ELECTRICATION 1,000,000 102,732,900 2.52 4.11
CORP.SERIES 122ND 18-JUN-
2019
8.53% POWER FINANCE CORP 1,000,000 101,207,600 2.49 4.05
LTD 24-JUL-2020
8.36% RURAL ELECTRICATION 800,000 80,577,600 1.98 3.23
CORP 22-SEP-2020
9.65% HDFC Ltd 19-Jan-2019. 500,000 51,322,800 1.26 2.06
9.65% HDFC Ltd 17-Jan-2019 500,000 51,307,650 1.27 2.05
8.70% POWER FINANCE CORP 500,000 50,798,800 1.25 2.03
LTD SERIES 62.A. 15-JAN-2020
CORP 14-AUG-2020
8.45% HDFC Ltd - 08-Feb-2019 500,000 49,878,500 1.22 2.00
Contd...
124
Annexure I
OIL 2,500,000 250,919,000 6.16 10.05
8.40% ONGC MANGALORE 2,500,000 250,919,000 6.16 10.05
PETROCHEMICALS LIMITED
14-MAR-2019
POWER 4,000,000 404,906,250 9.95 16.22
8.54% NHPC Ltd 26-Nov-2019 - 2,000,000 203,224,200 4.99 8.14
Series 2 - STRPP 2
8.15% POWER GRID CORP. OF 1,500,000 150,493,200 3.70 6.03
INDIA STRPPS-I - 09-MAR-2020
8.78% NTPC LIMITED 09- 500,000 51,188,850 1.26 2.05
MAR-2020
SOFTWARE 1,500,000 152,947,050 3.76 6.13
8.95% RELIANCE JIO INFO- 1,500,000 152,947,050 3.76 6.13
COMM LTD 04-OCT-2020
TOTAL 23,280,000 2,496,975,100 61.32 100.00
CERTIFICATE OF DEPOSITS - 4.85

BANKS 2,000,000 197,468,400 4.85 100.00
STATE BANK OF MYSORE CD 2,000,000 197,468,400 4.85 100.00
06-JUN-2016
TOTAL 2,000,000 197,468,400 4.85 100.00
OTHER CURRENT ASSETS 1,223,847,761 30.04
TOTAL ASSETS 4,072,693,311 100.00

NET ASSETS 4,072,693,311 100.00

Contd...
125
Annexure I
Details of investment portfolio and industry wise classification of the Schemes investments in each category of investments at March 31, 2016 are presented below. The
industry and company exposures are stated as a percentage of the Schemes net assets
CERTIFICATES OF DEPOSIT
BANKS 130,700,000 12,906,807,920 56.11 100.00
UNION BANK OF INDIA CD 10,000,000 989,298,000 4.30 7.66
20-MAY-2016
BANK OF MAHARASHTRA CD 8,200,000 806,679,920 3.51 6.25
24-JUN-2016
STATE BANK OF PATIALA CD 7,500,000 741,075,750 3.22 5.74
02-JUN-2016
BANK OF BARODA CD 21- 7,500,000 738,342,000 3.21 5.72
JUN-2016
STATE BANK OF MYSORE CD 7,500,000 737,536,500 3.21 5.72
27-JUN-2016
STATE BANK OF BIKANER & 5,000,000 495,822,000 2.16 3.84
JAIPUR CD 09-MAY-2016
PUNJAB & SIND BANK CD 5,000,000 494,996,000 2.15 3.84
17-MAY-2016
INDUSIND BANK LIMITED CD 5,000,000 494,656,500 2.15 3.83
20-MAY-2016
23-MAY-2016.
ANDHRA BANK CD 20-MAY- 5,000,000 494,539,000 2.15 3.83
2016
INDUSIND BANK LIMITED CD 5,000,000 494,071,500 2.15 3.83
31-MAY-2016
STATE BANK OF PATIALA CD 5,000,000 493,793,000 2.15 3.83
30-MAY-2016
INDIAN OVERSEAS BANK CD 5,000,000 492,601,000 2.14 3.82
15-JUN-2016
20-JUN-2016
21-JUN-2016
DENA BANK CD 21-JUN-2016 5,000,000 492,169,000 2.14 3.81
INDIAN BANK CD 15-JUN-2016 5,000,000 491,896,500 2.14 3.81
CORPORATION BANK CD 2,500,000 248,519,000 1.08 1.93
29-APR-2016
VIJAYA BANK CD 06-MAY-2016 2,500,000 248,066,500 1.08 1.92
AXIS BANK LIMITED CD 09- 2,500,000 247,894,500 1.08 1.92
MAY-2016
THE SOUTH INDIAN BANK LTD 2,500,000 247,520,750 1.08 1.92
CD 16-MAY-2016
IDBI BANK LIMITED CD 25- 2,500,000 247,110,500 1.07 1.91
MAY-2016
CANARA BANK CD 27-MAY- 2,500,000 247,040,000 1.07 1.91
2016
Contd...
126
Annexure I
BANK OF MAHARASHTRA CD 2,500,000 247,019,500 1.07 1.91
27-MAY-2016
STATE BANK OF HYDERABAD 2,500,000 246,977,500 1.07 1.91
CD - 03-JUN-2016
ORIENTAL BANK OF COM- 2,000,000 198,753,400 0.86 1.54
MERCE CD 29-APR-2016
STATE BANK OF MYSORE CD 500,000 49,367,100 0.21 0.39
06-JUN-2016
TOTAL 130,700,000 12,906,807,920 56.11 100.00
COMMERCIAL PAPER
CONSTRUCTION 3,150,000 308,978,145 1.34 4.19
S D CORPORATION PRIVATE 3,150,000 308,978,145 1.34 4.19
LTD CP 21.06.2016
CEMENT 3,000,000 297,868,500 1.30 4.04

