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					                                                                                                                         Debt: Floating Rate

Investment Objective
To generate regular income through investment in a portfolio comprising substantially of floating rate debt /                                                         Launch Date
money market instruments and fixed rate debt / money market instruments.                                                                                              29th August, 2003

Portfolio as on December 31, 2005
                                                                            Cholamandalam Invest & Fin. Co. Ltd.              2500.00         1.78     AA+            Fund Manager                              Chief Investment Officer
Name of the Instruments                     Mkt. Value % to NAV Rating                                                                                                Mr. Amandeep S. Chopra Mr. A. K. Sridhar
                                            (Rs. lakhs)                     Mahindra & Mahindra Fin. Ser. Ltd.                2500.00         1.78     AA+
                                                                                                                                                                      B.Sc. MBA (FMS-Delhi)                     B.Sc., A.C.A.

HDFC Ltd.                                    16634.98   11.85    AAA        ING Vysya Bank Limited                             2441.6         1.74      P1+           Mr. Sanjeev Bhasin
                                                                                                                                                                      B.Com, Chartered Accountant
ICICI Bank Ltd.                              14098.75   10.04    AAA        Jammu & Kashmir Bank Ltd.                         2425.76         1.73      P1+
                                                                                                                                                                                                                                ICR A
                                                                            UCO Bank                                          2379.83         1.69      P1+           Fund Size                                                    AA
Industrial Development Bank Of India Ltd. 12511.74       8.91   AA+
                                                                                                                                                                      Rs. 1404.28 Crores
Allahabad Bank                               11585.68    8.25    P1+        National Housing Bank                             2020.78         1.44      AAA

ICICI Bank Ltd.                              9862.98     7.02    AAA        Rabo India Finance Pvt. Ltd.                      2006.18         1.43      AAA           NAV per unit as on December 31, 2005
                                                                                                                                                                      Rs. 11.2627
LIC Housing Finance Ltd.                     9556.45     6.81    AAA        Karnataka Bank Ltd.                               1946.71         1.39      A1+

                                                                            Citicorp Finance India Ltd.                       1518.38         1.08      AAA           High/Low of NAV in the month
UTI Bank Ltd.                                8617.69     6.14   AA+
                                                                                                                                                                      High                                  :      Rs. 11.2627
                                                                            Mahindra & Mahindra Fin. Ser. Ltd.                1000.00         0.71     AA+
Tata Motors Ltd.                             5568.35     3.97 AAA(SO)                                                                                                 Low                                   :      Rs. 11.2099
                                                                            IDBI Bank Ltd.                                     975.67         0.69      P1+
Citifinancial Consumer Finance India Ltd.    4140.00     2.95    AAA
                                                                                                                                                                      Weighted Average Maturity
                                                                            HDFC Bank Limited                                  789.83         0.56     PR1+
Citicorp Maruti Finance Ltd.                 3500.00     2.49    AAA                                                                                                  82 days
                                                                            Industrial Development Bank Of India Ltd.          304.56         0.22     AA+
Bajaj Auto Finance Ltd.                      3007.89     2.14   AA+
                                                                                                                                                                      Expense Ratio
                                                                            Citicorp Finance India Ltd.                         33.75         0.02 AAA(SO)
Kotak Mahindra Bank Ltd.                     3000.00     2.14   AA+
                                                                            Standard Chartered Bank                              6.38        0.005 AAA(SO)
GE Capital Services Ltd.                     2900.00     2.07    AAA
                                                                            Net Current Asset                                 7417.20         5.28                    Minimum Investment Amount
HDFC Bank Limited                             2677.4     1.91 AAA(SO)
                                                                                                                                                                      Rs. 5,000/-
                                                                            Total                                            140428.54       100.00
Union Bank Of India                          2500.00     1.78   AA+
                                                                            All figures given are provisional and unaudited.                                          Load Structure

 Portfolio Asset Profile                                                                                                                                              Entry Load               : Nil
                                                                            Fund Performance as on December 31, 2005
                                                                                                                                                                      Exit Load                : Nil
                                                                            Compounded Annualised                   Growth               Crisil Liquid
                                                                            Returns                                   Plan                Fund Index                  Registrar

                                                                            Last 1 yr                                5.73%                   4.63%                    M/s. Karvy Computershare Pvt. Ltd.
                                                                            Since launch                             5.21%                    N.A.
                                                                            Past performance may or may not be sustained in future.                                   No. of Unit Holding Accounts

                                                                            Fund Positioning
                                                                            The UTI Floating Rate Fund aims at generating regular income through investment in a portfolio comprising substantially of floating rate debt / money market
 Credit Profile                                                             instrument, fixed rate debt. This Fund also offers a moderate level of defense against volatile debt markets.
                                                                            Fund Manager’s Comments
                                                                            The Debt markets witnessed significantly low levels of liquidity for the month with RBI having to inject liquidity in the system. Short-term rates firmed up further with
                                                                            the one-year treasury bill cut-off at 6.17%. Long dated securities remained flat amid lack of supply resulting in flattening ofthe curve. Liquidity concerns kept the market
                                                                            participants away, as the trading volumes remained thin. The yield on the benchmark 7.38 per cent GOI 2015 bond remained flat end to close at 7.10.
                                                                            The State Bank of India redeemed India Millennium Deposits worth Rs 33,000 crore on December 29, 2005
                                                                            The rupee however strengthened against the dollar and breached levels of Rs 45 to a dollar. For the week ended December 17, 2005, the inflation stood at 4.62
                                                                            per cent, up from previous week's 4.50 per cent. The increase came mainly on account of higher food and mineral prices. The increase in rupee against the dollar
                                                                            was on account of weak corporate demand.
                                                                            Liquidity expected to improve from here on, the bond markets may recover in the coming week. However, the traders will also keep an eye on any
                                                                            announcement regarding the forthcoming twin auction of government securities. Going forward we expect the market to remain stable with the upcoming
                                                                            review of policy setting the tone for the rest of the quarter.
                                                                         For ratings methodology of Fitch Ratings please refer page no. 12

                               *ICRA has assigned a credit risk rating of mfAAA (pronounced m f triple A) to UTI Floating Rate Fund - Short-term Plan. The rating indicates highest-credit-
                               quality rating assigned by ICRA to debt funds. The rated debt fund carries the lowest credit risk, similar to that associated with long-term debt obligations rated
  16                           in the highest-credit-quality category. The rating should, however, not be construed as an indication of the prospective performance of the Mutual Fund
                               scheme or of volatility in its returns.

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