DALMIA BHARAT LTD. CP 3,000,000 297,868,500 1.30 4.04
29-APR-2016
FERROUS METALS 2,500,000 248,253,250 1.08 3.37

STEEL AUTHORITY OF INDIA 2,500,000 248,253,250 1.08 3.37
LIMITED CP 02-MAY-2016
FINANCE 55,900,000 5,524,688,020 24.01 74.97

EXIM CP 17-MAY-2016 10,000,000 990,078,000 4.30 13.43
EDELWEISS COMMODITIES 10,000,000 984,880,000 4.28 13.36
SERVICES LTD CP 30-MAY-
2016
RELIGARE ENTERPRISES LTD 7,500,000 738,790,500 3.21 10.02
CP 24-MAY-2016
NABARD CP 20-MAY-2016 5,500,000 544,331,150 2.36 7.39
TATA CAPITAL FINANCIAL SER 5,000,000 496,555,500 2.16 6.74
29-APR-2016
TATA CAPITAL LTD CP 29- 5,000,000 496,544,500 2.16 6.74
APR-2016
KOTAK COMMODITY SER- 3,000,000 295,707,300 1.29 4.01
VICES LTD CP 27-05-2016
HDFC LTD CP 17-MAY-2016 2,500,000 247,297,500 1.08 3.36
DEWAN HOUSING FINANCE 2,500,000 246,700,000 1.07 3.35
CORP. LTD CP 31-MAY-2016
RELIANCE CAPITAL LTD CP 2,000,000 197,527,000 0.86 2.68
24-MAY-2016
KOTAK COMMODITY SER- 2,000,000 197,192,600 0.86 2.68
VICES LTD CP 26-MAY-2016
POWER FINANCE CORP LTD 500,000 49,424,850 0.21 0.67
27-MAY-2016
NABARD CP 10-MAY-2016 400,000 39,659,120 0.17 0.54
PETROLEUM PRODUCTS 10,000,000 989,886,000 4.30 13.43

CHENNAI PETROLEUM CORP 10,000,000 989,886,000 4.30 13.43
LTD 18-MAY-2016
TOTAL 74,550,000 7,369,673,915 32.03 100.00
Contd...
127
Annexure I
FIXED DEPOSITS
BANK 850,000,000.00 3.70
HDFC BANK LTD FD 21-APR- 100,000,000 0.43
2016
LAKSHMI VILAS BANK LTD - 500,000,000 2.18
09-JUN-2016
LAKSHMI VILAS BANK LTD - 250,000,000 1.09
10-JUN-2016
OTHER CURRENT ASSETS 1,874,165,498 8.16

TOTAL ASSETS 23,000,647,333 100.00
NET ASSETS 23,000,647,333 100.00
Contd...
128
Annexure I
INDIABULLS MONTHLY INCOME PLAN


BANKS 6,076 2,474,916 1.15 12.42
STATE BANK OF INDIA 4,501 874,319 0.41 4.39
HDFC BANK LTD 740 792,651 0.37 3.98
INDUSIND BANK LIMITED 835 807,946 0.37 4.05
CONSTRUCTION 1,002 944,836 0.44 4.74

NBCC (INDIA) LIMITED 1,002 944,836 0.44 4.74
CEMENT 215 826,492 0.38 4.15

GRASIM INDUSTRIES LTD. 215 826,492 0.38 4.15
CONSND - CONSUMER NON 4,559 2,683,683 1.24 13.47

DURABLES
JYOTHY LABORATORIES LTD 3,310 964,534 0.45 4.84
BRITANNIA INDUSTRIES LTD 349 937,589 0.43 4.71
ASIAN PAINTS LTD 900 781,560 0.36 3.92
GAS 10,229 991,702 0.46 4.98

AEGIS LOGISTICS LTD 10,229 991,702 0.46 4.98
INDUSTRIAL CAPITAL GOODS 1,121 1,170,436 0.54 5.87

BEML LTD 1,121 1,170,436 0.54 5.87
INDUSTRIAL PRODUCTS 1,173 987,431 0.46 4.96

CUMMINS INDIA LTD 1,173 987,431 0.46 4.96

RELIANCE INDUSTRIES LTD 988 1,032,658 0.48 5.18
BHARAT PETROLEUM CORPO- 1,105 999,252 0.46 5.01
RATION LTD
CHENNAI PETROLEUM COR- 5,011 998,191 0.46 5.01
PORATION LTD

AUROBINDO PHARMA LTD 1,416 1,054,778 0.49 5.29
CIPLA LTD 1,863 953,763 0.44 4.79
BLISS GVS PHARMA LTD 7,000 878,150 0.41 4.41
Contd...
129
Annexure I
SOFTWARE 1,884 1,824,788 0.85 9.16
HCL TECHNOLOGIES LTD. 1,164 947,612 0.44 4.76
INFOSYS LIMITED 720 877,176 0.41 4.40
TEXTILE PRODUCTS 4,496 2,105,711 0.96 10.56

SRF LIMITED 847 1,108,257 0.50 5.55
ARVIND LTD 3,649 997,454 0.46 5.01
48,138 19,926,787 9.22 100.00

19,926,787 0.00
COMMERCIAL PAPER
SHAPOORJI PALLONJI & COM 175,000 17,100,545 7.93 100.00
PVT LTD 07JULY2016 CP
175,000 17,100,545 7.93 100.00

Listed Non Convertible Deben-
tures and Bonds
FINANCE 960,000 98,944,124 45.87 74.17
9.40% CAPITAL FIRST LTD. 280,000 28,052,976 13.00 21.03
27-DEC-2016
CORP 22-SEP-2020
11.10% IL &FS TRANSPOR- 200,000 20,013,380 9.28 15.00
TATION NETWORK LTD
M-10102018* P/C 10-AUG-16
RELIGARE FINVEST LTD 180,000 18,191,682 8.43 13.64
12.50% 31AUG16 NCD
PUT OPTION

9.40% PIRAMAL ENTERPRISES 200,000 20,048,180 9.29 15.04
2019
POWER 140,000 14,392,042 6.67 10.79

HERO WIND ENERGY ZCB 140,000 14,392,042 6.67 10.79
08-APR-2019..
1,300,000 133,384,346 61.83 100.00

TOTAL ASSETS 215,770,717 100.00
LESS: CURRENT LIABILITIES -
NET ASSETS 215,770,717 100.00
Contd...
130
Annexure I

Listed Non Convertible Deben- 13,310,000 1,395,139,075 57.23 100.00
tures and Bonds
CONSTRUCTION 2,000,000 200,163,000 8.21 14.35
11.00% INDIABULLS REAL EST. 2,000,000 200,163,000 8.21 14.35
LTD 17-APR-2017
ENERGY 500,000 50,483,600 2.07 3.62
8.32% POWER GRID CORP. OF 500,000 50,483,600 2.07 3.62
INDIA 23-DEC-2020
FERROUS METALS 200,000 20,461,460 0.84 1.47
9.30% STEEL AUTHORITY OF 200,000 20,461,460 0.84 1.47
INDIA - 25-MAY-2019
FINANCE 8,190,000 837,041,653 34.34 59.99
9.40% CAPITAL FIRST LTD. 2,500,000 250,476,750 10.28 17.95
23-DEC-2016
27-DEC-2016
11.10% IL &FS TRANSPOR- 2,000,000 200,133,800 8.21 14.35
TATION NETWORK LTD
M-10102018* P/C 10-AUG-16
PUT OPTION
8.35% POWER FINANCE CORP 500,000 50,149,350 2.06 3.59
LTD 27-MAY-2017
RELIGARE FINVEST LTD 320,000 32,340,768 1.33 2.32
12.50% 31AUG16 NCD
PHARMACEUTICALS 1,800,000 180,433,620 7.40 12.93
9.40% PIRAMAL ENTERPRISES 1,800,000 180,433,620 7.40 12.93
2019
RETAILING 620,000 106,555,742 4.37 7.64
TRENT LTD ZCB 30-JUN-2017 620,000 106,555,742 4.37 7.64
TOTAL 13,310,000 1,395,139,075 57.23 100.00
COMMERCIAL PAPER

SHAPOORJI PALLONJI & COM 200,000 19,543,480 0.80 100.00
TOTAL 200,000 19,543,480 0.80 100.00
CERTIFICATE OF DEPOSITS
Contd...
131
Annexure I
BANKS 6,000,000 582,889,050 23.91 100.00
CD - 14-SEP-2016
30-MAY-2016
CANARA BANK CD 14-DEC- 1,000,000 95,069,900 3.90 16.31
2016
ICICI BANK LTD CD 16-SEP- 500,000 48,346,650 1.98 8.30
2016
TOTAL 6,000,000 582,889,050 23.91 100.00
CBLO / REPO - -
CBLO - -

TOTAL ASSETS 2,437,591,197 76.08
NET ASSETS 2,437,591,197 76.08
Contd...
132
Annexure I

Listed Non Convertible Deben- 7,100,000 700,195,792 11.07 100.00
tures and Bonds
BANK 2,400,000 229,163,962 3.62 32.73
ICICI BANK LTD ZCB 01-NOV- 2,016,000 192,504,211 3.04 27.49
2016.
ICICI BANK LTD ZCB 02-NOV- 384,000 36,659,750 0.58 5.24
2016 .
FINANCE 2,000,000 200,381,400 3.17 28.62

23-DEC-2016
PHARMACEUTICALS 2,700,000 270,650,430 4.28 38.65

9.40% PIRAMAL ENTERPRISES 2,700,000 270,650,430 4.28 38.65
2019
TOTAL 7,100,000 700,195,792 11.07 100.00
COMMERCIAL PAPER
CONSTRUCTION PROJECT 4,300,000 420,184,820 6.64 25.24
SHAPOORJI PALLONJI & COM 4,300,000 420,184,820 6.64 25.24
FINANCE 9,100,000 899,032,980 14.22 53.99

RELIGARE ENTERPRISES LTD 5,000,000 492,527,000 7.79 29.58
CP 24-MAY-2016
NABARD CP 10-MAY-2016 4,100,000 406,505,980 6.43 24.41
MEDIA & ENTERTAINMENT 3,500,000 345,774,450 5.47 20.77

HINDUSTAN MEDIA VENT LTD 3,500,000 345,774,450 5.47 20.77
CP 27-MAY-2016
TOTAL 16,900,000.00 1,664,992,250.00 26.33 100.00
CERTIFICATE OF DEPOSITS
BANKS 30,300,000 2,928,572,040 46 100
ORIENTAL BANK OF COM- 5,000,000 496,475,000 7.85 16.95
MERCE CD 02-MAY-2016
SYNDICATE BANK CD 09- 5,000,000 495,840,500 7.84 16.93
MAY-2016
CD 24-FEB-2017
22-JUN-2016
Contd...
133
Annexure I
CANARA BANK CD 02-SEP- 2,500,000 242,490,500 3.83 8.28
2016
12-SEP-2016
ICICI BANK LTD CD 09-MAR- 2,500,000 233,585,000 3.69 7.98
2017
CANARA BANK CD 14-DEC- 1,500,000 142,604,850 2.25 4.87
2016
VIJAYA BANK CD 21-MAR-2017 1,500,000 139,821,000 2.22 4.77
NABARD CD 21-MAR-2017 1,000,000 93,236,100 1.48 3.18
ORIENTAL BANK OF COM- 500,000 49,688,350 0.79 1.70
MERCE CD 29-APR-2016
CORPORATION BANK CD 500,000 49,373,750 0.78 1.69
30-MAY-2016
BANK OF MAHARASHTRA CD 300,000 29,512,680 0.47 1.01
24-JUN-2016
TOTAL 30,300,000 2,928,572,040 46.31 100.00
FD
BANKS 250,000,000 3.95 100.00
8.60% LAKSHMI VILAS BANK 250,000,000 3.95 100.00
LTD - 10-JUN-2016 FD
TOTAL 250,000,000 3.95 100.00
CBLO / REPO - -
CBLO - -

TOTAL ASSETS 6,326,105,194 100.00
NET ASSETS 6,326,105,194 100.00

Contd...
134
Annexure I
INDIABULLS VALUE DISCOVERY FUND
Industry and Company Quantity Amount (`) Percentage to Percentage to
Particulars Net Assets (%) Investment category (%)
AUTO ANCILLARIES 116,581 18,889,815 8.05 9.03
TVS SRICHAKRA LTD. 3,624 8,372,346 3.57 4.00
GABRIEL INDIA LTD 82,656 7,364,650 3.14 3.52
MINDA CORPORATION 30,301 3,152,819 1.34 1.51
LIMITED
AUTO 2,341 8,699,858 3.71 4.15
MARUTI SUZUKI INDIA Ltd 2,341 8,699,858 3.71 4.15
CONSTRUCTION 14,176 4,298,163 1.83 2.05
AHLUWALIA CONTRACTS 14,176 4,298,163 1.83 2.05
(INDIA) LTD
CHEMICALS 69,445 15,256,521 6.50 7.29
TATA CHEMICALS LTD 17,469 6,528,165 2.78 3.12
GHCL LTD 45,136 5,195,154 2.21 2.48
GUJARAT FLUOROCHEMICALS 6,840 3,533,202 1.51 1.69
LTD
CONSUMER DURABLES 65,501 16,566,868 7.06 7.90
RELAXO FOOTWEARS LTD 18,401 6,705,324 2.86 3.20
CENTURY PLYBOARDS (INDIA) 30,213 5,161,891 2.20 2.46
LIMITED
HSIL LTD. 16,887 4,699,652 2.00 2.24
CONSUMER NON DURABLES 69,729 21,320,598 9.09 10.18
AVANTI FEEDS LIMITED 18,090 7,196,202 3.07 3.44
CCL PRODUCTS (INDIA) LTD. 32,649 6,307,787 2.69 3.01
BAJAJ CORP LTD 15,137 5,841,368 2.49 2.79
HERITAGE FOODS LIMITED 3,853 1,975,240 0.84 0.94
FINANCE 16,182 1,658,655 0.71 0.79
TAURUS VENTURES LTD 13,485 1,490,093 0.64 0.71
CAPRICORN VENTURES LTD 2,697 168,563 0.07 0.08
INDUSTRIAL CAPITAL GOODS 34,942 7,542,458 3.21 3.60
SANGHVI MOVERS LTD 19,021 5,420,985 2.31 2.59
SKIPPER LIMITED 15,921 2,121,473 0.90 1.01
INDUSTRIAL PRODUCTS 82,219 35,090,256 14.96 16.76
NILKAMAL LIMITED 9,686 10,667,676 4.55 5.09
SUPREME INDUSTRIES LTD. 11,798 8,726,391 3.72 4.17
BHARAT FORGE LTD 7,647 6,676,596 2.85 3.19
UFLEX LTD 37,916 6,597,384 2.81 3.15
ESSEL PROPACK LTD. 15,172 2,422,210 1.03 1.16
MEDIA & ENTERTAINMENT 7,182 2,228,575 0.95 1.06
D B CORP LTD 7,182 2,228,575 0.95 1.06
PESTICIDES 14,359 6,859,294 2.93 3.28
UPL LIMITED 14,359 6,859,294 2.93 3.28
Contd...
135
Annexure I
GULF OIL LUBRICANTS INDIA 4,793 2,453,537 1.06 1.17
LIMITED
CADILA HEALTHCARE LTD 27,319 8,657,391 3.69 4.13
BLISS GVS PHARMA LTD 34,961 4,385,857 1.87 2.09
CAPLIN POINT LABORATORIES 4,255 4,298,401 1.83 2.05
LIMITED
POWER 88,419 8,236,875 3.51 3.93
JSW ENERGY LIMITED 75,562 5,255,337 2.24 2.51
TORRENT POWER LTD 12,857 2,981,538 1.27 1.42
SOFTWARE 4,700 8,854,095 3.77 4.23
TATA ELXSI LTD 4,700 8,854,095 3.77 4.23
TEXP - TEXTILE PRODUCTS 148,134 21,051,592 8.98 10.06
WELSPUN INDIA LTD 114,660 11,345,607 4.84 5.42
HIMATSINGKA SEIDE LTD 28,492 5,560,214 2.37 2.66
K P R MILL LTD 4,982 4,145,771 1.77 1.98
TRANSPORTATION 62,936 13,067,334 5.56 6.25
ALLCARGO LOGISTICS LTD 47,004 7,191,612 3.06 3.43
VRL LOGISTICS LIMITED 15,932 5,875,722 2.50 2.82
TOTAL 868,174 209,416,143 89.27 100.00

TOTAL ASSETS 234,597,101 100.00
LESS: CURRENT LIABILITIES

NET ASSETS 234,597,101 100.00
136
Annexure II
Disclosure under Regulation 25(11) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended:
Indiabulls Mutual Fund has made the following investments in companies, which hold units in excess of 5% of the net asset value of any Scheme of Indiabulls Mutual Fund

Company Name Schemes invested in by the Investment made by schemes Aggregate cost of acquisi- Outstanding as at 31st March
Company of Indiabulls Mutual Fund in tion during the period ended 2016 ( At Market / Fair Value)
the company/subsidiary 31st March 2016
(` in lakhs) (` in lakhs)
ANDHRA BANK Indiabulls Ultrashort Term Fund Indiabulls Ultrashort Term Fund 25896.43
Indiabulls Arbitrage Fund 150.77
Indiabulls Liquid Fund 36,507.11 4,945.39
Indiabulls Short Term Fund 2,297.01
BANK OF BARODA Indiabulls Liquid Fund Indiabulls Liquid Fund 83,989.00 7,383.42
Indiabulls Blue Chip Fund 36.88
Indiabulls Ultra Short Term Fund 14,788.74
ECL FINANCE LIMITED Indiabulls Ultrashort Term Fund Indiabulls Ultrashort Term Fund 7672.8595
Indiabulls Arbitrage Fund 4,495.94
Indiabulls Income Fund 500.00
Indiabulls Liquid Fund 36,874.24
EDELWEISS COMMODITIES Indiabulls Blue Chip Fund Indiabulls Liquid Fund 1,37,298.81 9,848.80
SERVICES LIMITED
EDELWEISS FINANCE AND Indiabulls Blue Chip Fund Indiabulls Arbitrage Fund 848.01
INVESTMENTS LTD
Indiabulls Liquid Fund 5,55,424.06
HINDALCO INDUSTRIES LIMITED Indiabulls Income Fund Indiabulls Income Fund 981.32
Indiabulls Monthly Income Plan 196.10
INDIABULLS REAL ESTATE FUND Indiabulls Liquid Fund Indiabulls Short Term Fund 2,000.00 2,001.63
INDUSIND BANK LTD Indiabulls Liquid Fund Indiabulls Liquid Fund 1,15,102.64 9,887.28
Indiabulls Blue Chip Fund 3,583.50 773.73
Indiabulls Income Fund 2,476.35
Indiabulls Monthly Income Plan 8.01 8.08
RELIANCE HOME FINANCE LTD Indiabulls Ultra Short Term Fund Indiabulls Ultra Short Term Fund 2,486.57
RELIANCE INDUSTRIES LTD Indiabulls Arbitrage Fund Indiabulls Arbitrage Fund 21,140.51 1,484.18
Indiabulls Blue Chip Fund Indiabulls Blue Chip Fund 3,063.99 1,223.57
Indiabulls Income Fund Indiabulls Monthly Income Plan 9.99 10.33
Contd...
137
Annexure II
Disclosure under Regulation 25(11) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended:
Indiabulls Mutual Fund has made the following investments in companies, which hold units in excess of 5% of the net asset value of any Scheme of Indiabulls Mutual Fund

Company Name Schemes invested in by the Investment made by schemes Aggregate cost of acquisi- Outstanding as at 31st March
Company of Indiabulls Mutual Fund in tion during the period ended 2016 ( At Market / Fair Value)
the company/subsidiary 31st March 2016
(` in lakhs) (` in lakhs)
RELIGARE FINVEST LIMITED Indiabulls Income Fund Indiabulls Income Fund 3,430.46
Indiabulls Short Term Fund Indiabulls Short Term Fund 2,584.40 323.41
Indiabulls Ultra Short Term Fund Indiabulls Ultra Short Term Fund 31,467.02
Indiabulls Monthly Income Plan 181.71 181.92
RELIGARE HOUSING DEVELOP- Indiabulls Ultra Short Term Fund Indiabulls Liquid Fund 3,471.83
MENT FINANCE CORPORATION
LTD
SMALL INDUSTRIES DEVELOP- Indiabulls Liquid Fund Indiabulls Liquid Fund 88,764.89
MENT BANK OF INDIA
SYNDICATE BANK Indiabulls Short Term Fund Indiabulls Short Term Fund 998.69
Indiabulls Ultra Short Term Fund Indiabulls Ultra Short Term Fund 16,063.24 4,958.41
Indiabulls Liquid Fund 1,02,908.98
These investments comprise Equity Shares, Debentures/ Bonds, Commercial Paper and Certificate of Deposit. These investments have been made on account of their high credit
quality and competitive yield for the investment in fixed income/ money market instruments and in case of equity shares because of attractive valuations of these companies. The
investments were made pursuant to their respective investment objectives.
138
Proxy Voting
VOTING RIGHTS POLICY OF INDIABULLS ASSET MANAGEMENT COMPANY LIMITED
Indiabulls Asset Management Company Limited (IBAMC) is the Investment Manager for Indiabulls Mutual Fund. As an Investment Manager we have a fiduciary duty to act in the best
interest of the unit-holders of the fund. As the retail investors form the constituents of the schemes, it is considered desirable to put in place a policy to protect the interests of the fund as
well as the investors. To achieve these objectives, IBAMC has set out this Voting Policy. IBAMC will manage voting rights with the same level of care and skill as it manages the funds.
In general, IBAMC does not have the intention to participate directly or indirectly in the management of the companies but it will use its influence as the representative of the shareholder
amongst others by exercising its voting rights in accordance with the best interests of its funds unit holders. IBAMC would exercise its voting right only in a company where its shareholding
(across all schemes taken together) exceeds 0.25% of fully paid up and voting share capital.
The Investment Manager will exercise the proxy votes in the AGMs/ EGMs of the investee company (s) in respect of the following matters:
Corporate governance issues

Changes in the state of incorporation, merger and other corporate restructuring, and anti-takeover provisions.
Changes to capital structure, including increases and decreases of capital and preferred stock issuances.
Stock option plans and other management compensation issues;
Social and Corporate Responsibility
Appointment and Removal of Directors
Any other issue that may affect the interest of the shareholders and by extension those of investors in the mutual funds schemes.
Before exercising the voting, a committee of management will review the Annual Reports and recommend to the Managing Director for attending/voting at the meetings. IBAMC shall eval-
uate the various proposals in entirety in respect of each issue and proposal. While arriving at the decision to vote, views of the Fund Managers, Research Analysts and other executives
and sources may be considered. Based on the final decision so arrived at, it may cast a vote either through its official representative or a professional proxy voting service provider or as
the case may be. IBAMC reserves the right to vote against any resolution that goes against the interest of shareholders.
IBAMC recognizes that there may be a potential conflict of interest when it votes on an entity which is a group company of IBAMC or where the Investee Companies have substantial
investments in the Schemes of the Fund. IBAMC shall specifically review all voting proposals routine as well as non routine and take decisions with respect to voting on such proposals
in the best interest of the unit holders, without taking into consideration the interest of any particular lobby/ business group/ promoter etc of such company. This may imply that IBAMC
through its representatives may decide to refrain from exercising its voting rights if considered appropriate.
There may be circumstances where IBAMC believes it is in the best interests of a Fund to vote differently than the manner contemplated by the Guidelines. The ultimate decision as to
the manner in which the IBAMCs representatives/ proxies will vote rests with the IBAMC. The Chief Executive Officer shall delegate the responsibility for exercising the voting rights as
he/ she deems appropriate.
The above Voting Policy of Indiabulls Mutual Fund was approved by the Board of Directors of Indiabulls Trustee Company Limited in their meeting held on June 19, 2014.
PROXY VOTING REPORT FOR THE FINANCIAL YEAR 2015 2016
In accordance with SEBI Circular no. CIR-IMD/ DF/ 2014 dated March 24, 2014 read with Circular no. SEBI/ IMD/ CIR No. 18/ 198647/ 2010 dated March 15, 2010, IBAMC has obtained
Auditors certification on the voting reports disclosed during the F.Y. 2015-16 duly audited by the Auditor of Indiabulls Mutual Fund. This Auditors certification has been reviewed & ap-
proved by the Trustee and disclosed on our website www.indiabullsamc.com.
139
Proxy Voting
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Proxy Voting
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Proxy Voting
143
RISKOMETER
Name of scheme This product is suitable for investors who are seeking* Riskometer
Indiabulls Liquid Fund
(An Open-ended Liquid Scheme) High level of liquidity with commensurate returns
over short term.
Through investment in money market & debt
securities with maturity of upto 91days.
Low Risk
Indiabulls Ultra Short Term Fund

(An Open-ended Debt Scheme) Liquidity with commensurate returns over short term.
Through investment in money market and debt
securities.
Moderately Low Risk
Indiabulls Gilt Fund Income and capital appreciation over medium

(An Open-ended Gilt Scheme) to long term.
Through investment in sovereign securities issued by
Central Government (including Treasury Bills) and/
or by State Government, without any restriction on
the maturity of the portfolio.
Moderate Risk
Indiabulls Income Fund Regular income and/ or capital appreciation over
(An Open-ended Debt Scheme) medium to long term.
Through investment in fixed income securities.
Moderate Risk
Indiabulls Short Term Fund Stable returns over short term while maintaining
(An Open-ended Debt Scheme) liquidity.
Through investment in debt and money market
instruments.
Moderate Risk
Indiabulls Monthly Income Plan Capital appreciation and provide regular income over a
(An Open-Ended Debt Scheme. Monthly Income is not long period of time
assured and is subject to availability of distributable
surplus) Investment primarily in debt securities to generate
regular returns and investment of a portion of the
Schemes assets in equity securities to generate long-
term capital appreciation
Moderate Risk
Indiabulls FMP - Series V - (Plan 1) - 1175 Days Returns and capital appreciation over medium to long
(A Closed Ended Debt Scheme) term.
Through investment in a portfolio of Debt and Money
Market Securities
Moderate Risk
Indiabulls Blue Chip Fund
(An Open-ended Equity Scheme) Capital appreciation over long-term
A portfolio that is invested predominantly in equity
and equity-related securities of blue-chip large-cap
companies.
High Risk
Indiabulls Arbitrage Fund To generate reasonable returns over short to medium

(An Open-ended Equity Scheme) term.
Investment predominantly in arbitrage opportunities in
the cash and derivative segments of the equity markets
and the arbitrage opportunities available within the
derivative segment and by investing the balance in debt
and money market instruments.
Moderately Low Risk
Indiabulls Value Discovery Fund Capital appreciation and provide long term
(An Open-ended Equity Scheme) capital growth.
Investment primarily in companies that offer high
relative value vis a vis other companies and fall
within top 500 by market capitalization.
Moderately High Risk
*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.
BOOK POST / COURIER
If undelivered, please return to:

Karvy Computershare Private Limited,
Unit - Indiabulls Mutual Fund, Karvy Selenium Tower B, Plot no. 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad - 500032, India.
SMS: IBAMC to 56161 | Toll Free: 1800 266 6002 | Email: customercare@indiabullsamc.com | Website: www.indiabullsamc.com

Annual Report For The F y 2015

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Annual Report For The F y 2015

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SCHEME ANNUAL REPORT

F.Y. 2015 - 2016

Name of Mutual Fund Indiabulls Mutual Fund

Name of Asset Management Company Indiabulls Asset Management Company Limited

Name of Trustee Company Indiabulls Trustee Company Limited

Corporate Office 11th Floor, Indiabulls Finance Centre Tower-1,

Scheme Performance, Future Outlook and Operations of the Schemes:

Funds Managed by Mr. Malay Shah

C. Operations of the Schemes:

2. Brief Background of Sponsor, Fund, Trustee Company and AMC

4. Significant Accounting Policies

5. Unclaimed Dividends and Redemptions

Unclaimed Dividend Unclaimed Redemption

Indiabulls Bluechip Fund 24650.68 8 98543.43 2

Indiabulls Income Fund - - 2305.48 1

IA Non receipt of Dividend on 0 0 0 0 0 0 0 0 0 0 0

For Indiabulls Trustee Company Limited

Place: New Delhi

- INDIABULLS LIQUID FUND -

- INDIABULLS ULTRA SHORT TERM FUND

a) In the case of the Balance Sheet, of the state of affairs of the

- INDIABULLS BLUE CHIP FUND

- INDIABULLS GILT FUND

- INDIABULLS INCOME FUND

- INDIABULLS FMP SERIES V (PLAN 1) - 1175 DAYS

- INDIABULLS SHORT TERM FUND

- INDIABULLS ARBITRAGE FUND

- INDIABULLS MONTHLY INCOME PLAN

Auditors Responsibility Sikha Garg

As per our Report of even date

Sd/- Sd/- Sd/- Sd/-

Place: New Delhi

As per our Report of even date

Sd/- Sd/- Sd/- Sd/-

Place : New Delhi

As per our Report of even date

Sd/- Sd/- Sd/- Sd/-

Net Surplus / ( Deficit ) carried

Notes Forming Part Of Financial I

As per our Report of even date

Sd/- Sd/- Sd/- Sd/-

Place: New Delhi

Less : Dividend distributed 3,953 93,170 43,39,155 80,65,657 2,36,661 66,82,886

Net Surplus / ( Deficit ) carried

Notes Forming Part Of Financial 'I'

As per our Report of even date

Sd/- Sd/- Sd/- Sd/-

Partner Chairman Chairman Director

Membership No. 507471

Place: New Delhi

As per our Report of even date

Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/- Sd/-

Place : New Delhi

Net cash generated/(used) in

B. Cash flow from Financing Activities

Net cash generated/(used) from

Net Cash Flow for the period

As per our Report of even date

Sd/- Sd/- Sd/- Sd/-

Sd/- Sd/- Sd/-

Place : New Delhi

Net cash generated/(used) in